When tax season rolls around, many people dread doing taxes but do it so they can get some money back through tax returns. In this article, you will learn about helpful tips to make doing your taxes a little less dreadful. These tips ranges from getting an online tax agent to making sure you keep the receipts for even the smallest purchases.
- Tax time is great for one thing: the money you get might back from the Australian Taxation Office.
- The process itself isn’t always a joyride, and while everyone wants to know how they can keep more of their hard-earned money in their pocket, their record keeping sometimes lets them down.
- Old school tax agents often suggest keeping folders, diaries and logs of what you spend and how much of your expenses are work-related. This is hard work and a nightmare to sort out at tax time.
“claiming deductions is usually the best way to reduce the overall amount of tax you need to pay (and boost your refund), but to legally claim your deductions you need evidence such as receipt to back up your claim.”