Five Tips To Help You Get The Most Out Of Your Tax Returns
Taxes are your ticket to a well-functioning democracy. They pay for some pretty great stuff, such as schools, hospitals, trains, and help for those less fortunate. Our taxes also go towards some not-so-awesome things like new submarines, parking lots, etc.
With the rising cost of living, it is more important than ever to ensure you’re not paying more tax than you need to. With this thought in mind, Ingram Events Centre has listed a few strategies to boost your tax return this year.
Tip #1: Hire a CPA (chartered professional accountant) to prepare your tax return
Hiring a CPA has the potential to save you money. You see, if a tax preparer discovers even one deduction or tax credit that you may have overlooked, the cost of having a professional prepare your return can quickly outweigh the fee. So it’s best to leave the task to the professionals to ensure all-round competence.
Tip #2: Don’t overestimate your skills
Another suggestion we have is that if you are not a tax professional, do not assume you have the knowledge and experience to file your tax return. You may save money by attempting DIY tax solutions and not hiring a CPA, but you could risk losing a sizable refund.
Tip #3: Consistently use the services of a CPA
We also suggest you stay in contact with your CPA throughout the taxation year to discuss tax planning procedures. After December 31st, it’s too late. Hence, consistent attention from a tax professional is invaluable.
Tip #4: Stay vigilant
Throughout the year, it is wise to gather paper receipts in a file for tax preparation purposes and a potential audit by the Canada Revenue Agency. Slacking off for even a short period of time can result in confusion, chaos, and lost tax-saving opportunities.
Tip #5: Don’t miss important dates
Finally, we suggest you file your tax return on or before the due date to avoid non-deductible penalties and interest. If you are likely to forget, you can set a reminder, though the services of a competent CPA will ensure you are ready and prepared to file your tax return on the correct day. When it comes to tax preparation and filing, time is of the essence, so our advice is to stay vigilant and don’t miss important dates.
For more tips on how best to save money and get the most out of our corporate event rental space, reach out to Ingram Events Centre. We are proud to provide rental space for personal and professional events and enjoy serving our community with our beautiful venue. From business meetings to training sessions and seminars, our trained staff provides on-site support to guarantee that your event runs smoothly and as planned.