Getting the biggest tax return isn’t always easy. Whether you’re filing them yourself, or having a tax agency do their part in getting you the fullest and highest amount possible in your ATO return. In this guide, we’re going to tell you how you can boost your tax returns in Adelaide so you can help to avoid more tax fees, and even if you have to pay in, you can still get a good return with these 5 helpful tips.
Be Sure Your Tax Agency Knows About Deductions
If you’re filing personally, you can usually look into it and claim every deduction you can. This can actually help you with getting a higher refund as each deduction will help reduce the amount of tax you owed so it may pay more. Ask your tax agency questions about deductions if you’re using one. Consider commuting expenses, clothing for work (dry cleaning included), mobile, home phone, and internet expenses for work, overtime meals, and all other out of pocket expenses that were work-related.
Save Your Receipts
Whether you’re saving your receipts in envelopes to take in, or online, there are numerous tools that can help you save every single receipt related to work-related expenses that you may be able to deduct. This will show proof to the ATO so they can’t deny anything.
Consider Mobile Phone Expenses
As mentioned above, mobile phones are a standard thing to have, and it’s often the only way you can be gotten ahold of when you’re working. Most jobs require you to have a cell phone, or expect you to have one, and this bill can be included. Especially if you’re self-employed.
Consider Self-Employment Taxes and Fees
Did you know that even if you’re just a freelancer and have a side-gig, you can claim self-employment taxes? A lot of times, it’s easy to get a personal tax identification number. Even if you just do web design on the side, and get paid through PayPal or another payment platform (all of which charges fees), you can use those fees to your advantage as a deduction. Look into paying all of your union dues or employment dues and other bills that are work-related in advance to get the most out of your taxes and you can include those high amounts (plus reduce transactions and receipt numbers) by doing this.
Get Rid of Refund Reducing Debts
Many things like student loans, government payment (like unemployment payments and more) can come back to haunt you if you have to repay them. Make sure you repay all of them before tax time so you don’t have any offsets on your taxes.
While these aren’t the only way you can maximize your taxes, you can get the most out of your refund by making sure to follow these guides. You can also consider your payments into health insurance through your employer. Either way, use all of these tips when you file taxes, and if you use an agency like Kalculator’s tax returns Adelaide, you can also make sure you give them all this information when you file to make it all faster and smoother, plus get the most out of your ATO return.