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It’s Not Too Early to Start Planning Your Tax Strategy for Next Year

March 24th, 2014

tax_piechartTaking the time to put together a tax strategy can help you maximize legitimate deductions throughout the year. Wolridge Mahon wrote an excellent article on ways to start thinking about next year’s tax return today:

Minimizing your personal income taxes is no longer a matter of just waiting until the end of the year and filling out the forms. To take full advantage of the expenditures allowed and the deductions available and to avoid paying unnecessary penalties and interest, take a proactive approach that includes maintaining proper up-to-date records and engaging in ongoing consultations with your tax advisor.

Here are a few areas to consider when creating a tax strategy that suits your specific situation:

  • Deductible automotive allowance rates
  • Taxable benefit rates
  • Instalment payments
  • Tax-free savings accounts
  • Capital gains and losses

CLICK HERE TO READ THE FULL ARTICLE >>


Posted by: nalh
Categories: Newsletter Articles,Tax Tips
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