Taxing task
In Canada, the deadline to file taxes is the end of April, and I understand that some Americans have been given a four day extension (due to the storm that resulted in power outages in some areas), leaving one more day to get their taxes in.
Every year I tell myself that I’ll file my taxes faster than the year before and every year I don’t. Usually this isn’t a big deal, since I have always received a refund. Less than two months ago, I filed my taxes for 2005 and discovered that I owed the government money (a ghastly amount, with four numbers before the decimal point!): not only did I have to pay what I owed, but there had been an accrual of interest! I vowed not to let this happen again, to file 2006’s taxes well before the end of the month, yet here I am again, tax forms scattered about my house and I’m only starting to contact the one past employer for a missing T4 (W2 for you Americans).
In a surprising result, I found out I had miscalculated and received over half of the amount I had paid for 2005’s taxes back! While this was a lovely result, clearly, I am not the person to give you tips on filing taxes accurately or on time.
I did, however come across the following resources that you may find useful:
Canadians
The Canada Revenue Agency’s website is a good first stop in the search for information. You can find the required forms in electronic form and print them off, and this site has answered most of my questions so far.
Canadian Living has a list of 20 tax tips for Canadians (Tip 9: Claim all of your child care).
H&R Block’s site not only encourages you to leave the filing of taxes in their capable hands, but it also provides tips for filing as a student and as a couple that is getting married or in a common law relationship. The site also has a countdown, including minutes and seconds, until your taxes are due!
Americans
The Internal Revenue Service website provides all the information that you need to file your taxes, and it’s neatly broken down by who the taxes are being filed for, right at the top.
Tax Girl is a great resource and the Tax Girl herself writes in a very easy to understand manner. You can even send in questions to her personally (although you may be too late to get your questions answered for this tax period!).
And not to be outdone, H&R Block’s American site has an easy to find tax tips section that I’m sure you’ll find useful!
Have you come across any other tax tips or resources?
tax, taxes, filing taxes, money
Keep up to date by subscribing to Life Tips Daily’s feed!
April 18th, 2007 at 6:21 am
My tip is to just let an accountant do your taxes. Generally it costs about 20-40 dollars to have your taxes done depending on the difficulty. How long does it take you to do your taxes? What is your time worth? I know it takes me forever, so for 40 bucks and peace of mind, I drop off my information, I go back a week later, sign the form, and live happily ever after. That’s my tip.
April 18th, 2007 at 10:23 am
Big Man:
I’m one of those people who enjoys (I use that term loosely) learning how to do these things because I figure if I understand it, it’ll somehow be beneficial to my life. However, since I made such a mess of it with 2005, I may have to at least consider purchasing tax software (if having control of the situation is that important to me).