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Tips for making tax time easier

Jonathan Carter, CPA, CMA of shares some advice on filing personal and small business taxes

The new year brings with it a sense of new beginnings and fresh starts. It also signifies the end of the tax year and approach of the 2022 tax season. Now is the time to start thinking about taxes, getting your documents in order, and finding a reputable tax accountant to work with.

Finding the Right Personal Tax Accountant

Working with a reputable tax professional is essential. In the end, you are ultimately responsible for your tax return, so you need to be confident in who you trust with your tax preparation. Jonathan Carter, CPA, CMA of KATA Accounting Solutions PC says that you should be skeptical about tax preparers that overinflate potential refunds or only charge a portion of your refund as their fee. “When in doubt, you can look up your tax accountant to make sure that they are a member of CPA Ontario by using one of their member and firm directories,” he says.

Jonathan also recommends having a personal relationship with your tax accountant or tax preparer. “Understanding your personal financial situation is vital and having good communication with your tax accountant is extremely important,” he explains. “Remember, if you don’t tell your tax accountant about things that may impact your finances, they will never know.”

Tax Filing and Paying on Time

For most people, tax season falls between March 7 and June 30. While you might want to file before March, earlier is not always better. According to Jonathan, most of the important tax slips are not sent out until the end of February and filing early may result in an inaccurate tax return.

This year, April 30 falls on a Saturday which makes the deadline for filing individual taxes May 2, 2022. Self-employed individuals have until June 15. For individuals who owe money, payments are due on or before April 30 regardless of the deadline for filing the paperwork.

Small Business Tax Preparation

Tax season for small businesses is a little different than it is for individuals. Businesses have a few extra deadlines to contend with. First of all, the deadline for most businesses to file their T2 Corporate Tax return is six months after their tax year end, but payments are due two months after the tax year end. Tax slips like T4 and T5 slips must be mailed or delivered by the end of February. Working closely with a reliable tax accountant will help you to keep on top of these deadlines.

Whether you are focused on your own individual taxes or you also have a small business tax year end to prepare for, having a good relationship with your tax professional makes all of the deadlines and paperwork a whole lot easier.

“At KATA Accounting, we want to have great relationships with our customers. We want them to feel comfortable reaching out to us at any time if they have questions,” says Jonathan.

For more tips about filing personal or small business taxes, head over to KATA Accounting’s informative blog. Contact their helpful team to find out more about their wide range of tax, bookkeeping, and consulting services.