Top 3 Tips on Taxes…and how to really Stay Calm & Tax on!

Photo Credit | thestar.com

I have been thinking a lot about stewardship and it doesn’t come as a surprise because right now for me, in Canada…It is tax season!

Many people think of stewardship towards items, purchased goods and maybe they go to the extent of their time or people. Seldom do we like to attribute the word stewardship with money, let alone, Taxes!

Taxes take up so much time and stress but, I have come to realize that some people handle the time and stress in very different ways. If you have one job, than you easily file your taxes with your T4’s and away you go. The biggest complaint here is having to pay a fee. Some people have opted in getting their own software and filing it through that and again, away they go! Now, for those who are self-employed, contracted out (another way of being self-employed), business owners, entrepreneurs, those that have to work and are trying to pursue their dreams–who need to claim in both areas…this is a nasty job at best!

Receipts get piled up in a box somewhere; Some people don’t even do their taxes for fear of having to deal with the issue, for up to five or six years. Those who are self employed, do not want to even think of how much they owe at the end of the year despite all of the eating out, gas, and other expenses they tried to buffet that dollar balance.

Here are a few tips I encourage you to try and help you give unto Caesar what is Caesar’s and not be stressed in the future!

#1–Do your Taxes!

This sounds obvious, but it is not! Look for a good registered tax person that a friend recommends and pay them to do it, instead of the government in 4-6 years after the penalty fee they will slap you with at the end of the year.

#2–Organize those little flyaway papers!

Instead of throwing receipts, invoices, and all related paper work into one box and have to sort it out at the end of the year. Have large (cheap at the dollar store) envelopes in a box. Label each one with a black marker: Food, Gas, Bills, Etc. You are already throwing them into the box…you might as well take the one second extra to throw them in to their proper envelope. This makes it easier for the tax person and might save you money in the long run. Or, easier for you to do at the end of the year!

This tip is also great for those who have two types of business and own a house or something to that extent. You can categorize each envelope for each business and that really helps!

#3–Make money with your money instead of paying for it!

This is my best tip! If you don’t do anything else, do this!

If you are self employed or own a business, you need to think about that end-pay-back for your taxes. Putting it off doesn’t do anything beside give you more grey hairs! Along with your tithe which is typically 10%, move over 10% of your income as you receive, into a seperate savings account. This will be a huge benefit to you! Not only will it pay for your taxes and maybe some more, but if you invest this money into a TFSA, you can earn dividends on it as a Mutual Fund and then pull that money out at the end of the year to give to your taxes. Have that money work for you!!!

To me, this is a better solution than waiting 3-5 years and having to pay the tax person double?

Mark 12:17

“And Jesus answering said unto them, Render to Caesar the things that are Caesar’s and to God the things that are God’s. And they marvelled at him.” KJV


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