How to maximize tax returns this tax season

 


Tax season is around the corner. You could put all your hard work into filing taxes and say goodbye, or you could get an excellent tax return. You could under-report your income and end up with penalties later. Or you could pay even more taxes than necessary. However, here are a couple of things your small business accountant Melbourne may want you to know about filing tax returns.

Claim, claim, and claim

Charitable donations, medical expenses, interest on the mortgage, and education are all deductions you can dig into. If you are inclined towards making charities, you can maximize your return by claiming returns for the goods you donate.

Report all your income

ATO expects you to report all income. Even honest mistakes may cost you a penalty or interest on tax. It is best to hire a tax agent in Melbourne or accounting firms in Melbourne to help organize your income reports before claiming tax returns. It could be of great help to keep track of your income details on a spreadsheet to avoid mistakes.

Meet deadlines for returns

Make sure to meet your tax filing deadlines, or be prepared to face hefty fines. The fine depends on the taxes you need to pay. You could always file for extensions if necessary.

Double-check your math

It may sound trivial, but math errors could cost you when it comes to filing taxes. It is best to leave filing taxes to the trained hands of accounting firms in Melbourne, of course.

Double-check your bank details

If you are claiming a direct refund to your bank account, then it is best to spend a few minutes of your time double-checking the bank details you provide. Gettings things straightened out can be very complicated when you present the wrong details.

Filing for tax returns shouldn’t be a hassle when you do everything by the book and maintain clarity with your submissions.

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