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Date: January 27, 2023
Tax filing is an important job and with it comes the responsibility of reporting accurate information. Whether you file your taxes yourself or you hire a trusted Tax Services in Richmond Hill company, Wales Accounting is here to inform you of certain information you need accurate documentation of in order to file your taxes correctly. Let’s get started.
Personal Information
Last Year’s Taxes
One thing you will want to gather first will be last year’s federal taxes that were filed. These documents are important to bring out as they remind you of what documents you needed last year.
Social Security Number & Tax ID Number
These are important numbers that will be needed for the tax filing process. Remember that when filing taxes, you will need all numbers of spouses and dependents (which can include children and elderly parents).
IP PIN
Your identity protection PIN is created by the IRS and it will be needed for you, your spouse, and all dependents. It’s important to have this handy during this process.
Income Information
W-2 Forms
W-2 forms can be electronic or physical and your employer will give you this document by a certain date. It’s important that you retain this document for tax filing purposes.
1099 Forms
The 1099 forms describe the various income you have received throughout the year. There are many different variations of this form and in some cases, it’s better to have a professional account by your side to help you decipher through these forms.
Deductions
Medical Bills
In some cases, medical costs can provide an individual with tax savings. But, they have to total be more than 7.5% of the adjusted gross income.
Charitable Donations
Yes, generosity can pay off! All receipts for charitable donations should be kept so that you can show verification to collect your claims. It’s important that you keep all of your donation receipts in a safe place so you can add them to your tax filing.
Classroom Expenses
If you are a school teacher, you may be eligible to receive up to $300 on school supplies that you have purchased for your own classroom. If you are a teacher, ensure that you keep all of your receipts organized so that you can submit them to obtain a claim on them.
Property Taxes & Mortgage Interest
Form 1098 will show you how much money you can claim for your home loan interest.
How We Can Help
If this Canadian Tax Filing Checklist seems overwhelming to you, there is no need to panic. Our team at Wales Accounting offers Personal Tax Filing in Richmond Hill services and our team would be happy to assist you in this process. You can trust that our team knows the ins and outs of everything related to personal income tax filing so that when it comes to your portfolio, nothing will be missed. If you have any questions or concerns, please feel free to contact our team at (905) 508-9262 today!
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