Tax season is quickly approaching. It’s crucial to start organizing and gathering all the required paperwork as the deadline for submitting your personal tax return is April 30. This guide will offer advice so that you may confidently file your taxes whether you’re working with an accountant or handling them on your own.
Gather Your Documents
Gathering all the required documentation for your Account Manager is the first step in filing your taxes. This could include T4 slips, spending receipts, investment income statements, and more, depending on your sources of income. The most typical paperwork you’ll need to file your taxes is listed below:
- T4 Slip: This slip displays your earnings and employment-related deductions. This slip will be given to you by your employer by the end of February.
- RRSP Contribution Receipts: If you made RRSP contributions during the year, you must give the receipts to your tax advisor.
- Investment Income Statements: Your tax advisor will need the pertinent documents outlining your gains and losses if you have investments in stocks, bonds, or mutual funds.
- Statements of Rental Property Income: If you own rental property, you must submit statements detailing your revenue and costs.
- Self-Employment Income Statements: If you work for yourself, you must submit an account receivable and payable statement as well as any receipts for business expenses.
This is the perfect moment to start organizing your receipts and statements if you’ve fallen behind on record-keeping. Make sure to reach out to your Account Manager if you are still unsure about which documents to submit.
(For those people who haven’t retained) Think About Hiring a Tax Professional
It is important to hire an expert if you feel overburdened by the tax season. You can get assistance and advice from an accountant in your niche to help you understand the tax rules and take full advantage of your deductions.
A great small business tax accountant does more than just measure value, they create it. At CPA4IT our goal is to save you substantially more than it costs you for our services. Over the last 30 years, we have developed tax strategies designed to help you keep more of your hard-earned money. If you would like to learn how we can help you pay less tax, book your free no obligation discovery call.