Timing is everything in life, and tax season is no exception. 

If you wait too long to file, you might miss the deadline and set yourself up for interest charges and late penalties. 

If you file too early, you could miss some information, such as an income slip or an eligible deductible. 

So what’s the solution? 

We recommend that you start preparing for taxes in January. 

This will reduce the stress around deadlines and give you extra time to get organized. 

But what about filing? 

Some times are better than others, depending on your objective. 

As a general rule of thumb, always file before the traditional April 30th deadline. 

If you anticipate a refund or you have a basic return, you may want to file as soon as you receive your end-of-year paperwork. 

If you have complex tax returns or are waiting to receive your documents, you may want to wait to ensure that the paperwork is correct. 

We hope that you found this email informative, and if you’d like to learn more about best practices for tax season, reply to this email or drop by our office :)