tax tips Archives - Mommy Kat and Kids

Three Tips for Making Tax Filing Easier

March 31, 2016 by Kathryn 52 Comments

March is always synonymous with spring but in my self-employed life, it’s also synonymous with taxes! Organizing a year of income and expenses is always something that I’ve had a love/hate relationship with. On the one hand, I love seeing how successful my year has been. On the other hand, going through all that information is hard work and can occasionally take weeks!

That’s why keeping my information organized is a must for me, and luckily, Master Lock has been helping me do that for years now! If you’re getting ready to tackle your taxes, these tips may help you get the job done quicker…and keep you organized for next year too! [Read more…]

Save More During Tax Season with These 3 Tips #LSSS

April 1, 2015 by Kathryn 27 Comments

Even though paying income tax is a pain for many people, the taxes we pay are what allow us to live such a comfortable life and that’s a privilege many don’t have! But there’s no question that it can be frustrating filing all that paperwork and potentially paying a large amount of money owed too. These three tips are ones I’ve discovered that help me make the most of tax season.

1) Don’t Pay Until You Have To

While many people look forward to getting a big refund at the end of the year, paying taxes this way actually means you’re losing out on potential extra money. A tax expert once told me that a big tax refund simply means you’ve been paying more tax each month than was required. And that’s the equivalent of giving the government an interest-free loan for the year. Instead, request less tax be taken off and put the difference into a high-interest savings account. Then simply pay any tax owed at the end of the year. It takes a little discipline to save this way, but it means extra money in your pocket after you file! [Read more…]

Get Your Taxes Finished with 3 Quick Tips for All Life’s Stages #LSSS

March 2, 2015 by Kathryn 5 Comments

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. [Read more…]

Don’t Forget To Claim These 4 Often-Missed Canadian Tax Deductions

February 20, 2015 by Kathryn 72 Comments

Tax time is in full swing here in Canada, and that means that it’s time to organize paperwork and start filling out forms to ensure the maximum possible refund, or the minimum possible payment! This year I’ll be using TurboTax to help me file online and I’m so excited to finally see for myself how quick and easy filing online can be. Since TurboTax offers both an accurate calculations guarantee and a maximum refund guarantee, I know that there’s no risk of having to pay a penalty or miss out on potential savings.

If you’re starting to organize your paperwork for tax time, there are a few often-missed Canadian tax deductions that you should make sure to consider as well. After all, even small amounts saved can help lower the impact of tax season…or make that refund cheque even bigger! These four tax deductions are among the top ones missed by Canadians when filing taxes:

Medical Expenses

Since Canada provides basic healthcare coverage to its citizens, medical expenses aren’t something often claimed by families. But other out-of-pocket medical expenses can really add up during the year. Dental appointments, medical prescriptions and travel medical insurance can all be claimed as medical expenses. So can hearing aid batteries, healthcare premiums paid to an employer’s healthcare plan and travel expenses incurred to obtain medical services. [Read more…]

Top 5 Tax Benefits for Canadian Families Filing an Income Tax Return from TurboTax

January 26, 2015 by Kathryn 61 Comments

Filing taxes is something that I’ve always done myself, and to be honest I really rather enjoy it. While it does take a lot of work, it’s also a chance for me to see how well I’ve done financially in the previous year and how my business has continued to grow. But one of the things that does get difficult is keeping up with all the changing credits and benefits available, especially when doing an old-fashioned paper return.

That’s why this year I’m making the switch from paper to digital with help from TurboTax! While I’ve been tempted for years now to start filing my taxes online, the fact that I run a small business was always a deterrent because I wasn’t sure which digital filing method would work for me. Thankfully, TurboTax stepped in this year and helped me figure it out. Now I’ll be filing online with TurboTax Home & Business!

And as a mother with two minor children, I’ll also be taking advantage of some of the many credits and deductions available to families with children. These are five of the top tax benefits families with minor children should be investigating when filing their taxes this year: [Read more…]