5 handy tax time tips
Tax time is looming again, so rather than try to ignore it and bury your head in the sand, here are 5 tips to make completing that unavoidable tax return a bit easier.
- Gather all your documents in one place
The more organised you are, the less stressful the process will be and the more likely you are to maximise your deductions. Don’t leave everything to the last minute - give yourself plenty of time to meet deadlines.
- Make time each week or month
Rather than trying to sort out a year’s worth of deductions all at once, put aside a small amount of time each week or month and organise everything. This way, you are less likely to forget to claim for something to which you are entitled.
- Keep receipts
Without accurate records and receipts, you won’t be able to make the most of your deductions. Take a photo of your receipts and save them to the cloud, or a Dropbox, so they are all in the one safe place.
- Keep logbooks
If you use your car for work or are working from home, it’s important to ensure any logbooks you need are accurate and kept up to date.
- Call a professional!
Sometimes it’s just easier to get someone to do your tax return for you! You can deduct the cost on next year’s tax return, making the whole process very cost-effective (and stress-free!)