Tax time! Does that make you break out into a cold sweat? If you are honest with yourself, you will admit that filing taxes is about as much fun as paying it. Many people leave it until the last minute, and others leave it completely at great risk to themselves.
We all know it has to be done, but somehow we seem to put it in the “too-hard” bucket, and pretend that it will somehow file itself.
Filing your taxes, believe it or not, can be stress free.
Here are my tops tips for filing taxes without stress:
1. Get organized
You should really be aiming to be organized throughout the year. It could be as simple as having an envelope that you put receipts into, or if you are technology savy – scan or take a photo and load into Dropbox / One Drive, or save onto your hard drive in a folder. This way you are not scrambling at the end of the year. If you are just starting now – gather your payment summaries, work related expense receipts and your private health certificate. Make sure you get any interest earned certificates from the bank, and any dividend statements, and rental property annual summaries and other deductions like income protection contributions. You can also use available apps to record expenses Expense Tracking Apps
2. Use available apps
Again – this may be something that you should be aiming to do through the year. For example, there are heaps of free apps that provide you with a logbook so that calculating business mileage at the end of the year is a breeze. Some logbook apps that can be used are LogbookMe or VehicleLog.
3. Don’t procrastinate
Don’t leave filing your taxes to the deadline day, once you have everything ready – get it done. You want to have sufficient time so that you can resolve any issues that arise, have plenty of time to raise questions. Leaving your tax filing to the last minute may mean you miss out on an appointment with your tax preparer.
4. Use a reputable tax-filing service
A professional tax agent is able to provide guidance, ensure you are filing properly and help maximize your refund. Some people file their taxes themselves without the necessary knowledge and then lose out on their tax refund or pay more tax than what they should without even knowing it. You can also learn how to set up a business in Hong Kong here.
You are the best person to file your taxes, but only if you have the necessary skills to do it. If you don’t, then it is much safer for you to ask a tax practitioner to prepare and file your taxes for you. The fee charged by a practitioner is in some cases much less than the extra money that you save by having your returns filed accurately and on time by a professional. You can save money on the cost of a professional service like this with the use of online discounts, like a Free Tax USA coupon code.
