Whenever the time arrives, when we’re all thinking about filing our taxes and making sure everything is submitted on time, there are many questions that crop up. You might be thinking about filing your own taxes this year, and in that case, here are some things you may want to know in advance.
There are many online calculators and different methods of help which can allow you to file your own taxes. Of course, this shouldn’t replace the idea of having an accountant to help you throughout the year, but by submitting and filing your own taxes online, you are giving yourself a large amount of control over your accounting tasks and money management for your business.
You might be wondering why we’re talking about self-filing of taxes, when it is a job which an accountant has traditionally done. Surely this is a negative thing for the world of accounting? No! There are many reasons why self-filing online is actually a good thing.
For instance, filing your own taxes online isn’t difficult, and it really is just about giving information, and submitting it in the right place on the form. It’s very self-explanatory and won’t take very long to complete. You will use your T4 slips from employment salaries you have received, and your T3 or T5 slips for any income you have received from investment, as well as slips for RRSP cash paid and contributed, and anything else you need to claim.
The information you need to enter is contained very clearly on these slips, and by doing this yourself, you have control over your filing. If you do this yourself, you know exactly what you’re doing, when you’ve done it, and how much tax you need to pay. It is a peace of mind thing, and one in which can give you a greater overview of your tax situation.
How is This a Good Thing For Accountants?
Don’t worry, you’re not putting your friendly accountant out of a job, you’re actually helping them. At the end of the tax year, accountants are wrapped up with work, mostly filing tax returns which could be done by the business themselves. This is easy work, something which you can easily do without highly skilled knowledge, e.g. the skills of an accountant. This frees them up to concentrate on the more complex work, which is also in demand at the end of the tax year.
As a result, accountants can also give their clients much more in-depth and specialized advice, because they’re not bogged down with inputting information into tax return forms. Of course, you can always ask your accountant for quick advice if need be, but this is certainly a task you can do yourself, without much hassle.
The only thing you need to bear in mind when submitting your own tax return is to ensure that everything is in order for when the time comes. This will make everything easier, and reduce stress. If you plan well throughout the year and keep your records in order, this should be a simple task.
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- Written by: Jag Bath