With tax season in full swing, the date you need to file your return can approach rapidly. As other things in life compete for your attention, it can be all too easy to make mistakes on your taxes that could be costly or time-consuming to correct. Getting things right the first time is always preferable, and knowing what to watch for can make the process less stressful. Explore what mistakes you must avoid this year and why you should consider seeking out qualified tax services in Calgary to keep your filing in good order.

1. Under-Reporting Your Income

An accurate reporting of your income is fundamentally the most important part of your return. It is critical to understand the different income streams you must report during your filing. If you receive money throughout the year from non-employment sources, you may still need to report that income as taxable to the authorities. Review your income streams and understand what you must report.

2. Missing Valuable Credits and Deductions You Could Claim

Everyone deserves to get as much of a refund as possible based on credits and deductions they can legitimately claim. However, there are many potential deductions that some taxpayers may never know about, causing them to miss out on valuable opportunities to save even more.

3. Claiming Expenses That Aren’t Eligible

On the other side of the coin are taxpayers who misunderstand or misrepresent expenses to try to claim larger deductions than allowed. For example, some types of moving expenses are tax-deductible — but not expenses for things such as home improvement projects or travel expenses not related to the actual moving day itself. Making incorrect claims is a quick way to have your return flagged for a potential audit.

4. Lacking Documentation for Claimed Expenses

Tying into the benefits and drawbacks of claiming deductions is the need to maintain supporting documentation. At times, you may receive questions from the tax authorities asking you to verify the existence of a given expense. If you don’t keep receipts or invoices, you may not be able to support your claims — which could mean penalties or a bigger tax bill.

5. Missing the Filing Deadline

It’s shockingly easy to do — you’re preoccupied with work, family, and life in general when suddenly you recognise you’ve missed tax day. Don’t end up in this unfortunate position. Mark your calendar, set reminders, or file early instead of just “on time.” The sooner you wrap up the process, the sooner you can relax.

Find Fast, Friendly Help with Your Taxes Today

At Reion, we can be your personal tax accountant in Calgary, handling all aspects of the process with the highest degree of accuracy. With our experienced understanding of the Canadian tax code and the changes that can occur from year to year, we know how to ensure you avoid these common mistakes and get the best possible refund for your situation. Learn more about how we can help in-person or online today when you contact us.