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Last-Minute Tax Tips
The clock is ticking with the tax deadline fast approaching. But it’s okay — you have time to breathe and gather yourself before filing.
We’re here to offer some last-minute tax tips and reminders to help you meet your personal deadline successfully, while ensuring you have a stress-free tax season.
Here are some things to remember:
Take a Minute to Organize
The last thing you want to do while trying to make the tax deadline is rush. Scrambling to beat the clock can result in you forgetting important documents or information that could turn your entire tax filing experience upside down.
Even when up against the clock, you still have time to take a minute and organize. Do a double check to make sure you have everything you need, and all the correct information required to make the entire process a breeze.
Learn More About Changes
Just like life, taxes and how to file them sometimes change. New rules are implemented along with revised ways and methods you can or cannot file.
Have a quick look, either online or with a tax professional, to make sure you’re not missing anything. You always want to make sure your tax plan is sound enough to go forward with. The last thing you need is a wrench thrown into things when trying to file on time.
New Homeowner?
If you or your spouse/common-law partner have acquired a qualifying home, you could be eligible for the First-Time Home Buyer’s Tax Credit. With the HBTC you can claim up to $10,000 which could result in a tax credit of up to $15,000 for eligible buyers.
Get the Help of a Professional
This might sound obvious, but getting help from a tax professional is the best way to ensure you are not missing any deductions. You’ll be assured you have everything you need, including medical expenses, charitable donations, tuition fees, childcare expenses and more, so you can get the most from your tax return.
Do a Double Check for Next Year
It’s never too early to be ready for next year. Once you have filed this year, start planning for your 2024 taxes. Track your deductions and credits, contribute to RRSPs, and keep note of any business expenses. The more organized you are throughout the year the easier it will be to file on time next year.
We Can Help
Our tax professionals at Mowbrey Gil can answer any questions you might have, and help you file on time without missing anything. Working with our team ensures you have what you need to take the stress out of tax time.
We specialize in personal and business taxes, and we’d love to hear from you — Contact us today at 780.461.3800.
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