Tag Archives: Tax Filing

Avoid the Downfalls of Late Tax Filing

If you are late filing your taxes in Canada there is no need to worry that you are the only one. Many people miss the deadline and it is for a variety of reasons. Sometimes there is the belief that nothing is owed and so do not have to put in a return. Some people will know that they will need to pay tax, but think that if they don’t put in a form they will seemingly disappear from the records and get away without paying – this will certainly not happen. Late tax filing can also happen if you know you need to pay but are not able to find the money.

While late tax filing means you have to pay a penalty it is also serious and is classified as a crime, meaning that there will be time and effort put into sorting the case out and presenting you with the bill. If you have not been able to access receipts and records, you still need to get in touch with the authorities and come to an arrangement. Late tax filing could mean that you are rushed when you least need to be so the ideal solution is to use the services of a qualified tax consultant who has plenty of experience when it comes to tax returns and late tax filing.

The longer you ignore the situation and don’t put in your return, the longer you are breaking the law. End the late tax filing problems by submitting your tax returns as soon as you can. Owing tax is not illegal, so it is best to file and then let your representative arrange a payment plan – or even better – a reduction in what is owed by way of the removal of interest and penalties.

If you do not put in the return on time, it is going to be estimated and the figure that the CRA come up with may be a lot higher than it should be. You will then be left trying to figure out the correct figure and all because you have late tax filing issues and have not submitted the correct details to the CRA. If you do not manage to get your representative to slow down the process and negotiate the affordable tax payment plan for you, there may be legal sanctions put in place and it will be difficult for you to carry on your day to day life.

Regardless of how far behind you are with late tax filing the problem will not go away. It may just be a year but could be as far back as ten years and the tax debt is still there. The late tax filing penalties are 5% of what is owed for first time offender, and over time this can add up to a substantial figure. Added to this will be another fee of 1% for each month that the payment is late and this will last for 12 months and compounded daily interest. If you have been late tax filing in the past three year, the penalty is going to be higher.

Five Income Tax Preparation Tips!

Each year tax season seems to come out of nowhere and we all scramble like mad to get our paperwork in order for our income tax preparation to be done by the Income Tax Accountant. What if it didn’t have to be that way, what if you were organized all along the way? With just a few simple tips you can be well prepared for tax time. You can make your accountant happy and file your income tax preparation with ease. You don’t have to think of everything, in fact you should be consulting the experts at Tax 911 Now. The tax qualified pros at Tax 911 Now serve the Toronto, York region Durham Region and more, helping worried tax payers meet the tax deadline. Let the experts at Tax 911 Now determine which deductions and tax credits are available to you, ensuring you get the best tax result. Claiming all of your deductions and using all of your available tax credits means you will get the biggest tax refund available to you. 

 

  1. Consult a tax professional: if you live in the greater Toronto area consult the pros at Tax 911 Now, let them help you get ready for your income tax preparation.
  2. Create a personalized checklist: Create a checklist of paperwork you need to take to your tax preparer, attach the checklist to a folder and check off the items as you put them in the folder.
  3. Keep tax papers in one place: Set aside a shelf or a drawer where you will keep all of your papers for income tax preparation purpose, that way come tax time you don’t have to look through your entire home or office.
  4. Categorize documents and receipts as you go: buy an expandable file folder and label the tabs, spend a few minutes each week filing your receipts away. This will save you hours or work at income tax preparation time!
  5. Make a list of questions for your Income Tax Accountant: When you think of a question or concern that you have make a note of it, that way when you are ready to come for your income tax preparation. 

 

Don’t let tax season get you down, be prepared for your tax return and get some professional help, Tax 911 Now offers solutions and immediate action to your tax concerns. Tax 911 Now specializes in tax resolution, no matter your situation, we can help. If you live in the greater Toronto area, York Region or Durham Region come for a visit with the tax professionals at Tax 911 Now. Our staff is professional and dedicated to help you with your income tax preparation. Call today, 1-877-918-2991 or come to our office located at 129 Telson Road, Suite # 100, Markham, Ontario, L3R 1E4