Should You File Your Own Taxes?
Welcome to our Hoyes Michalos Debt Free Digest where we round up personal finance topics from around the web to help you live, and remain, debt free.
Please Note: If you are in an active bankruptcy, your Trustee will file your tax return for the first year.
But when you are responsible for filing your own return, you may be tempted to go to a company like H&R Block to file your taxes for you. But is this necessary? Could you save money by filing your taxes yourself? Our posts this month help you decide what’s right for you, which paperwork you’ll need, and how to file by yourself. We also share money-saving tips if you do decide to go to a tax preparation company for your 2021 return.
Should You Do Your Own Taxes or Hire a Pro?
Technology has made filing taxes by yourself a lot easier and a lot cheaper. But when should taxes be DIY and when is it better to go to a professional?
In this discussion, Ian Martin and Doug Hoyes give their advice to help you decide and help you navigate filing on your own. They also address common income tax myths so you avoid any confusion.
Good Reads From Around the Web
Direct Deposit vs. Instant Cash Back
When you file your taxes yourself, you can apply for direct deposit to receive your full income tax refund directly from the CRA into your chequing account soon after submitting your return.
If you go to a tax preparation company like H&R Block, for example, they’ll offer you what’s called an ‘instant’ refund. This instant refund sounds tempting because you get it on the spot, but there is a hefty fee that gets deducted first, so you don’t actually receive your entire refund.
This post explains why it’s better to go with direct deposit (whether you file by yourself or with a company) rather than this expensive instant cash back button.
Getting Ready for the 2021 Tax Season
This helpful site setup by the Government of Canada explains which documents you’ll need, what to report and claim, and ways to file your taxes.
This page also show you how COVID-19 benefits may impact your filing if you received them last year and gives updates on what’s new for the 2021 tax season.
Check back often as this website is updated regularly. The income tax deadline is April 30, 2022.
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