P20 Income Tax Preparation Services in Toronto | backtaxescanada.ca

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Income Tax Preparation Services in Toronto P20 http://www.backtaxescanada.ca Gary Booth CA Professional Corp. Suite 406 – 555 Burnhamthorpe Rd. Toronto, On |…

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Tyler Axel says:

If you don’t have a tax preparer, a good way to find one is to ask friends and advisors (such as an attorney you know) for referrals.

Be sure that the person you choose has a preparer tax identification number (PTIN) showing that they are authorized to prepare federal income tax returns.

Be sure to inquire about how much they charge in fees.

This, of course, depends on the complexity of your return.

Avoid using a firm that takes a percentage of your refund.

The IRS website has tips for choosing a preparer and a link to the IRS directory of preparers, which you can search by credentials and location.

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Blacky Mia says:

The receipts you’ll need to provide depend on whether you itemize your deductions or claim the standard deduction.

You’ll want to choose whichever produces the bigger write-off, but the only way to know for sure is to add up your itemized deductions and compare that with your standard deduction.

For the 2021 tax year, the standard deduction for single taxpayers is $12,550 and for married couples filing jointly, it is $25,100.

Those figures increase in 2022 to $12,950 for singles and $25,900 for married couples filing jointly.

Make sure you look for receipts for medical costs not covered by insurance or reimbursed by any other health plan (such as a flexible spending account (FSA) or an HSA), property taxes, and investment-related expenses.

These are all subject to limits, but if they’re substantial enough, it may be worth your while to itemize.

If you itemize your deductions, you’ll also need to collect any backup you have for charitable contributions.

For example, contributions of $250 or more require a written acknowledgment from the charity stating the amount of your gift and that you did not receive anything (other than perhaps a token item) in return.

If you don’t have such an acknowledgment, contact the charity and request it. You can find more details on charitable deductions in IRS Publication 1771.

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