Organize to simplify the steps for preparing your tax return. You will receive a refund sooner and you will reduce the risk of frowning the tax officials.
1. MAKE THE POINT
Start by taking a look at your contribution notice last year. Think. Has there been anything new in your life (family status, name change, address, employer)? Try to see if the changes will affect the calculation of your taxes. Do you have a reporting obligation? For example, if you sold your principal residence, you must report it even if you will not have to pay any tax. For the Taxation Return Preparation Watson this is important now.
2. CHECK IF YOU LACK SOMETHING
Did you forget, last year, deductions or credits to apply in the declaration of the following year? Medical expenses, disability tax credit, caregiver credit, union dues, license to practice, tuition credit, moving expenses: all examples of deductions or credits that taxpayers sometimes omit. It is therefore important to keep (and possibly hand over to the preparer) all relevant receipts to avail yourself of them.
3. ORGANIZE YOUR PAPERASSES
There is nothing worse for a CPA than receiving a bunch of receipts and envelopes to file before starting to work, according to Swartz. If you're not sure what to give your accountant, have a brief conversation with him first, to get an idea.
4. CLASSIFY YOUR RECEIPTS
If you work as a self-employed person or run a business, sort your receipts and other papers by logical categories: expenses to be deducted, cost of sales calculations, GST / HST or QST summaries. Remember to enter these numbers in an Excel spreadsheet or, if the idea does not please you, to present them in a chart on paper, advises Mr. Swartz. You will also need to do this if you own and receive rental income, or if you deduct a fee as an employee.
5. UNDERSTANDING MECHANICS
For Stan Swartz, it is in your interest to inform yourself about the workings of the tax system, whether you are preparing your return yourself or calling in a professional. Familiarize yourself with the calculation of your income, the deductions and credits to which you are entitled, and the result of the process, which will result in a refund or a balance to be paid. If you use a professional, ask for explanations and comments to learn, once he has given you your return. With the Taxation Return Preparation Watson service this is essential now.
1. MAKE THE POINT
Start by taking a look at your contribution notice last year. Think. Has there been anything new in your life (family status, name change, address, employer)? Try to see if the changes will affect the calculation of your taxes. Do you have a reporting obligation? For example, if you sold your principal residence, you must report it even if you will not have to pay any tax. For the Taxation Return Preparation Watson this is important now.
2. CHECK IF YOU LACK SOMETHING
Did you forget, last year, deductions or credits to apply in the declaration of the following year? Medical expenses, disability tax credit, caregiver credit, union dues, license to practice, tuition credit, moving expenses: all examples of deductions or credits that taxpayers sometimes omit. It is therefore important to keep (and possibly hand over to the preparer) all relevant receipts to avail yourself of them.
3. ORGANIZE YOUR PAPERASSES
There is nothing worse for a CPA than receiving a bunch of receipts and envelopes to file before starting to work, according to Swartz. If you're not sure what to give your accountant, have a brief conversation with him first, to get an idea.
4. CLASSIFY YOUR RECEIPTS
If you work as a self-employed person or run a business, sort your receipts and other papers by logical categories: expenses to be deducted, cost of sales calculations, GST / HST or QST summaries. Remember to enter these numbers in an Excel spreadsheet or, if the idea does not please you, to present them in a chart on paper, advises Mr. Swartz. You will also need to do this if you own and receive rental income, or if you deduct a fee as an employee.
5. UNDERSTANDING MECHANICS
For Stan Swartz, it is in your interest to inform yourself about the workings of the tax system, whether you are preparing your return yourself or calling in a professional. Familiarize yourself with the calculation of your income, the deductions and credits to which you are entitled, and the result of the process, which will result in a refund or a balance to be paid. If you use a professional, ask for explanations and comments to learn, once he has given you your return. With the Taxation Return Preparation Watson service this is essential now.
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