Should I do my own taxes | Carmela Pirillo CPA

Carmela Pirillo CPA

Carmela Pirillo CPA

Carmela Pirillo CPA

Should you DIY your taxes?

By Carmela Pirillo | Published: Nov 17 2023

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Here are some points to guide you when considering if you should prepare your own income tax return.

4 situations when you should DIY

You are an employee with only one job
You didn't experience a life changing event
You are claiming the standard deduction
You didn't buy or sell a home

4 situations when you should NOT DIY

You had multiple sources of income
You own rental property
You itemize deductions and expenses
You experienced a major life change

Carmela Pirillo

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Should you DIY your income tax return?

By Carmela Pirillo | Nov 17, 2023

Here are some points to guide you when considering if you should prepare your own income tax return.
4 situations when you should DIY
4 situations when you should NOT DIY

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Unlock Homeownership: Tax Perks for First-Time Buyers!

By Carmela Pirillo | Nov 15, 2023

Dreaming of your first home? Exciting news – tax incentives await!
Ease your financial journey with these perks for first-time buyers:
First-Time Home Buyers' Tax Credit
Claim up to $5,000 on your tax return for qualifying homes, giving your finances a boost.

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Talk Money Week

By Carmela Pirillo | Nov 6, 2023

It's Talk Money Week, and as your trusted financial partner, we're here to help you make the most of this opportunity to boost your financial literacy and make sound financial decisions. Whether you're a seasoned business owner or just starting your entrepreneurial journey, here are three essential tips to celebrate Talk Money Week

Side Hustle

Are you a full-time employee with a side hustle?

By Carmela Pirillo | Oct 2, 2023

Sole proprietors in Canada who also work a full-time job face unique challenges when it comes to managing their income taxes. Here's why.
All income earned from the business must be reported on your personal tax return. This includes revenue generated before expenses are deducted

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In Canada, meals are generally not fully tax-deductible expenses

By Carmela Pirillo | Sept 15, 2023

The Canada Revenue Agency (CRA) allows businesses to claim a portion of meal expenses incurred for legitimate business purposes as a tax deduction. However, there are specific rules and limitations.

Fox 2

Will your crypto investment income be taxed as capital gains or business income?

By Carmela Pirillo | Feb 1, 2023

This will depend on various factors however, if you are regularly trading (day trading), chances are it will be treated as business income. What does this mean?

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What's the difference between a Tax Credit and a Tax Deduction?

By Carmela Pirillo | Jan 31, 2023

TAX CREDIT: This can be a nonrefundable or a refundable tax credit. A nonrefundable tax credit will reduce the amount of tax owing but

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RRSP or TFSA?

By Carmela Pirillo | Jan 13, 2023

There are 5 factors to consider when deciding.

Tax bracket - lower tax brackets do not see the same benefits from RRSP contributions
Timeline - how long can the funds be invested for depends on whether you will need the money for education

Tax Season

Tax season is around the corner. Are you ready?

By Carmela Pirillo | Jan 3, 2023

Here are some tips to help you get organized so that you don't miss out on any tax credits and deductions.

Do an annual review and note any major life events such as births, deaths, marriages and divorce. These will all have an impact on your tax return.

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Amazon Year End Inventory Report

By Carmela Pirillo | Jan 4, 2023

This is for sellers who are not using a third party inventory app such as Seller Board or Inventory Lab

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Let's talk mileage apps!

By Carmela Pirillo | Jan 3, 2023

What is your favourite? If you don't have one here are 3 you can check out.

MileIQ
Everlance
TripLog