Preparing T1 Returns – Doing a final review of your T1 tax return (Part 5 of 5)

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Preparing Canadian Personal T1 Returns – Doing a final review and reasonability test of your T1 tax return (Part 5 of 5)

NEW WEBSITE LAUNCH & SUMMER 2016 PROMOTION – ONLY $69 CDN (ALL TAXES INCLUDED) AT CANADIAN TAX ACADEMY.

Take the fully updated Canadian Personal Tax Course for only $69 CDN (including GST/HST). That is a savings of $228 off the regular price. Just click on this link:
http://canadian-tax-academy.teachable.com/courses/preparing-canadian-income-tax-returns?product_id=95823&coupon_code=69_YOUTUBE_PITC&preview=logged_out

COMPLETELY UPDATED FOR 2015 T1 TAX RETURNS (THE 2016 TAX PREPARATION SEASON).

Once you have completed entering all the personal income tax data into the T1 general return, the final and very important step is a thorough review and reasonability check of the personal tax return. Often times, many data input mistakes are made when entering information from the box numbers on various T3, T4 & T5 slips.

In this video tutorial, I take you through a step-by-step process on reviewing the tax return to see if it makes sense. In most cases, you should have a pretty consistent tax return from one year to the next. One way to check the T1 tax return is to review the current year’s tax situation, income slips, deduction and tax credits on Schedule 1 with the previous year (or previous 2 years) to make sure nothing has been missed.

If you are a CPA student or accounting/tax student looking for tax preparation experience, this is a vital area to ensure that you are filing an accurate tax return for the client. In my Preparing Personal Returns Start to Finish – Best Practices course, I provide students with a system for checking tax returns to make sure nothing was missed and all the information is on the tax return itself.

The following are the other videos in this YouTube training series on Preparing T1 Personal Tax Returns

Part 1 – Inputting Proper Personal Information (Part 1 of 5)
https://youtu.be/o2NwudCiuuQ

Part 2 – Reporting income and inputting T-slips on the T1 tax return
https://youtu.be/x2N9D-jwnvA

Part 3 – Determining T1 income tax deductions and reporting on the T1 return
https://youtu.be/FFCYvDBXSz4

You can check out my other YouTube tax videos here along with a detailed outline of the Canadian tax Academy Preparing Personal
Tax Returns – Introductory course.

Course Outline – A detailed breakdown of my Introductory Personal Tax Course
https://www.youtube.com/watch?v=KmLF2WyesxQ

Canadian Personal Tax Returns – The 7 Deadly Sins
https://www.youtube.com/watch?v=G0TdxF5DiCE

Common Tax Filing Errors
https://www.youtube.com/watch?v=zVHHl0FSNKg

Starting Your Own Tax Preparation Business
https://www.youtube.com/watch?v=YEd2oNalBMs

Below is a link to the school, along with links to the online tax courses that are currently available. You can also enroll on the site for general information and to be put on the mailing list for future course releases.

Canadian Tax Academy – Home
http://www.canadiantaxacademy.com

Preparing Canadian Income Tax Returns – Introductory course only $69
http://canadian-tax-academy.teachable.com/courses/preparing-canadian-income-tax-returns?product_id=95823&coupon_code=69_YOUTUBE_PITC&preview=logged_out

Preparing Tax Returns Start to Finish – Best Practices – only $89
http://canadian-tax-academy.teachable.com/courses/preparing-tax-returns-start-to-finish-best-practices

Tax Returns for Deceased Taxpayers
http://canadian-tax-academy.teachable.com/courses/tax-returns-for-deceased-taxpayers

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