Tax season is upon us, and for individuals and business owners alike, it’s important to make sure you’re prepared. To make sure you don’t miss anything, here’s a tax return checklist with all the essential steps you’ll need to take. And, don't forget to call Karen Johnson CPA for all your personal and small business tax preparation needs in Barrie today!
Tax Return Checklist For Individuals And Unincorporated Business Owners
Gather All Your Documents
Before you can even begin to think about filing your taxes, you need to collect all the necessary documentation. This includes income documents, such as T4 slips from your employer, T5 slips from investment income, and any other slips that report income or deductions. You’ll also need to collect any receipts for expenses related to your business or for medical expenses. Finally, you may need to provide proof of childcare expenses or charitable donations.
Check Your Deductions and Credits
As an individual or business owner, there are a number of deductions and credits you may be able to take advantage of. This can include things such as the Canada Employment Amount, childcare expenses, and medical expenses. It is important to be aware of all the deductions and credits available to you so that you can maximize your tax return.
Double Check Your Income & Expenses
In addition to deductions and credits, you will also want to make sure that all of your income is reported correctly. This includes wages, self-employment income, investments, and other sources of income. You will also need to make sure that all of your expenses are accounted for, as these can be deducted from your income to reduce the amount of taxes you have to pay.
Double Check Your Return
Finally, you will want to ensure that all of your paperwork is in order before you submit your tax return. This includes ensuring that all of your information is correct, that all of your deductions and credits are applied accurately, and that you sign and date your return.
CALL KAREN JOHNSON CPA TODAY
No matter if you’re an individual or a business owner, it’s important to be prepared for tax season. By following the steps outlined in this tax return checklist, you can make sure everything goes smoothly and you get the most out of your filing. Our tax accountants can help maximize your tax deductions and save you money. Call our Barrie CPAs today!