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Personal tax forecasting

The main purpose of personal tax forecasting is to organize, budget, reduce, minimize or defer income tax payable. To do this properly you must be fully cognizant of all of the applicable regulations within the Income Tax Act, as well as any changes that have been made recently.

For those who are self employed and paid over a given amount of tax last year, you must pay your taxes by installment. These quarterly payments replace a lump sum payment once a year. With forecasting, planning, and tax reduction strategies, it is possible to decrease net tax owning so that installment payments are not required for the year.

The most intelligent move that you can make is to engage a professional to do the calculations and advise you as to your position in terms of future taxation. ATS is able to create a personalize tax forecasting package for you and eliminate any mysteries in your financial outlook.

For the year 2012 any self employed person with a net tax owing of $3000 or more has to pay quarterly installments. It is important to forecast what your tax responsibility is going to be to properly plan and budget your finances.

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