Tax returns can be a major source of stress for people, and they come back around every year. There is simply so much information to be filled out and so many rules and regulations that can trip you up as you work through the forms, it can be completely overwhelming. It’s no wonder so many people resort to hiring a tax agent or purchase tax software to complete their taxes each year.
However, with some planning and a couple of tricks, you can make your tax return much easier. The first step is taking responsibility for your finances from day to day. Keeping a record of your purchases and expenditures—that means keeping the receipts and purchase confirmation emails from everything all year—can make your taxes easier and save you some extra money in the end. It’s always worth checking if your purchases qualify for some deduction or rebate on your taxes.
You can also make your life easier at tax time by keeping your finances organized and easily accessible. If that means recording everything in a paper ledger, in financial software, or through an online service, take the steps you find useful in organizing your thoughts and figures.
Having a full record of where your money is and how much is in each location will provide quick, easily accessible sums for most sections of your tax return and save you time in the end. Be sure to include investments, savings, loans, and more in these records as all can play into a tax return in some way or another. It is best to start organising as early as possible so that come July you are ready to file your tax return.
Anne Street Partners make your tax return less taxing!
The team at Anne Street Partners have a wealth of experience when it comes to managing finances. Our advisers help with all aspects of financial planning and help make sure you make the most out of your tax return. Contact us today on 135 444 for a chat and see how we can make your money work for you!