Knowing how to do your taxes is one of the most crucial aspects of one’s financial well-being. It will help you clear your financial obligations and be updated. Here are some of the things you must know about it.
Know the Dates
The first thing you must do is know when to file your taxes. This is usually the last day of April. If you are self-employed, the deadline is extended till June usually. It is best to get the latest financial news regarding this online. Keeping the dates in mind will help you in the long run.
What Should You Report?
Knowing what exactly you have to report is another factor to consider. There are 3 aspects to this, as studying any of the latest financial news is going to tell you:
- Your Income: Your income should be reported if you are a salaried professional, self-employed, or a business person. If you have any income from foreign investment or assets, that also needs to be reported.
- Claim Deductions, Credits, and Expenses: Another thing that needs to go into your income tax filing is the tax deductions you may have got. This means tax breaks, credits, or paid tax instalments. You can also get home office expenses deducted.
- Self-Employed Taxes: Even if you are a self-employed person or run your own small business does not mean that you will be exempt from taxes. You still have to file.
Updated CRA Information
At the theonlinefinance you will also know the importance of letting tax authorities know about any changes to your address or even your marital status. Incorrect information can result in you not receiving your refund if you are eligible.
Go Online
It is a good idea to file your taxes online if you are in Canada. Some people get tax experts to help them do it but for most salaried and self-employed people, doing this online is a smart move.
Paying Taxes Owed
Make sure that you always keep your tax files updated and make the taxes that you own. There are options available for those who cannot pay their taxes on time. They can have it arranged to pay their taxes over some time.
Getting Refunds
If you end up paying more taxes than due, you will get a refund sent to you.
After Filing Your Tax Return
When you have filed your taxes, you can go online to find out the status of your refund as well as make any changes to your tax returns.
The main thing to know about doing your taxes in as stress-free a way as possible is to be prepared with business news. Sometimes, getting a tax expert to help you do it is the best way to go about it. Otherwise, you can always look up various online resources for help with anything you need.
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