Whether you are preparing your first tax return or you are a seasoned tax preparation professional, a checklist of what is required to prepare a tax return is essential to make sure you are not leaving any money on the table.
Whether you hire a tax accountant or do it yourself, you need certain information and documents to file your tax return. We are here to guide you to determine what documents you need to file your taxes. Save time and money by having these things ready when it is time to do your taxes. You can also choose an accounting firm to help you solve any issues.
Use the checklist below to find the tax documents and forms you’ll need to get started.
Let’s begin with the obvious items on any tax prep checklist. Tax identification numbers are mandatory items. All taxpayers will need them to do their taxes. Below is the list:
Put together all the documents that confirm the money you received during the year.
Deductions help reduce your taxable income, which generally means a lower tax bill. For this, it is a must that your documents should be given to a bookkeeper. The key to claiming deductions is documentation– gathering these records may take time, but it can pay off.
In order to claim these credits and deductions, you need evidence of your expenses. Throughout the year make sure that you track your expenses vigilantly and accurately.
When you mail a paper copy of your tax return, you need to attach all documents and forms that support your claims. Depending on your province of residence, you may also need a few other amounts for certain provincial credits.
If you still feel a bit overwhelmed trying to make sure you have everything reach out to Filing Taxes. We want to make sure you get every tax credit and deduction you are entitled to, reduce your tax burden, and help you breeze through the stressful tax season. feel free to reach out to Filing Taxes at 416-479-8532? Schedule an NTR engagement appointment with us and take the first step towards proper management of your finances.