Get Ready for Tax Season 2023
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By Bromwich+Smith Staff | 526 words | Reading Time: 2 minutes and 37 seconds | Last update: 2023/02/28
Tax season can be a stressful time for many, especially for those who don't have a background in finance or accounting. So, pretty much ALL of us! It can be time consuming to gather all the necessary documents, fill out the right forms, and make sure everything is accurate and complete. But there are several things you can do to make it easier on yourself. While tax season may never be your favourite season, we want to help take out some of the dread that can be associated with it.
Below are our top seven tips to help keep you on track and reduce your stress this tax season:
- Organize your paperwork. Start gathering all the documents you’ll need to complete your taxes. Whether you decide to file on your own, with an accountant or with software, this step is the first thing that you need to do. Start early and aim to gather a little bit each day so that you don’t need to take it all on at once. Be sure to keep your documents in a safe place and organize them by category to make it easier to find what you need when the time comes.
- Take advantage of deductions and credits. Look for deductions and credits that you may qualify for, such as charitable donations or education expenses. These can help reduce your tax liability and potentially increase your refund.
- Use tax software. Tax software can help you file your taxes accurately and efficiently. There are many tax software options available, including free options for those with simple returns.
- Consider working with a professional. If you have a complex tax situation or are unsure about how to file your taxes, consider working with a tax professional who can provide you with guidance and support.
- Don't rush. Take your time when filing your taxes to ensure accuracy. Rushing can lead to mistakes and potentially cost you money. Starting early (now) ensures you have the time you need to take it slow and not miss any important steps.
- File early. Sensing a theme here? Filing early can help you avoid the stress of waiting until the last minute to file. It can also give you time to correct any errors or address any issues that may arise. And the sooner you are done, the sooner you can stop dreading tax season!
- Reward yourself. Give yourself something to look forward to once your filing is complete. This doesn’t have to be anything expensive but pick something that will keep you motivated throughout the process.
By following these tips, you can make tax season easier and a whole lot less stressful.
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For many Canadians, unpaid taxes can be the hardest debt to deal with and the most stressful. Tax debt can be challenging to pay off all at once and especially if it has accumulated over years. If you are feeling financial stress and don’t know where to start, we’re here to help. There is relief available for CRA debt. With Bromwich+Smith you are never alone and we ensure that our expertise will leave you feeling hopeful and confident. Call our Licensed Insolvency Trustees today for a free, no obligation, confidential consultation 1-855-884-9243. Let’s see you flourish!