Money Saving Advice on Taxes
Tax season can be a very daunting, stressful, and expensive time of the year, so we’ve got an expert on the show today who can help! In this segment of The Marc and Mandy Show, Mandy gets some advice from Eric Tuck from ET Bookkeeping & Tax Services about saving money during tax season.
Mandy: When it comes to tax time, you want to save as much money as possible. I have Eric from ET Bookkeeping to give us some tips on that. So, what are some of the things people need to consider when it comes to saving money on their taxes?
Eric Tuck: Honestly, the first thing your can do is maximize your tax deductions. That’s going to be the biggest overall step in lowering your taxable income–deducting any eligible expenses. The main thing people should do is to open an RRSP account. By opening a RRSP account, you can save for your retirement, but you can also save money on your taxable income for the year. And you’re allowed to contribute up to 18 percent of your actual previous year’s income towards up to a maximum contribution limit.
Mandy: That’s fantastic. So, it can really help somebody get ahead, especially planning for their retirement?
Eric Tuck: Exactly. So, it just kind of gives you the two options: save your retirement and save a little bit of money.
Mandy: Now, I know at different points in the year sometimes people have to relocate for work or school. Do they get a tax break with that?
Eric Tuck: Yes, that’s a good one. So, say, for instance, you move for school or you move to go to a new employment. As long as it’s 40 kilometers closer to the school or a place of employment, you can write off various different things. Your best bet is to check with a tax professional to make sure that all the eligible expenses are eligible.
Mandy: Fantastic, I think at the end of the day if you’re unsure hand your taxes over to a professional, right?
Eric Tuck: Exactly. You want to make sure that it’s done properly.
About ET Bookkeeping & Tax Services:
ET Bookkeeping & Tax Services is an accounting, bookkeeping, and tax services business based in Calgary, Alberta. With certified training and education, the experts at ET Bookkeeping & Tax Services are equipped to handle all accounting, bookkeeping, and tax needs. To learn more, visit the ET Bookkeeping & Tax Services website.
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