taxes 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…]

Everyone Can Prepare and File Taxes Online Absolutely Free with H&R Block Tax Software

March 30, 2016 by Kathryn 18 Comments

I’ve often thought that when it comes to taxes, I’m a bit of an oddity. Being self-employed, my taxes take a lot of work. But despite that, I love the chance to see how well my business has done over the past year…though making that final payment to the government does hurt a bit! This year, H&R Block challenged me to try its online software and see if it could make my filing experience even more enjoyable. Since the company promises a quick and easy experience that’s also absolutely free, I was more than willing to give it a try.

Last year was my first experience with an online filing program, though I did use a different company’s paid version to file. This year H&R Block requested I see how its program compared and I couldn’t wait. I have to admit that I didn’t believe the program was free for everyone at first. I mentioned that as someone with a home-based business and investment income, I likely would need a paid premium version of the program. Learning that H&R Block’s online tax software is 100% free for everyone had me even more excited to test it out!

I signed up online and started entering my information. The program uses questions and answers in a simple interview-style process to obtain essential filing information about dependents, job status, marital status and more. I liked the way that just a quick click of a button prepared the software to obtain all the necessary information it would need for my return. I also loved being able to save my progress and come back at any time, since I often have to reference paperwork and add up various income and expenses when filing. [Read more…]

I’m Preparing My Taxes Online for FREE with H&R Block Online Tax Software #HowToRefund

March 21, 2016 by Kathryn 29 Comments

Ever since I started filing my taxes, I’ve been the do-it-yourself type. Each year I’d pick up my tax booklet at the post office, work through the forms and mail in my completed return. Initially that job was pretty easy. With a single T4 and not many deductions to claim, filing really couldn’t have been easier. Then I had children, bought a house and started my own business. Suddenly my taxes got a lot more complicated and took a lot longer. But I still did the work myself and up until last year, I still used the old-fashioned paper and pen.

When filing my 2014 taxes, I upgraded to online software for the first time. I loved the ease of use, but the price tag wasn’t so great. Because I was self-employed and had investment income, the software cost $50 for a single return! Since I had to pay quite a bit in income tax already, every extra dollar I lost filing hurt a bit. And with my return for 2015 being even more complicated as I’m paying GST for the first time, I wanted to find the most effective filing method possible this year…at the best price.

[Read more…]

Find Provincial Tax Benefits You Can Claim with Help from TurboTax Canada

April 9, 2015 by Kathryn 39 Comments

The deadline for filing income tax is almost here and if you still haven’t filed, TurboTax Canada is the quickest and easiest way to ensure that you get the job done on time. There are plenty of benefits that Canadian families can claim and often, those benefits are specific to certain provinces. Make sure you don’t miss out on some of these top tax credits and rebates offered in provinces across Canada!

British Columbia – Low Income Climate Action Tax Credit

This deduction helps low income individuals and families offset the carbon tax they pay. Eligible persons receive their payments four times a year, as part of their GST Credit payment.

Alberta – Family Employment Tax Credit

This program is designed to help working families provide for their children. There is no need to apply separately to get payments under this program. The information from your Canada Child Benefits application will be used to determine your eligibility for the program. [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…]