Tax season is just around the corner, and it can definitely be stressful for some people. That's where TurboTax can help! Susan Watkin is an accounting professional, and shared some essential tips and advice you need to know before heading into tax season this year. They'll make the process as stress-free as possible, and will ensure you're prepared and have everything you need before starting the process.
Check out Susan's tips below, and watch the video above for even more great information about how TurboTax can help with your taxes!
Doing your taxes is made easier by being prepared. Be sure to have your CRA My Account access to check forms and balances and update any changes to your address or marital status before trying to file online.
Doing taxes for the first time can definitely be nerve-racking. TurboTax is now offering free products and support to tax filers under the age of 25 to make sure you are getting the deductions and credits you need so you will have the best return. TurboTax also has a number of other products that will provide users with tax expertise, whether it be through tools, products or experienced experts.
With many people still working from home, the Federal Government has extended the temporary flat rate method for claiming home office expenses and has increased the maximum claimable to $500. If you’re eligible, be sure to take advantage of this deduction. If you have more employment expenses however, remember, you’ll need to complete the detailed method for employment expense claims.
Are you worried about taxes owing? There are calculators available to see where you might stand currently, and what impact making any additional RRSP contributions will have, as long as you make them before the March 1st deadline. You can start your tax return to see where you sit. There are lots of deductions available.
If you decided to become self-employed last year, there are things you need to make sure you understand before completing your return. As a sole proprietor, you will file with your normal return, but you will complete a T2125 statement that requires you to report all your business earnings and expenses so be sure to be tracking them and have all of your receipts. Know where the money is coming from and going. If you have employees, contractors - you will have to file and report all that income.