Tips for This Tax Season

The summer brings smoky campfires, the fall pumpkin spice lattes, the winter Santa Claus, and the springtime fresh blooms; and the taxes. The tax man is coming to collect from Canadians in Calgary, Alberta very soon... are you ready?

Taxes are complicated. Whether you are a young student trying to claim your school expenses as you file a T4 from Starbucks, or a CEO trying to navigate not only your personal income taxes, but all of the taxes associated with your business, tax season can be overwhelming and stressful. However, there is no reason to worry. There are many incredible resources available to help you get everything sorted so you can feel confident and secure in your filing.

Most importantly, breathe deep: the deadline for filing isn't until later this spring. You have time. To begin getting prepared to it's not chaos during the spring, start small by doing these three easy things to prepare for tax season:

1. Collect All Tax Receipts & Notices: Companies are going to start mailing tax documents to employees soon. Make yourself a folder for these T4 + slips so that there is a secure space waiting for them when the time comes. Nothing is worse than losing an important document and having to wait while it's re-sent to you. Make a checklist of everything you are expecting, from charitable giving tax receipts to income tax documents, so that you know what to expect.

2. Prepare Your Write-Offs: The biggest challenge during tax season is trying to write off as much as possible so that you owe as little as possible. You should have been saving receipts throughout the year; now it's time to pull out the shoebox you've been throwing them in and begin organizing. Make copies, print off emailed receipts, make notes, start a spreadsheet.... Do whatever you need to do to have these potential write-offs organized, locked and loaded.

3. Strategize: Are you going to use an accountant, online software, or DIY your taxes? Are you going to file your taxes at the same time you do your spouses, or will you be filing separately. Do some research and come up with the best plan of attack!

Now that you're organized and ready, tax season won't be nearly as stressful.

Good luck!

Your Real Estate Professional,

Ken Richter

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