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The top 10 things the taxman may review on your tax return – The Globe and Mail

For many, the thought of a tax audit is quite stressful, and when an audit does happen it’s often because the tax agency had questions about a return that needed answers. Deductions, such as for expenses for jobs or changing residences, are a key source of these types of questions; though they’re not the only reason for an audit. Issues with donations listed on a return, as well as educational credits or business deductions can often lead to questions. To be more assured about your return, make certain what you claim on it is fully and clearly supported by the tax regulations.

“The fact is, employees are not allowed many deductions, so it shouldn’t be surprising that the taxman focuses time here.”

Read more: https://www.theglobeandmail.com/investing/personal-finance/taxes/article-the-top-10-things-the-taxman-may-review-on-your-tax-return/

By |2020-02-04T08:11:24-07:00March 8th, 2020|News|0 Comments

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