Medical Students, Residents and Fellows: Here’s What To Do Before Year-End To Minimize 2020 Personal Income Tax (In 20 Minutes)
About this webinar
Thinking ahead to how you’re going to figure out next year’s taxes feels like a real headache, does it? You’re a busy medical resident and we get it: this is not your area of expertise.
Problem is, when you don’t really know what you’re doing with your tax return (by no fault of your own), it’s possible to miss expenses and forget to claim credits. And it happens: we wind up amending prior tax returns for almost every new medical resident client we work with. Not to mention that this year, COVID-19 has made tax planning especially complicated for us all.
You probably have questions, like:
- How should I be tracking my expenses?
- Do I need to keep receipts? If so, for how long?
- What qualifies as an expense? Can I include: electives, CARMs, interview travel and accommodation costs, CPSO, membership dues, licence fees?
- How much should I set aside for tax this year?
- Which tax forms do need to complete?
- What are the tax implications of receiving government assistance through COVID-19 programs?
- What happens if I get audited? Should I respond or do I need an accountant?
- How can I use tax credits to adjust the income tax withheld from my paycheque?
- Is it possible to fix prior-year returns for expenses and credits not claimed previously?
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