How To Achieve The Most Value When Bringing In Your Taxes
Dealing with taxes is a tedious job. Even if you hire a professional, certain things need to be kept in mind to ease the process for them.
Often, we have clients come to us at the last moment, hoping for us to use a magic wand on their chaos. We are not magicians. There are certain pointers that people should keep in mind before bringing in their taxes to us.
To help you avoid some basic errors that could prove to be costly, Summit Strategies Chartered Professional Accountants has put together a list of the most common mistakes people make when bringing in their taxes.
1. Update information promptly
Be sure to give us all your updated information and let us know if you have any changes in your life. There are many times that clients think that I’m just chatting with them when in reality, I’m often looking for personal information that will affect their tax filings. Any new children? Are the kids off to University yet?
2. Request annual medical expense summary
Did you know you can get a yearly summary statement from your pharmacy or medical providers that can be presented as a receipt to CRA? It’s a lot easier than tracking all those receipts throughout the year.
3. Develop rapport
Are you self-employed? Self-employed people, whether it be farms, businesses, or proprietors, should develop a strong relationship with their accountants. It will enable them to get sound business advice and stay abreast of taxes, business grants, and programs to improve profits.
4. Submit all expense claims
This is something our office takes time to ensure is qualified. I’d rather a client brings us all the information that may be deductible than missing out on a claim. Often clients miss out on receiving a rebate as they don’t think the expense can get claimed, but let us be the judge of that. If in doubt, submit to us!
To know more, reach out to the experts at Summit Strategies Chartered Professional Accountants.
We offer tax, accounting, bookkeeping, business advisory, and farm tax services. Our CPA Firm serves clients across Red Deer, Sylvan Lake, Rocky Mountain House, Lacombe, Stettler, Innisfail, Olds, Ponoka, Central Alberta, Edmonton, Calgary, and surrounding areas.