There is a growing trend amongst taxpayers to purchase a software package and prepare and file their own income tax returns. In a great majority of cases positive results will follow. There are some difficulties involved with this process.
The income tax software packages available on the market are developed to fit a “general” type of return. Despite what the companies say they cannot possibly incorporate all the exceptions to rules and specific circumstances held by a minority of tax payers.
Most people who prepare their own taxes make errors in data input. Boxes can be missed and figures transposed. If you do prepare your own taxes always have someone else check your data input. We often misread numbers the same the second or even third time we see them as they are inputted.
Marital status is a complicated tax preparation concept. Marital status is not determined by the taxpayer but is determined by complex rules initiated by Canada Revenue Agency. Thoroughly investigate your marital status. Do not take the word of a friend or by the status which gives you the largest refund in the pre-packaged software package.
Generally when someone receives a refund smaller than they expected or has a balance owing more than they calculated they usually presume that CRA is correct. This is not a correct assumption. If you prepare your return and there are changes you should thoroughly investigate the situation.
Eggett Tax Services is a full time tax preparation services. Our experienced staff provides a full range of tax services from preparation to appeals of decisions and reassessment. There is no tax software package which can claim the realm of experience provided in the professional preparation of your return. We act as your agent in getting the largest refund or the smallest balance payable when your tax return is prepared by our firm.