While it may not be the most exciting thing in the world, it’s time to start preparing for tax season. If you feel like you’re in the dark when it comes to knowing what to do, here are some top tips from our Chestermere tax accountants on preparing for tax season.
Even though tax season is a couple of months away, it is in your best interest to take a few steps today to prepare your next income tax return. While it can seem like a huge hassle, preparing early can have many benefits and it can help you:
- Save money
- Avoid penalties
- Meet all required deadlines
- Keep up with any tax changes
Remember: It’s never too early to start getting everything you need to file in order. Doing so will save you a lot of frustration, hassle, and stress down the road.
Our Chestermere Tax Accountants Can Make Tax Season Stress-Free and Easy
At IAP accounting firm in Chestermere, our team of highly professional tax accountants is driven by a desire to offer premium accountancy solutions, including tax planning, bookkeeping, and audit services.
Our extensive services coupled with our vast practical experiences means that we are ideally placed to work together with you to ensure you have the expert financial direction and advice you deserve.
Want to know more?
4 Tips From Our Chestermere Accountant On How to Prepare For Tax Season
The process of filing taxes can seem a little daunting, especially when you aren’t really sure what to do. Working with a professional tax accountant can help streamline the process and make it much easier and faster.
To get you started, here is a checklist to follow for preparing for tax season:
1. Register For a CRA Account
When it comes to filing your taxes, a CRA account will make things much easier because it allows you to see your previous tax filings and gives you access to information you may need for this year’s taxes. It takes some time to go through the verification process, so it’s important to start gaining access to your CRA information now.
2. Collect Receipts For Employment Purposes
Did you know that you can claim expenses related to your employment? Writing off employment expenses isn’t just for business owners, you can do it too! Make sure you save and collect receipts from:
- Client lunches
- Gas for the company car
- Business travel expenses
- Internet usage for business purposes
Not sure what you can claim? If you aren’t sure what expenses you can claim related to your employment, you should consider working with a tax accountant who can give you the best advice to move forward.
3. Check All Deadlines
Filing your taxes on time ensures that if you end up owing the government anything, you won’t incur any interest or penalties on that amount. If you don’t end up owing money, filing on time will simply mean that you get your refund faster.
4. Don’t Procrastinate
It’s never easy to start filing your taxes, but waiting until the last minute to do so won’t give you any time to prepare receipts or applicable statements. It may also mean that you’ll likely miss out on valuable credits and benefits.
Save yourself the headache and stress by starting the filing process early so you can enjoy the greatest savings possible.
Not Sure Where to Start With Your Taxes? We Can Help
At IAP, a leading accounting firm in Chestermere, our team of professional tax accountants can help you oversee all the necessary documentation required to file your taxes in a timely, efficient, and accurate manner.
To find out more, contact us at 1 (403) 605-6887 or fill in our online contact form.
