While it is absolutely possible to file your own personal taxes – and many people successfully do each year in Canada – it isn’t always as easy to go it alone as you might think. And unfortunately, when mistakes happen during the filing process (and they do happen, a lot!), it can have serious consequences for individuals, and often result in hefty fines.
The bottom line is that just because you’re perfectly capable, and possibly even willing, to file your own personal taxes without help from tax services in Surrey, BC, doesn’t mean that you should, especially if you are experiencing (or likely to experience) any of the 5 situations listed below:
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Being self-employed
When self-earnings come into play, personal tax returns can get a whole lot more complicated. You may be confused as to what deductions you are eligible to claim, or whether you can claim any at all, or be unsure of how to separate your personal expenses from those associated with your work.
Having a tax professional to guide you and help make sure you get all the deductions you’re entitled to, and that you don’t pay any more in taxes than you have to, can prove invaluable. They can also help you get organized for the upcoming years taxes, which could save you a lot of time, effort and stress.
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Changing the structure of your family
You might have gotten married or divorced recently, or welcomed a new addition to the family. Any such changes to your personal circumstances can trigger a number of consequences the next time you file your tax return, and as such events typically involve funds and assets being transferred, it’s important that these be reported on your return. It may also be that you’re eligible for more tax credits as you grow your family, something that a tax accountant can help you ascertain, and correctly claim.
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Making plans for your retirement
Planning your money for the future is a wise step no matter what age you might be, and with help from an accountant, you can make your money work harder for you, and ensure that you’re never losing more of your income than you need to. They can guide you towards investing your earnings in a way that will protect your financial future and help you enjoy your retirement free from money worries.
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Buying, selling, or renovating property
Tax credits may be available to you if you’ve recently renovated a home, bought one, or sold one. with their in-depth knowledge of property taxes, they can help you take advantage of any credits you may be eligible for, and minimize the capital gains on any property sold.
It’s important to also remember that if you own a property that you rent out to paying tenants, this must be mentioned in your tax return, and whether you made a loss or a profit, your chosen accounting professional can help you find ways to reduce your taxable income.
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Not having the time
Filing tax returns is never a simple task, and always require a degree of concentration, time and effort. As such, if you lead a busy life and worry that a rushed tax return with potential errors might have serious financial consequences for you, the best solution would be to hire a personal tax accountant in Surrey. When you factor in last minute changes to tax laws (which can, and often do, happen), this option becomes even more appealing.
Even if your personal circumstances are relatively straightforward, you could be missing out on deductions you didn’t know you were eligible for, or paying too much in taxes every year.
Why complicate your tax return and make work for yourself, when you can hire a personal tax accountant to take professional care of everything for you?
