At the time of planning for your taxes, these are things you should be aware of which are never mentioned by the TAX agent.
- Not Eligible for Free Tax Software – Majority of tax payers are not aware of about their eligibility of using online TAX forms even if your salary isn’t above the required number. Truth is that you are.
- Taxable Records –You may have received tax return however this money can be regarded as income which is then converted as taxes later. The TAX agent will never tell you this which is why keeping a record of such rewards from your end is important.
- File it if you cannot Pay – At the time of facing penalties between failure-to-file and failure-to-pay, failure-to-file is you want to avoid. For the TAX, it is still fine if you don’t have any money to pay taxes. But, filling out proper forms and offering correct documents is crucial. You can later do negotiation for the payment with the TAX agent.
- Later Filing leads to Hurting your Credit Score – Your credit score may not be affected even after filing for taxes later. But it is the penalty that keeps getting added and somehow have to be paid to the government.
- Keep the Receipt of Charity Donations – Make sure you get a written receipt or statement when you are offering charity donations. The receipt must have a description of the goods and services related to the received gift from the charity. It’s a great way that helps to apply for tax deductibles.
Avoid confusions by hiring a tax accountant that offers forensic accounting services in Sydney.