It is that time of the year when you need to collect all the receipts and sum up your expenses for the past 12 months. It can be a daunting task to correctly prepare your tax return and file various forms and at the same time maximize your return. It is highly recommended to look for the best local tax office, the one that has years of experience in tax return services. Leave it to a reputable tax agent to lodge your tax return to make sure you comply with ATO and avoid penalties. Also, a tax agent will now best how to maximize your return due to extensive knowledge and experience with various tax return services. Check out few of the unique ways you can maximize your tax return.
1. Claim Deduction For Everything – One of the ways to increase your tax refund is to claim deduction for every expense you make related to work, education or other private payments. Even if you are not sure if a receipt is acceptable, keep it anyway since it may increase your amount on the tax return. To make sure you claim deduction on valid items, find a good local tax office to go over your expenses. Even if you do not plan on spending money on tax return services, please do so since a tax accountant will advise you how to claim everything correctly.
2. Keep Good Records – Being well organized will help you go through the whole process without stressing a lot. If you do not keep all your receipts, you may end up loosing hundreds of dollars on your tax return. Therefore, it is highly recommended to keep track of all expenses you make whether they are medical, educational, charitable contribution, gambling losses, job seeking expenses, etc. Consult with a local tax office and find out which receipts are worth saving and which are not.
3. Get Advise From A Professional Accountants – To make the process of lodging a tax return easy, visit local tax office and get advise from a professional accountant. Accountant will best complete your return and make this process as simple as possible. Whether you need to complete an individual tax return or a business tax return, with the help of the professional tax return services that accountants offer, this process will be hassle free.
4. Charitable Organizations – One unique way to boost your tax refund is to include all donations you have made in the past year. Even if you volunteered, it is possible to deduct your travel expenses related to the volunteering. So, if you want to maximize your refund, go through your stuff and donate anything you haven’t used in more than 6 months. This way you will not only help others, but will increase your own budget as well.
5. Don’t Forget The Small Stuff – Visit the local tax office and ask your tax agent about keeping track of the small stuff you buy. Each of these purchases, even though small, when accumulated over the period of 12 months, may add up to hundreds of dollars on your tax return.