Five Tips To Help You When Planning Your Tax Returns
Filing tax returns can be a difficult and daunting affair because of the intricacies involved. Moreover, the ever-changing rules and regulations can further complicate the process. To help you navigate through the long and ambiguous process of filing your tax returns and ensure that you avoid tax return mistakes that could cost time and money, it’s advisable to enlist the services of an experienced Chartered Professional Accountant to assist you in planning your tax returns. To ensure that you file your tax returns correctly and claim all the deductions, Rati Raithatha CPA Professional Corporation has listed five tips to help you when planning your tax returns. Keep reading to know what they are.
Tip #1: Gather your T-slips issued
Slips are prepared by your employer, payer, or an administrator. Accessing and managing your T-slips accurately is essential when planning your tax return.
Tip #2: Medical expenses and donation receipts
Collect and reconcile your medical expenses and donation receipts in order to claim deductions. Ensure that you keep all the receipts securely. These will go a long way when claiming deductions.
Tip #3: Rent receipts
If you have a rental property, reconcile rent collected and related expenses, including property tax, utilities, mortgage interest, repairs and maintenance, and management fees. Ensure you have receipts for all of these expenses.
Tip #4: Keep records
In general, for investments, investment management fees and accounting fees are tax-deductible. Ensure you have these figures available when doing your tax return.
Tip #5: Self-employed
If you are self-employed, be sure to have reconciled your business revenue and expenses in a spreadsheet with supporting documentation. And note your deadline to file your taxes is extended to June 15th.
If you’re looking for a Chartered Professional Accountant in Toronto, Ontario, to assist you to plan your tax returns, reach out to Rati Raithatha CPA Professional Corporation. We’re a team of committed and passionate individuals who put our clients’ needs first and offer personalized business services. We offer a variety of services, including taxation, assurance, advisory, accounting, and bookkeeping, to clients across North York, Scarborough, Toronto, Markham, Richmond Hill, Vaughan, Mississauga, Brampton and the Greater Toronto Area. We strive to turn our clients’ vision into reality and are determined to help their businesses thrive.
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