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Tips to Simplify Next

Year’s Tax File

Organized files are only half the battle when it comes to preparing see meals, fuel, vehicle maintenance, software/apps purchases, and
your taxes every year. Here are some tips you can put into action computer maintenance, just to name a few.
throughout the year to make next year’s tax data collection simple. If you work from home, you can deduct a percentage of your living
costs so keep track of your water, heat, hydro, and rent. The costs
Stay on top of bookkeeping. have to apply to the workspace specifically, so if you fixed the
If you have a bookkeeper or a financial team then bookkeeping ceiling in the kitchen but your workspace is in the guest bedroom
is their top priority, but it’s still recommended that you meet with you can’t claim any part of the maintenance cost.
the team regularly to ensure they have everything they need, and
taken care of. If you’re a small business owner or contractor, tasks Keep last year’s tax file handy.
aside from paying bills and sending invoices may get put off, “until Not only will it make finding your Notice of Assessment a lot
we have a lull.” You don’t want a lull, so it’s best to plan your easier – you need some of the information from that, particularly
bookkeeping strategy to perform smoothly around busy times. if you work as freelance or sole proprietorship – but it’s a thorough
reminder of the documentation you need to provide again.
Keep track of your kilometers regularly.
At least monthly, but weekly is better. Maybe the last thing you do Hire an accountant.
every Friday is tally up your kilometres and sip one more coffee While you only have to focus on your tax file once a year, Szczepski,
before you head out into rush hour. This will make the task much Racolta, Jensen & Co. LLP focus on it every day and can provide
easier, particularly if your meetings are spread out across Ontario. you with a complete list of deductions and credits, as well as help
Trust us, your administrator doesn’t have time to go back through you avoid penalties. We’re also up-to-date on changes to the federal
your calendar tallying up the distance traveled to a year’s worth of and provincial tax programs. View our offered services then visit
meetings, and neither do you. our office at 485 Pinebush Road, Suite 304 in Cambridge, Ontario
or call (519) 622-1485 to book an appointment.
File receipts as you get them.
Rather than tossing your receipts into a box,
or filing them alphabetically, file according
to the Chart of Accounts. Business expenses Lucci Racolta is a Chartered Accountant,
have differing percentages assigned when Licensed Public Accountant and Partner at
it comes to taxes. For example you may be Szczepski, Racolta, Jensen & Co. LLP. He
able to deduct 50% of your meals but 100% draws on his experience to deliver public
parking fees from your gross income. This is accounting services in assurance, tax and
a highly generalized example, and there are business advisory to small businesses and
conditions put on every aspect of the Chart non-profits, with a focus on excellent client
of Accounts so these expenses have to be service.
entered separately anyway. Your bookkeeping
software will have an itemized list ready for
you, but as a sneak peek you can expect to

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