Vince Iannello is an expert tax accountant and financial planner. He recently discussed how citizens can prepare for tax season year-round to ease the burden when tax day comes.
Check-In on Finances Often
It’s important to check in on your finances monthly to ensure they’re setting aside enough for taxes. He suggests revisiting income and marking any fluctuations that may affect the overall tax amount. Individuals and families should look over their household income to calculate what they will likely earn for the year.
“Checking on income monthly helps prevent shock during tax season due to earning more than expected throughout the year, Individuals also want to look at what their employers have withheld to make sure it is enough to cover the tax liability.”
Vince Iannello explained that families and individuals should use this time to revisit their overall budget and ensure taxes are included. Finding ways to contribute more to a college/university savings plan or RRSP plan can help reduce the tax burden when it is time to pay.
Be Open About Taxes
It’s important for adults in the family to speak openly about taxes. One spouse may be superior at preparing for annual taxes while another could cause a burden when tax time comes. Spouses can benefit from checking in with each other to ensure the family is fully prepared for tax season.
Keep Receipts Organized
A significant issue with taxes for many Canadians is that they don’t organize their receipts. Disorganization can result in missing receipts and paying more taxes than necessary. He suggested keeping a folder of receipts in an easily accessible place so they are easier to save and review.
Meet With a Professional Like Vince Iannello
Vince is the founder of Vince Iannello Professional Corporation, a company that offers customized financial solutions and professional guidance to help individuals and companies reach their goals. For many, being prepared when tax day arrives, so they can continue pursuing success in other areas is a priority, and meeting with a professional can diminish the stress associated with tax season.
“A qualified tax advisor will ensure you are prepared for your taxes and that you maximize your tax benefits. Individuals who try to do it on their own typically pay a lot more in taxes and deal with a lot more stress when tax day arrives.”