How To Avoid The Burden of Tax Issues

Accounting advisor 200x300 How To Avoid The Burden of Tax IssuesAs a Kelowna accountant, If I wanted to offer my perspective on personal tax returns, I would simply say that you need to stay organized enough to keep thinking throughout the year about preparing for your year-end taxes. You do this by saving receipts, doing great record keeping, thinking about your deductions and staying organized.  This will allow your tax returns to be completed easier and faster. Not to mention it obviously increases the probability of lowering your taxes

When you’re thinking about taxes, it’s the same as corporate year-ends and filing in time of any deadlines imposed by Revenue Canada (CRA). However, you shouldn’t play to the deadlines because when you’re looking at corporate taxation, you need to plan in advance to take advantage of all tax saving opportunities. Your taxes are due either in two months or three months, depending on different requirements, file early, get them done and avoid paying interest and penalties.

Related: 4 Ways To Save Money On Taxes Next Year

The important part of your business plan is planning for the future, not looking at the past. When it comes to taxes, you’ve got to remember that it’s a historical look and not a forward-look. I’m not only a Kelowna accountant but also business advisor to my clients, so I’m thinking forward all the time.

Get your taxes done, get them out of the way and move forward. Leaving your taxes to the last minute just creates stress and the best stress relief is to just have it done.

When do you typically file your taxes…late or early? Leave a message in the comments below.

 

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