Avoid These 5 Mistakes on Your Tax Return This Year

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Avoid These 5 Mistakes on Your Tax Return This
Year
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• With tax season in full swing, the date you need
  to file your return can approach rapidly. As
  other things in life compete for your attention,
  it can be all too easy to make mistakes on your
  taxes that could be costly or time-consuming to
  correct. Getting things right the first time is
  always preferable, and knowing what to watch for
  can make the process less stressful. Explore what
  mistakes you must avoid this year and why you
  should consider seeking out qualified tax
  services in Calgary to keep your filing in good
  order.

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• 1. Under-Reporting Your Income
• An accurate reporting of your income is
  fundamentally the most important part of your
  return. It is critical to understand the
  different income streams you must report during
  your filing. If you receive money throughout the
  year from non-employment sources, you may still
  need to report that income as taxable to the
  authorities. Review your income streams and
  understand what you must report.

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• 2. Missing Valuable Credits and Deductions You
  Could Claim
• Everyone deserves to get as much of a refund as
  possible based on credits and deductions they can
  legitimately claim. However, there are many
  potential deductions that some taxpayers may
  never know about, causing them to miss out on
  valuable opportunities to save even more.

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• 3. Claiming Expenses That Arent Eligible
• On the other side of the coin are taxpayers who
  misunderstand or misrepresent expenses to try to
  claim larger deductions than allowed. For
  example, some types of moving expenses are
  tax-deductible but not expenses for things such
  as home improvement projects or travel expenses
  not related to the actual moving day itself.
  Making incorrect claims is a quick way to have
  your return flagged for a potential audit.

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• 4. Lacking Documentation for Claimed Expenses
• Tying into the benefits and drawbacks of claiming
  deductions is the need to maintain supporting
  documentation. At times, you may receive
  questions from the tax authorities asking you to
  verify the existence of a given expense. If you
  dont keep receipts or invoices, you may not be
  able to support your claims which could mean
  penalties or a bigger tax bill.

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• 5. Missing the Filing Deadline
• Its shockingly easy to do youre preoccupied
  with work, family, and life in general when
  suddenly you recognise youve missed tax day.
  Dont end up in this unfortunate position. Mark
  your calendar, set reminders, or file early
  instead of just on time. The sooner you wrap up
  the process, the sooner you can relax.

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• Find Fast, Friendly Help with Your Taxes Today
• At Reion, we can be your personal tax accountant
  in Calgary, handling all aspects of the process
  with the highest degree of accuracy. With our
  experienced understanding of the Canadian tax
  code and the changes that can occur from year to
  year, we know how to ensure you avoid these
  common mistakes and get the best possible refund
  for your situation. Learn more about how we can
  help in-person or online today when you contact
  us.