As the 2024 tax season comes to a close, it’s crucial to ensure everything is in order to avoid unnecessary stress or penalties. Whether you’re an individual taxpayer, small business owner, or freelancer, tying up loose ends and reviewing your return thoroughly can save you money, time, and hassle. Here are essential tips from expert Calgary CPAs to help you wrap up your 2024 season smoothly and efficiently.
Double-Check Your Tax Return for Accuracy
Before filing or finalizing your taxes, ensure all the details on your return are accurate. Mistakes in your income, deductions, or credits could result in processing delays, audits, or penalties. Key areas to double-check include:
- Your personal information (SIN, name, and address).
- Accurate reporting of income from all sources (employment, investments, or freelance work).
- Deductions and credits, such as RRSP contributions, medical expenses, or childcare costs.
Small errors can have big consequences, so take the time to review or consult with a professional CPA to confirm accuracy.
Maximize Deductions and Credits
If you haven’t filed yet, ensure you’re claiming all eligible deductions and credits that can lower your tax bill. Common opportunities include:
- RRSP Contributions: Contributions made up to the 2024 deadline can reduce your taxable income.
- Home Office Deductions: If you worked remotely in 2024, you may be eligible for deductions related to home office expenses.
- Medical Expenses and Charitable Donations: Keep receipts for qualifying expenses and donations to claim these deductions.
Working with a CPA ensures you don’t miss out on savings opportunities, especially if you’re unfamiliar with recent changes.
Review Your Payment Plan or Refund Status
If you owe taxes, ensure your payment is made by the deadline to avoid interest charges or penalties. For those anticipating a refund, monitor the status through the Canada Revenue Agency’s (CRA) online portal or app to track its progress. If you’re unable to pay your balance in full, discuss payment plan options with the CRA or consult with a CPA for strategies to manage your obligations.
File on Time and Avoid Penalties
Missing the tax deadline can lead to late penalties and interest charges. In Canada, the deadline for individuals is typically April 30, while self-employed individuals have until June 15 to file, though payments are still due by April 30. If you’re uncertain about meeting the deadline, filing an extension can help, but it’s always best to submit your return promptly to stay compliant.
Plan Ahead for Next Year
Wrapping up tax season is also an opportunity to prepare for the future. Consider strategies to simplify filing next year:
- Stay organized by keeping all receipts, invoices, and tax-related documents in one place throughout the year.
- Set up quarterly payments if you’re self-employed to avoid a large bill at year-end.
- Consult with a CPA for planning advice to maximize savings and manage your finances effectively in 2025.
Speak with a Tax Professional in Calgary
Wrapping up the 2024 tax season doesn’t have to be stressful. By double-checking your return, maximizing deductions, staying on top of payments, and planning ahead, you can ensure a smooth and hassle-free experience. Partnering with a professional Calgary CPA can provide peace of mind, expert guidance, and potential savings. Whether you’re filing individually or for your business, finishing strong this season sets you up for success in the year ahead.
When it comes to accountants in Calgary, consider Crescendo Accounting for all your business and corporate accounting needs. Our team of chartered professional accountants offer efficient and timely services for payroll, bookkeeping, annual budgeting, and more. By providing clients with reliable and detailed tax consultations and corporate accounting services, we help businesses stay on top of their financial goals through KPI analysis, quarterly reviews, and cash flow projections. For fast, accurate, and friendly service, Crescendo Accounting are your number one business accountants in Calgary. To get in touch with our team of CDAP digital advisors and acquire our business consulting services, call Crescendo Accounting today at 403-261-7766.
