December 24, 2010

File Your Income Tax Return Yourself

You Know All About Your Own Situation

Unless your situation is very complex, you should file your income tax return yourself. You are the best person to analyze your own tax situation and take into account all nuances and possibilities.

You are also more motivated to reduce your own taxes than the H&R Block clerk can be.

Just A Little Research and Reading 

By completing your tax return yourself, you are, among other things, less likely to forget deductions. You just have to play with some numbers and read a bit; a little arithmetic and reading has never killed anyone!

Nothing stops you from getting advice from a friend or even from an expert but always verify the information yourself afterwards. The tax authorities put at your disposal online tools that allow you to research and validate information quickly.

Save A Lot On Your Taxes

After a while, your knowledge of specific elements of tax laws which apply to your situation may allow you to save a lot of taxes. No need to learn about everything; only study thoroughly specific clauses affecting you directly.

Even if you choose not to do your taxes on your own because your situation is too complex or you don’t feel you have the necessary knowledge, take time to get informed about your taxes.

We all pay too much income tax and could benefit to learn how to reduce this burden. And remember, it’s your business after all!

This could be an important step in sound fiscal planning.

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