P22 Income Tax Preparation Services in Toronto | backtaxescanada.ca

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Income Tax Preparation Services in Toronto P22 http://www.backtaxescanada.ca Gary Booth CA Professional Corp. Suite 406 – 555 Burnhamthorpe Rd. Toronto, On |…

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judy kelvin 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.
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