Personal Finance

taxman or tax software

  • Last Updated:
  • Feb 27th, 2010 7:03 am
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[OP]
Newbie
Feb 25, 2010
2 posts
toronto

taxman or tax software

been using tax software for 2 years and always have low refunds or i owe the revenue. now am confused if i need to consult accountant or not. my coworkers always have hefty refunds and i don't. i don't have any dependents at all. should i continue using tax software or consult a tax man?
4 replies
Deal Addict
Oct 9, 2005
1839 posts
188 upvotes
Refunds just mean they overpaid the government via tax withheld by their employer. It may just be that your employer can better estimate how much income tax to take off your pay, but in the end you both pay your fair share.
Sr. Member
Dec 12, 2009
755 posts
54 upvotes
Nova Scotia
madie wrote:
Feb 26th, 2010 8:06 pm
been using tax software for 2 years and always have low refunds or i owe the revenue. now am confused if i need to consult accountant or not. my coworkers always have hefty refunds and i don't. i don't have any dependents at all. should i continue using tax software or consult a tax man?
Are your coworkers making RRSP contributions and you aren't...? There could be many reasons why they have larger refunds.
Member
Aug 25, 2004
211 posts
9 upvotes
If you owe a little or get a little refund, you are doing just fine. Think of it this way, if you get a large refund in April or May, all that means is the government has kept your tax withholdings all that time rather than you having it in your bank.
You might want to see an accountant for tax planning for 2010 and find out if you are using all your credits, etc that you are entitled to. There are some good books put out by the big CA firms you can find at Chapters that can point out some deductions you might be missing.

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