An Income Tax Preparation Team in Cambridge Reveals Tax Filing Tips That Will Increase Cost Savings

Profit Financial Services, an income tax preparation firm in Cambridge, knows that most people want to save the most money possible when filing their taxes. This is why they recently revealed amazing tips on how to do so on their blog.
By: Profit Financial Services
LONG BEACH, Calif. - Feb. 19, 2014 - PRLog -- CAMBRIDGE, ON – February 18, 2014 – Henry Piatek, owner of Profit Financial Services, wants his readers to understand how to save money on their taxes and not pay extra to the government.  He says, “While almost everyone will agree on the importance of taxes when generating revenue for the government, most people want to save as much on taxes as possible.  This is a valid concern for most Canadians.”

The first tip Piatek, an income tax preparation professional in Cambridge, reveals is, “File your tax returns on or before the deadline. Many still see the Canadian Revenue Agency (CRA) as something to avoid until the last minute.  The result of this is that people miss the tax filing deadline.  They are then charged steep penalties.  So, the first step in lowering your taxes is to file your returns on or before the deadline date.”  Another tip from Piatek is, “Invest money, save on taxes. Any personal finance guru will tell you that you should invest money to plan for your retirement and to save for emergencies.  But did you now that investing money can also help you cut down your taxes? If you are an employee, you should maintain your contributions to the RRSP every year since your contributions to the fund are tax-deductible.  If you have excess income you can just keep it and let grow, then try to look for investment programs that offer good returns.”

Henry Piatek is extremely knowledgeable when it comes to all things financial.  His company helps clients save money and properly record their transactions daily.  He says, “As long as you keep your money in the investment program, you don’t pay any taxes; you only pay taxes on money withdrawn from your fund.  A good fund to place your money in is the TFSA.  In that fund there are no taxes charged on your investment earnings and your withdrawals are tax-free.  Think about it: by investing, you’re saving for your future and saving (on taxes) in the present.”

For more advice and information from this income tax preparation company in Cambridge ( click the link below.

About Profit Financial Services Inc.

Profit Financial offers bookkeeping, accounting, tax preparation, Quickbooks, and payroll services to Cambridge and its surrounding areas including Waterford, Hamilton, Norwich, Brantford, etc. Contact Profit Financial today for any financial needs by clicking the following link:
Source:Profit Financial Services
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Tags:Tax Filing, Tax Preparation, Tax Prep, Tax Tips
Industry:Financial, Government
Location:Long Beach - California - United States
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