I am one of those odd people that loves tax season, and this year is no exception. I’ve always done my taxes myself and enjoy both the challenge of the process and the chance to see how well I’ve done in the year. There are all kinds of life events that can make a difference when it comes time to file taxes and this month, as part of the Master Lock Live Secure Safety Squad, I’ll be sharing three easy tips for tax time.
Personally, I’ve found that one of the best ways to ensure I’m getting the maximum refund possible is to look for deductions specific to my life situation. For example, for the first time since having kids I’ve needed childcare occasionally for my boys this year. In Canada, that’s a tax deduction for me and one I’ve never been able to use in the past. Similarly, moving to a new town for work, buying a house and retiring all create different opportunities to save when filing income tax. Finding those deductions can make a big impact on your final tax payments.
Running a small business, I have more paperwork than most to sort through when I sit down to file my taxes, and that’s why keeping organized is essential to me as well. I used to use an ordinary sturdy box to hold my papers, but occasionally my boys would drop toys into it and I often wondered if they were also taking papers out. Using my Master Lock Storage Box instead lets me keep my papers together while also keeping them secure. Whether you have a large amount of paperwork or just a few receipts to claim, organization makes life much easier when tax season arrives!