Are you getting back everything you are entitled to?

Tax Season – why start now?

I know I know, tax season officially starts on the 1st July and you were hoping not to think about taxes for at least another month, or three, or more?

I too used be like that, I usually did my tax, in a panic, on the eve of the 31st October, knowing full well that I wasn’t getting back what I was fully entitled to.

No more, I changed a few years ago and learnt that being prepared (yeah, boo, hiss!) not only made life easier, but increased my return. Here are a few tips that work for me.

Wealthy Chicks Tax Prep Tips

  1. Do you have an accountant that specialises in what you do? My accountant is both a savvy property investor and small business owner. Yeah, he costs a bit more than your local H&R Block, but that small investment pays off significantly, and is tax deductible next year.
  2. Do you listen and apply the advice your accountant gives you? No, you forgot, got lazy, whatever the excuse you have less than a month, so get on to it, it’s smart advice.
  3. Is your data and records in order. Missing receipts, invoices etc, get on to that now to minimise delays, or worse,  not able to claim a legitimate deduction.
  4. Review if prepaying expenses is appropriate for you, for example interest on loans, business expenses, water or council rates, health insurance.
  5. If you have investment properties are there any repair or maintenance items you can attend to before the end of the year?
  6. All income received, no, then chase those clients up, today, chop chop.
  7. All invoices paid? No, then get on to it, close off this year
  8. Completely understand all the deductions you are entitled to and revert to item 3.

If you need any more advice I urge you to employ an accountant, they really do make a difference, and for further information try the ATO website here, as it has a lot of helpful information.

I will head my own advice and start preparing for the end of the year, with enthusiasm as the beneficiary will be my bank account.

 

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