Five Tips To Remember When Filing Your Personal Tax Returns
Many people don’t like filing taxes because they involve deductions and unnecessary deadline stress. You also need to keep all your receipts and continuously be conscious of your expenses and earnings. However, a bit of planning and preparation can speed up things, reduce the hassles and even the amount you owe the government.
Alternatively, you could hand over the task of filing your taxes to Ramsey & Mahajan Accountants & Consultants. However, getting involved in the taxation process can be beneficial for you.
To help you prepare for tax season in advance, save money, and eliminate trouble in the future, Ramsey & Mahajan Accountants & Consultants have listed five tips you must follow when filing personal tax returns.
Tip #1: Do the easy parts.
Add up your receipts and provide us with totals to save money. If you ask us to do it, we will have to charge you for the time we spend doing this bit.
Tip #2: Report all tax-free income.
If you sell your principal residence, you must report it on your tax return even though it is tax-free.
Tip #3: Report foreign investments.
If you have foreign investments with a cost base of over $100,000 in a non-registered account, you have to complete a foreign reporting schedule. There is a maximum penalty of $2,500 per year if not reported.
Tip #4: Record your expenses.
Keep track of your expenses if you are allowed to claim employment expenses. However, keep your personal costs separate.
Tip #5: Consult medical offices for your expense statements.
Most pharmacies and medical offices can provide you with a yearly statement of expenses for your tax return. This way you don’t have to hold on to all those tax receipts.
As a top professional accounting firm in Calgary, AB, we ensure you are educated about the taxes affecting you, and that all your queries are answered with patience. We aim to provide more than just services in the form of numbers because we value our clients and your needs are important to us.
Our services are specially designed to provide both businesses as well as individuals peace of mind when it comes to taxes and finances. To see exactly how we do it at Ramsey & Mahajan Accountants & Consultants, please click here. To reach out to us in case of questions, please click here.