10 Tax Tips

Accountant Mississauga

#1 Fail to file on time or at all

As promised Here is the first one in the series of the 10 Tax Errors when filing!

1. Fail to file on time or at all. For those who owe tax, missing the April 30 filing deadline can draw severe penalties and interest, including an automatic 5-per-cent charge, plus 1 per cent a month over the next 12 months.

Some don’t file at all. But even someone with little income who doesn’t owe tax or expect a refund should file to register official earned income for RRSP purposes.

When only one spouse is working, the other should file a nil return. Not doing so could negate their family unit being able to receive benefits such as the sales tax, GST and child tax credits, notes John McCormack, a certified general accountant in Oakville, Ont.

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January 26, 2009 Posted by | Accountant CGA, Accountant Mississauga | | 1 Comment

Top 10 Tax-filing errors

-written by Jeff Buckstein  Special to The Globe and Mail (Mar’03)

You may wonder why I am sharing this story with you from March 2003.  It is such a good story and still rings true today.  I hope you will find it as enlightening as I did.

After hiring an accountant in 1998, Jim Mahon was surprised to learn how he’d failed to take full advantage for several years of all the tax deductions he was entitled to as a self-employed entrepreneur.

The 61-year old founder and president of International Trade Show Services Inc., a Burlington, Ont., trade- and consumer-show producer, had missed out on several allowable car expense claims and home writeoffs.

“Those kind of mistakes were costly to me,” says Mr. Mahon. The subsequent savings have amounted to a “sizable difference. When you’re running your own little business, all of these savings are significant. Year after year, they add up.”

Mr. Mahon isn’t the only one making such errors.

I will share with you the  10 top mistakes tax filers make — and you should avoid:

to be continued….Monday, Jan 26th,2009.
Learn more www.johnmccormack.ca

January 23, 2009 Posted by | Accountant CGA, Accountant Mississauga | | 2 Comments