The deadline is quickly approaching! Did you fill out line 150 correctly….what about tax credits, do they apply to you and where do you claim them on your return? As if life isn’t crazy enough for most of us on a good day, now we have to take time out of our busy schedules to make that April 30, 2017 deadline to file our 2016 income tax return.
The deadline is quickly approaching! Did you fill out line 150 correctly….what about tax credits, do they apply to you and where do you claim them on your return? As if life isn’t crazy enough for most of us on a good day, now we have to take time out of our busy schedules to make that April 30, 2017 deadline to file our 2016 income tax return.
Did you know that there have been 7 major tax law changes for 2016?
Tax laws change every year and it is hard to keep track of what you are eligible for and what tax credits are applicable. There are hidden credits that you may not be aware of, and we all want to be able to write off as much as possible.
If you are erring on the side of doing your 2016 income tax return yourself, ask the following before starting:
- Do I have the knowledge to do my return on my own?
- Am I current with all the changes that have been made to the tax laws?
- Are there dependants involved who I am able to claim and what credits are applicable for them?
- Did I purchase a home or do major renovations, if so what can be claimed as a credit?
- Is our family eligible for income splitting and what are the limits?
- Will I have the time?
Hiring a professional to file your income tax is a big decision, this is your personal financial information we are talking about.
What are the benefits of having a professional file your income tax return?
- They are a wealth of knowledge
- This is their profession, so they have the experience
- They are up to date and current on ALL tax laws
- Take the pressure off of you to get your return done accurately and on time
- Stand behind their work and will help you, should you be one of the lucky ones that gets chosen for an audit
- Make sure you are applying for every credit applicable to help maximize your refund or minimize your bill
Gather your information
Make an informed decision before filing your 2016 tax return.
It is never too late to seek professional help even if you have started to try to file your income tax return yourself and start feeling overwhelmed and confused.
As the old saying goes, there are 3 things that are certain in life….death, taxes and change!