Start planning for tax season with four key steps
Preparing for tax season is always a hectic time of the year, spring has sprung and most of the cold days from the winter months are dwindling as it gets closer and closer to the final day to fill out and submit your taxes, April 30th, 2020.
As this deadline approaches there are several steps you should take before submit your taxes during the last week before it’s due.
The first step is something you should do months before the deadline to ensure an easy and quick send-off. That first step is planning.
Planning should be done months in advance to ensure you are not rushed during the final weeks leading up to the deadline. But with planning comes staying organized which will help you out tremendously in the long run.
By planning and staying organized like sorting through your T4 slips, medical expenses, and any other relevant paperwork that can be sent off when submitting your taxes can benefit you by making your return schedule much easier and peaceful
The second step would be to keep good records and receipts throughout the year which stems from being organized. If you keep your records in order and know which receipts are the ones you can get money back from you’ll have a much easier time sending off all your paperwork.
The third step is to ensure that you have all your tax information slips together. Keeping and having all of your information slips is key when sending your taxes away. If you are missing something like a T4 slip you will get a bill from the CRA for the outstanding taxes plus interest so not having a document that you may be misplaced or lost is not a good thing. Keep all of your slips in a safe place where you know you can look back and find.
The fourth and final step is to create a summary of all the different types of income you currently get or have gotten within the last year. It’s a common practice to keep all of your tax slips for 6 years just in case you are ever reviewed for some reason. As well as creating a summary, stay organized with your receipts so that they can be sent off on time and as early as you can be is very important and is something people should be aware of.
Remember these four key steps when tax season is approaching, and it should be a breeze just the spring air feels on April 30th.