It’s that lovely time of the year again. Tax Time. Some people are excited for it, others dreading it. Either way it is an inevitable yearly event. Quite often I have client that have avoided their taxes for more than a few years. When we work through the money coaching process and it is time to finally get those taxes done I recommend one of these; 3 Best Ways to Get Your Taxes Done.
- DO IT YOURSELF! Turbotax, Ufile, EachTax and more. There are no shortage of do it yourself programs out there that are very minimal in cost and extremely easy to use. If you only have a T4 and a couple other papers save yourself the cash and do it yourself! Your bank might even offer a discount to use a particular product. Not sure which one to use? Check out this comparison of Canadian Tax Software.
- Try a Franchise Service? Do you have just enough slips that the thought of doing it yourself is scary? If you take a quick look around town it won’t take you long to find multiple services offering to do personal taxes at a discounted rate. BEWARE of these types of places! If your taxes are even just slightly complicated you may not end up with the best person to do them. Many of the employees are paid just over minimum wage and have only taken a brief course about taxes. I had a friend use a particular agency last year and it cost her big time! Not only did they mess up but they also charged her way to much to screw it up! Again if it isn’t that complicated try it yourself!
- THE BEST… AN ACCOUNTANT! There is a reason they went to school for years. A reason they continue to do learning each year. There is a reason they are a member of a designation… they know what they are doing! Some people are afraid to take their taxes to an accountant because the cost is too high. That friend I mentioned in #2 paid $300 for the crappy screw up service. I paid $350 and had a lot more paperwork with having a business and other investments!
Although it is tempting to ask that friend or buddy to do your taxes for $50 remember that it all comes back to you. Even if they screw up, its your ass on the line. Do yourself a favor and cover your rear end! Be sure to double check information no matter who does your taxes, after all humans make mistakes!
If the thought of even looking at your taxes makes you cringe you can look at my post about 3 Ways to Stop Stressing About Taxes.
If you don’t find any salvation there take a look at Money Coaching. All consultations are free and could just change your life!