Tax Season Woes – how you can ensure that you never fall behind!

There is an old saying that there are two constants in life: ‘death and taxes’.  For those people who decide to hide from the taxman, they find out pretty quickly the hard way that there is no escaping the fact that you must pay your taxes.

Pay your taxes on time!

There are various taxes to pay and the amounts vary depending on how much you earn, if you are an employee, an employer or self-employed. It can be easy for those who are employed to think that they do not have to worry about paying their taxes since it is automatically deducted from their pay cheque. However, it makes sense to ensure that your contributions are actually going to their proper destination on time.

How can you check that your employer is actually paying over your taxes?

Well, calling the various government agencies and asking them for a breakdown of your contributions is a good start. That way you are able to ensure that your taxes have been paid.

Are you an employer?

If so, treat your taxes as an important part of your business which must be maintained. All companies, big or small must remember to put aside funds to pay all that is required as this could affect their employees being able to access benefits in the future.

Often business owners run into problems when they start thinking they can simply file late tax returns. Late filing however, can result in several fines. That’s right now you owe more money on top of the money you already have to pay. Not exactly a smart financial move!

Keep Accurate Records

Self employed persons have particular challenges as they often struggle to find the funds to keep their businesses afloat. The best way to keep ahead of the season is to keep good records.

Everyone should keep accurate financial records. Besides helping to shorten the length of time needed in case an income tax audit needs to be done, well kept records will also assist self employed persons to be better informed about the financial position of their business.

Teri Ann Renee Paisley

Gleaner online writer