It’s never too early to start preparing for tax season. Whether your taxes are straightforward or complex, there are some tips that we all can use to maximise our tax returns. At GBL Accountants, we want to help all our clients get the most out of their tax return.
Many people think that getting the largest tax return possible at the end of the tax year is the best situation to be in. While that can mean maximising your tax strategy, it can also mean that you greatly overpaid your taxes throughout the year.
We recommend adjusting your tax withholding forms so that you’re as close to $0 on your tax assessment as possible so that your take-home pay is higher. Here are some top tips for getting your taxes right this year.
Work with Tax Experts
At GBL Accountants, we pride ourselves in helping consumers and businesses make the most of their taxes. We offer personalised tax return services to help you ensure that your taxes are accurate and that you’re getting all the deductions you qualify for.
Our team will help with a wide range of tax documents as well, including BAS, PAYGW, and IAS to name a few. The team of tax professionals at GBL Accountants is ready to help you with all of your tax needs.
If you’re a business looking to partner with an industry-leading team of accountants, look no further than GBL Accountants. We will work one on one with you and your team to understand your business’ financials, structure and options to lower your overall tax burden.
Understand All Eligible Tax Deductions
There are many items can deduct on your tax return. The most common tax deductions that you can take are work-related expenses. You may have purchased something primarily for personal use, if you use it even sparingly for work, you can deduct that portion on your tax forms when you file.
Transportation, equipment, and home office expenses are three work expenses commonly deducted. There are also specific industries that allow you to take additional deductions for work-related expenses, so be sure to research your options and consult with tax experts to fully understand what you can claim.
Virtually every dollar that you donate can be deducted from your taxable income when it comes time to file. If you regularly donate to registered charities, your donations can have a major impact on your taxes owed. Be sure to keep any receipts that you receive for your donation, as you may need to verify your donation with your tax forms.
Documentation is extremely important for getting your taxes in order. As soon as you file your tax forms for the current tax year, you should begin collecting, saving, and organising your documents for next year – it’s never too soon to start your filing system for next year’s tax forms.
Set up a system that makes it easy to store and organise your documents. You’ll want to keep paycheck records, tax withholding forms, and receipts from purchases and donations. You can use a physical filing system, although scanning and uploading your documents to a digital filing system may make things even easier.
You may need quick access to your documents when you begin the tax form process, so it’s always a good idea to stay organised and have a digital backup in case something happens to your physical copies.
For more information on how we can help you with customised tax services, contact the team at GBL Accountants today.