Tax tips!

[jharrisece]

Just wondering if anyone has any ideas/tips for tax time!  I know we are getting close to the end of the month (mine is done!).

[CareDC]

Did you use a piece of software to do them? If so, which one?

[jharrisece]

I do everything by old pen and paper!  I would love to have it on the computer but I am so computer-illiterate!  I have four pages with each catagory laid out and I put everything in then total it for the month.  Then at the bottom of each page is the year-to-date total.

I just did my taxes yesterday and for a centre with $20,000 in fees, $5,000 in grants/subsidies it costs over $15,000 in direct-operating costs to run.  My household costs are $4,000 and my wage is around $6,000.   That's $1,000 a month as I don't count out the household costs.  I also go to H & R Block as I have a woman who is very informed about the profession's tax deductions.  It cost $208 - $10 for them to be filed.

I do mine for April 30th. as they need to be filed with my spouses although I do have the option of June.  Yes, it is a business anywhere you go.

[Icare]

I always do my taxes in JUNE since we considered a business; WE in SASK. anyway and I think all over Canada have 'till JUNE 30th to file...so I prefer to wait, as I do not get $$$ back, and pretty much always pay something on top of the dbl. CPP...

I traditionally earn more in the summer as I advertise Summertime Fun CARE positions for elementary school children who are in the younger grades as I am primarily preschool orientated!
This way I can pay my dues so the speak, a little easier...

I use an accountant for the actual filling out of the tax forms BUT do ALL the preparations, and all the totalling of everything from my receipt books to my month columns for regular operating expenses, and all other items purchased for my daycare.

Thanks!

[spud]

I like to get it out of the way, myself. Hubby gets $ back usually, and I pay at least a $1000 each year .. accountant does it also, after I tally up each section for him.  He forgot to add in my childrens recreation costs (which was a $1000- since we spent more than $500 on each child) -but really its only a little after all the math...but i guess if ever audited or someting i guess i will have that to help me out if necessary.

[jharrisece]

It turned out that the $2,000 per child credit wasn't going to work for me so my husband used it and got an extra $600 back from the girls.  He then gave me $440 of it to pay my own CPP!

[spud]

Taxes are a joke, we benefit from nothing the govt pretends to offer-especially as self employed individuals

[jharrisece]

Isn't that the truth!  That $100 a month is really $36 a month too!