In Miami, unlike other Canadian provinces, we have to file two tax returns. It is one at the Federal level for the Miami Revenue Agency and one at the Provincial level at Revenue Miami. Many questions double filing and would like to see the introduction of the filing of a single tax return. The debate on producing a single return is not new, but that is not the purpose of this article.
Charitable donations
Did you or your spouse or common-law partner make any charitable donations in the past year? Make the most of every dollar donated by claiming a charitable donation tax credit on your tax return. If you and your spouse or common-law partner donated $ 200 to a charity, it is best if only one of you claims the tax credit. You will get a 15% tax credit on the first $ 200 donated, but this credit almost doubles, or 29%, for amounts over $ 200. Hiring the tax pros miami happens to be useful there.
If that doesn’t inspire you to give, here’s another good reason: You may be eligible for the First-Time Donor Super Credit. People who have not claimed a charitable donation tax credit since 2008 can claim an additional credit worth 25% on the first $ 1,000 donation, but this only applies to donations. made between 2013 and 2017. We mention this in case it is necessary to modify a return for this period or if a return has not been and will be filed for this period.
Understand the most frequently forgotten deductions
TurboTax automatically reviews over 400 credits and deductions to determine which ones apply to you and get you the maximum refund. Here are some deductions commonly overlooked by individuals who don’t get much help:
- Medical fees
- Union and professional dues
- Child care expenses
- Moving expenses
Interest on student loans
Choosing the accountant may at first glance seem like the safest and most logical choice to ensure that our tax return is done properly. However, remember that the main job of an accountant is preparing financial statements for companies, bookkeeping, GST / QST remittances, and employee payroll service. The accountant is not a tax expert per se.
Last Words
Of course, the job will be well done, but we are not convinced that the accountant is the best choice in order to obtain all the tax credits to which you are entitled and to ensure the optimization of your tax refunds. In addition, you may pay more for the preparation of your tax return. Accountants usually charge on an hourly basis, which will quickly drive up the cost of filing your tax return.
