Four Tax Tips to Maximize Your Tax Refund
Maximize Your Tax Refund in 2020:
Keep Your Receipts
Create a Dropbox or Google Drive folder to save all of your receipts – not only does this ensure
you have them all come tax time, but you can easily share this with your accountant, too.
Receipts for everything from eye glasses, massage therapy, prescription medications, and even
grocery receipts if you have a specific dietary requirement (like a gluten allergy) are all important
to hold on to.
Track Your At-Home Hours
If you’re an employee and your employer asks you to do some work from home evenings,
weekends, or even during work hours, you can claim deductions. Have your manager sign a
T2200 Declaration of Conditions of Employment. Home office and other expenses you can
claim may include: Interest on your Mortgage, Insurance, Utilities, and Travel.
If You’re Self-Employed, Use an Accountant
Numetrica has been able to find an additional $4,000 for our self-employed clients. You are able
to deduct all costs that are associated with running your business, and many often get missed:
cell phone, home office, car expenses, etc.
A cloud accounting system like QuickBooks Online can make a self-employed person’s life
much easier come tax season. Numetrica sets all of their clients up on this platform, saving
hours of work on both sides.
Get The Credits You’re Owed
A first-time home buyer can qualify for a $5,000 credit, with a potential refund value of $750 and
can be used every 5 years. It’s also possible to recover missed credit on this one, so if you’ve
recently purchased a home (even if it wasn’t this year) Numetrica may be able to help you get it
Many credits exist like this – it’s important to ensure you’re getting all of the ones you’re owed.
Let me know if you have a specific question