From time to time, Wheatland features events for their clients as well as the community.
Don't miss those tax credits and deductions!
This article will take a look at some things you should be aware of when gathering and collecting information for the upcoming tax season to maximize your credits and deductions.
- We will be forwarding larger tax envelopes this year to assist you in gathering any slips and other information you need to collect for tax purpose. There is a checklist on the envelope to help ensure that you include all the information that can benefit you.
- Unincorporated farmers who are not our bookkeeping clients please remember to fill out the Farm Tax Worksheet that we send out to assist you in gathering the information we require to prepare the farm portion of your personal tax. (If you use Ag Expert Software, you will only need to bring us a backup of your data).
- Collect and forward all your medical receipts, if possible have the pharmacy print out an annual statement listing all of the prescriptions you have purchased in the year, this saves us a lot of time adding up the little individual prescription receipts.
- If you travel at least 40 km for medical services, remember to have documentation of all Dr.,Dental, Chiropractor and Optometrist visits in the last year as well as documentation for medical tests and hospital stays. An appointment card, letter of appointment, hospital admittance forms, or letter from your Dr. detailing appointments in the year will suffice. This allows us to claim medical travel expenses for you.
- Remember, if you have children involved in 4H, sports, music lessons, or any arts or physical active program to forward the receipts as they may qualify for a tax credit.
- Advise us of any changes in marital status as well as any changes in dependents Advise us if you were a first time home buyer in 2012, as there are federal and provincial credits available for you.
- Notify us if you are a caregiver of a mentally or physically infirm relative, as there is a newcaregiver credit for 2012.