How to Maximize Tax Deductions and Refunds

 

Maximise your tax refund this year! There are some tips you need to follow to get the maximum tax refund.  Do you always claim the correct deductions when you complete your tax return each year? Are you interested in maximising your tax refund this year but don’t know where to start?  This is where UTAX Accountants can assist you.

There are many items to consider when looking after tax in our complicated taxation system.  What can you claim, and what you cannot claim as a deduction against your income. It is not always easy to get available tax deductions right, but there are simple steps, that can assist you on the path. Here are some top tips to assist at tax time.

  1. Claim all the legitimate deductions that you can

The easiest way to increase your tax refund is to claim all deductions that you are legally entitled to for your work related income, and other income you receive. To claim deductions you will require receipts / diary / log book etc depending on the type of deduction, you wish to claim.  Also the expenses must have been paid in the year, and no reimbursement received.  The use of a diary is helpful, as it will assist you to remember the type of job or project you are referring to when claiming the tax deduction. Remember we are here to assist you navigate the complex area of tax, and work hard on your behalf to find all legitimate deductions that will apply to your circumstances.

  1. Keep good records and save receipts

You can only claim deductions for items where receipts have been kept, and there has been no reimbursment from your Employer. others. Some retailers will email a copy of receipts to their clients, at the time of purchase.   It may pay to utilise this service, or at the very least take a copy of your receipt, just in case it is misplaced down the track.   Every year, taxpayers have to forgo costly deductions as no receipts on hand, which mean potentially less refunds.

  1. Make use of a tax accounting service like UTAX Accountants

The services of a tax accountant is best tip of all, when you want to maximise your tax refund. We are professionals and advise on the correct and applicable deductions for every situation.  We at UTAX Accountants are always available to answer your questions.

  1. Dont forget to add up that small stuff; this can boost your tax refund!

A $5 scribble pad or a $15 work related parking fee might seem small at first but the addition of these small purchases over the past 12 months can add up to something much bigger, and every bit counts. If you decide to add all of these to your tax deductions, you can improve your tax situation at the end of the year. Search and organise these receipts for small purchases, for use at tax time.

  1. Learn more about tax deductions to maximise your tax refund

In case you need help with what to add and what to remove from your tax deductions, you can contact us. Our team is full of professional accountants that are able to help you maximise your tax refund. They will help you identify any deductions you may be missing. In addition to this, you can read articles from the UTAX Blog to learn more about how you can maximise your tax refund. When you learn more about deductions, and you will know where to start concerning your tax.

 

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