Three Things You Should Do To Save This Tax Time
No-one wants to miss out on a tax deduction or pay more in accountant fees than they have to. My biggest tip for you this tax time is to get organized, as the more you do for yourself the better result you will from your appointment with your tax agent
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Sort Your S*!@% Out..... (stuff, I mean stuff)
Most accountants have a standard fee for a tax return, to make sure that your bill stays as close to that as possible you need take your accountant information that makes it easy for them to help you.
Time is Money and the more time they have to spend opening envelopes, unfolding scrunched up papers, receipts that you can’t read or adding up lots of little purchases the more your bill is likely to be.
Help yourself save money by sorting out your receipts into like groups, such as put all of your uniform receipts together, added up with a total amount spent for the year.
Tip 1: Better Records = Lower Accountant Fees, accountants love a good spreadsheet!
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Check you Have Everything
I have lost track of how many times a client has forgotten to bring with them something important to their meeting. Before you go to see the accountant double check that you have a hard copy of the gear you know they need. Don’t dip out on a deduction because you left a receipt at home or haven’t got a copy to show you have paid for something.
Having to go back for a second appointment or not claiming something because you don’t have your records with you will cost you more.
Tip 2: Spend a Bit Time to Save Money = go over what you have ready to take with you to check it’s all there. Accountants have to see it to believe it, it’s the law.
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Not Sure – Just Ask
My tip here is to have a think back over the last year about the things that you have had to pay for to be able to earn your wages, they might tax deductible. So if you have been paying for something that you are not sure if it can be claimed, just bring along your paperwork for it (nice & neatly organized, you are dealing with accountants here afterall refer back to Tip 1!) and we can have a chat about what we can claim for you.
Tip 3: If it has a connection to how you earn your money it might be a deduction.
Exact Accounting is a Registered Tax Agent, just contact us for any further assistance you need,
Cheers, Kerry Casanova, CPA
