Time flies, especially when you’re facing a deadline. Here are five tips to help you achieve a less stressful tax season.
- Get organized
This is not necessarily a difficult step, but it can be time-consuming. Check out our detailed Tax Form Checklist for a list of documents you should gather.
- Decide if you need help from a tax professional
Consulting a tax professional is a personal decision. He or she can bring expertise to the table, including knowledge of the ever-changing tax code to help find possible deductions and potential strategies to lower your tax bill next year and beyond.
- Set up direct deposit
With direct deposit, the Canada Revenue Agency (CRA) deposits your refund directly into your chosen bank account so you can receive it sooner and more securely.
- Consider filing electronically through NETFILE
Because the CRA processes electronic returns faster than paper ones, you may receive your refund earlier.
- Reinvest your tax refund
Your financial advisor can help you identify investment options to benefit you and your family – your rainy day fund, an education savings plan or your retirement fund, for example. If you create a strategy for your refund now, you may be less likely to let that income slip through your fingers.
The closer you get to the tax filing deadline, the busier your calendar may seem. Talk to your financial advisor today about what you can do to help make tax season less taxing.
Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your lawyer or qualified tax professional regarding your situation.