Avoid These 5 Mistakes on Your Tax Return This Year - PowerPoint PPT Presentation

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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. – PowerPoint PPT presentation

Number of Views:4
Date added: 25 April 2022
Slides: 9
Provided by: reionaccounting
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Title: Avoid These 5 Mistakes on Your Tax Return This Year


1
Avoid These 5 Mistakes on Your Tax Return This
Year
2
  • 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.

3
  • 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.

4
  • 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.

5
  • 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.

6
  • 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.

7
  • 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.

8
  • 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.
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