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February 23, 2010, 5:00 am

What Can I Deduct to Pay Less Tax? File Your Income Tax with QuickTax Review

by: The Financial Blogger    Category: Taxes

Now that we have almost completed the RRSP season for the 2009 income tax year, it is now time to think about one of the most painful financial activities: file taxes!

I’ve recently been contacted by Intuit (the famous producer of Quicken) to review their latest QuickTax 2009 income tax software. So they sent me a QuickTax 2009 standard edition so I can work with it for a while and to file my own income taxes.

What Can I Deduct to Pay Less Income Tax?

This is probably the biggest question when it comes down to filing your income tax reports; what expenses can I claim to reduce my taxable income (to pay Less tax)! We all want to deduct from our income as many expenses as possible. Well QuickTax claims to offer over 40 deductions and credits in all. Now let’s see how great they were when I installed the Canadian tax filing software:

File taxes by myself instead of paying my accountant?

I always pay an accountant to file my taxes because I don’t really want to do it. This year (while I will still send my tax paperwork to my accountant), I’ll try QuickTax on my side and see how it goes.

My first impression when installing the Canadian tax filing software: I am impressed; easy to install, already provides great tax updates in the very first pages of the application. There is also a Q&A section that opens on the right side at each step of your tax forms. They are relevant tax topics that help you while claiming your expenses, filing your taxes and looking for more tax deductions.

File taxes through a step by step method

At the beginning, QuickTax encourages you to go with the step by step method. Basically, the Canadian tax filing software will ask you questions related to your financial situation in 2009 so it can direct you towards what you can claim on your tax report, which expenses to be claimed, and all the deductions and credits relevant to your fiscal situation.

Doing the step-by-step method while filing your taxes is a great way to start. Then, I would suggest taking some time to browse the tax credit and deduction sections of the software to make sure that answering the questions got you everything you can claim on your taxes.

5 things I liked about QuickTax

#1 It’s very easy and convenient

#2 You can go back to any section at any time

#3 You can go forward to any section at any time

#4 You don’t have to file your taxes in one shot, you can save your income tax report to continue later

#5 Deductions and tax credits are easy to find and understand

File taxes with the right Canadian Tax Filing Software:

Depending on your needs and your budget, several versions of QuickTax are available. I have gathered them in a chart comparing their tax filing features:

QuickTax Price$29.99$34.99$69.99$99.99
T4s & donationsXXXX
Pension Income SplittingXXXX
Medical, RRSPs,
spousal/dependant credits,
Investments, rental propertyXXX
Business expenses and
self-employment income
Comprehensive financial
EasyStep Interview walks you through your return, finds every credit you deserve and double-checks for errors as you go3T4's and donation onlyXXX
NEW! Guides you through life changes that can affect your taxesXXX
Includes government-approved forms and up-to-date tax law changesXXXX
Does all the calculations for you - and they're GUARANTEED accurate4XXXX
NEW! Easily carry-forward data from UFile® and other tax software (desktop only)5XXX
Pension Income Splitting Optimizer helps you divide pension income between spouses for your maximum refund6XXX
Searches your return to see if you qualify for any of 400+ deductions - with the Deduction ToolboxXXX
Carries forward personal info & unused credits from your 2008 QuickTax tax returnXXX
Import e-tax slips directly into your QuickTax forms - with the QuickTax Automated Tax Return7XXX
Helps you prepare spousal returns simultaneously (and maximizes credits between partners)XXX
Get a bigger refund next year, too! Includes RRSP optimizing toolsXXX
Extra guidance for investment sales such as stocks, bonds, mutual funds & employee stock plansXXX
Additional help for rental property income, expenses & refinancingXXX
Helps you calculate capital gains & lossesXXX
Helps you maximize self-employment deductionsXX
Track business expenses year-roundXX
Imports from QuickBooks & Quicken8Quicken onlyXX
Business Interview helps you find tax advantagesXX
Helps you maximize your eligible business expensesXX

Any Tax questions about QuickTax Software?

As I previously mentioned, this was the very first time I have tried a Canadian tax filing software. While I really liked what I have seen of QuickTax, I didn’t do any comparables yet. If you have any questions regarding how to file your taxes or how QuickTax works, please feel free to comment and I’ll try to help!


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