Busted! Don’t Believe These Personal Tax Myths!
Everyone wasn’t made to understand the functioning of the financial system, and so there are accountants to assist us. Accountants aid individuals or corporations with different branches of accounting. Having an accounting firm handle your taxes, automatically has their brand backing up your name.
Often, individuals discard the need for personal accountants by believing that they are expensive and don’t provide value for money. However, if handling taxes individually is not done right, there are usually expensive fines and penalties to be dealt with. Besides, there are a ton of misconceptions circulating about taxes and returns. Without the right guidance, you could easily fall for them and put your financial status in jeopardy.
To help you steer clear of these misconceptions, Ramsey & Mahajan Accountants & Consultants have debunked two of the most widely believed myths about personal taxes.
Myth 1: Claiming Employment Expenses.
Most people assume that if they need to buy specific items, like steel toe boots, office supplies, or submit their fuel bills from driving to work, they can automatically claim them as employment expenses. This is NOT true! In order to claim them as employment expenses, you need to get your employer to sign a T2200 form.
Myth 2: Claiming Cosmetic Surgery as a Medical expense.
Some people assume that if you are getting an expensive procedure done, you can automatically claim it as a medical expense. This is a misconception! If you choose to get a nose job, or any other cosmetic surgery, done, they will not be covered. However, if your doctor says you need a nose job, or specific cosmetic surgery, for medical reasons and the healthcare provider does not cover it, then you can claim that expense with a doctor’s note.
If you’re looking for an expert accountant or accounting consultant, get in touch with the experts at Ramsey & Mahajan Accountants & Consultants. We help with a wide array of services like bookkeeping, financial statements, payroll services, corporate tax planning, corporate tax returns, Goods and Services Tax (GST) returns, and corporate reorganization. We offer about twenty-five years of combined accounting experience making us one of the most reliable and trusted firms serving the Calgary area.