Tax tip #1 – Get Started Early
The earlier you start, the more time you have to prepare for your tax filing season. This means that you can take care of anything that might come up before it becomes a problem. You can also take advantage of any available tax deductions or credits that may not be available in future years.
Tax tip#2 – Plan Ahead for Year End
At the beginning of the year, it is important to plan ahead for year-end. This includes:
-Setting up an accountant
-Starting a budget
-Paying down debt
-Preparing your tax return and deciding if you want to file early or not
Tax tip#3 – Regularly Review Your Situation
Reviewing your situation is a simple, yet effective way to reduce your tax burden. The article has detailed information on how to do it right and what to look for in the process.
The first step is to determine if you should be filing as an individual or as a business entity.
Individuals are taxed at a flat rate of 10% on all income, while businesses are taxed at graduated rates that vary depending on the size of the company and industry.
If you are unsure of what kind of entity you should be filing as, consult with your tax advisor or accountant.
Follow these 3 simple tax planning tips to ensure this tax season goes smoothly and you have all your bases covered.
Tax season is upon us, and many of us are scrambling to find out what we need to do in order to be prepared. The following three tax planning tips will help you make this tax season go as smoothly as possible.
1. Make sure you have all your paperwork in order:
All of your documentation should be updated and organized before you file your taxes so that you can more quickly find the information that is needed for the CRA.
2. Maximize deductions: Maximize deductions by researching what expenses are deductible and which ones are not. This way, you will know which expenses to keep track of throughout the year for next year’s taxes.
3. Get a head start on next year’s taxes: Make sure that you have receipts for all your purchases to avoid any CRA troubles
