Tackle Tax Time Right in 2022

Tax time doesn’t have to be overwhelming. Having the right tools on hand — from a shredder to accounting software — will make tax season a little more bearable. And knowing how to use them is easier than you think.

Be the pro

Tax software is a great, simple solution for individuals and small businesses who file their own taxes. The software is simple and straightforward. The step-by-step instructions walk you through finding, transferring and optimizing your credits, including claiming RRSPs, donations, medical expenses and more. When you’re done, just hit send and file your taxes directly with the Canada Revenue Agency (CRA).

Intuit TurboTax offers a suite of returns to choose from. TurboTax Standard is ideal for individuals, couples or families, while TurboTax Home and Business is a good match for claiming personal and self-employment income. If you have investment or income property, look for TurboTax Premier. Whatever your needs, there is software to help make your taxes a breeze.

Also consider the multitude of tax-related apps out there. The convenience of an app is that you can use them anywhere, anytime. TurboTax has its own app, but others that you might find useful are MileIQ, Expensify and My Minutes. All are designed to make tax season easier.

A good calculator is also key. We often resort to our simple smartphone calculators, but it’s essential to own a well-equipped calculator. A florescent, 12-digit display with solid speed will save your eyes and earn you time. During tax season, your smartphone can’t compete.

Make a clean break

Chances are when you start to go through your files you’ll run into documents that you no longer need. This is the perfect good time to get rid of documents you’ve been holding onto. Look at tax returns older than six years, junk mail with addresses, bank statements, old pay stubs, credit card offers and credit card statements.

Tax season is prime time for identity theft, so having a personal shredder is the best solution to offer you peace of mind.

File it under “done”

Once you’ve gone through your files it’s time to get them properly stored for future tax seasons. Think heavy-duty file storage and look for boxes and containers that can support letter and legal-size documents. Save yourself the tax time headache by looking for file folders that are long-lasting, double-sided, durable and made from 10% post-consumer recycled content. Experiment with colour coding and labelling to easily identify their contents.

No matter the tools you use, ensure you’re organized throughout the year to help you breeze into tax time.