Tips From A Mississauga Tax Accountant: 4 Ways To Reduce Your Tax Liability

20 October, 2015

Tax Liability is the total amount of a tax that you are legally required to pay on any taxable event. Basically, it is the amount of money you will owe the government based on how much money you make each year. Reducing the amount owed is a goal shared by everyone, and the easiest way to accomplish this is by reducing the income you earn. But if you are like most people and income reduction is not an option, there are some other great ways you can reduce your personal tax liability this year. Here are 4 easy tips from your trusted Mississauga tax accountant that are sure to reduce your tax liability.
Easy Ways To Reduce Your Tax Liability
1. Give More. Giving to charitable organizations benefits those in need, but did you know it could also be a benefit to you? Keeping donation receipts means you can receive a credit for a portion of what you give.
2. Get Your Family Moving! If your children are involved in organized activities, you can get a credit of up to $551 for expenses, as well as $55.10 per child under age the age of 16, or $110.20 for those children under 18 with a disability.
3. Use Public Transportation. By using busses, streetcars, subways, trains, and ferries, and keeping your receipts, you can receive a credit under the Public Transit Tax Credit.
4. Go Electric. Depending on where you live, you can receive tax credits for driving an electric car. And these credits are nothing to pass up. You can receive up to $8500 for buying or leasing an electric car and up to $1000 for buying and installing a charging station!
The Possible Reductions Do Not End Here
These are just a few of the many options. You can also claim child care and vehicle costs, open a tax free savings account, the list goes on and on. The best way to be sure you get the most back is to hire a Mississauga tax accountant to handle the forms. Accountants know the ins and outs of tax laws and will ensure everything is done properly and legally.
Numbers Plus, a leading accounting firm in Mississauga, ON, offers no obligation, no cost consultations, so you can be sure you are in the right hands even before you provide your information and financial documents. Contact them today for your free consultation.

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