We all want the refund but never the complications and hassle of completing the tax return. There are a couple of useful tips to make the completion and submission slightly easier.
Firstly, always keep all your business receipts in one place – a box or a folder – somewhere they are always put. This reduces, if not, eliminates the hurried panic of trying to find them all when tax time comes around.
If you can afford an experienced bookkeeping service then take advantage of it. They can find allowances and benefits you may not know about. Remember bookkeeping is not a regulated industry.
Ensure you have copies of all your invoices with the date of payment received on them. The same goes for invoices you receive. At a glance you can see if there are any outstanding payments. Monthly statements assist in this tracking too.
Don’t leave collecting all your relevant business paperwork together to the last minute. Take time to organize it all at least a month before the tax return deadline. This enables you to find or track down any missing items.
Remember to put aside a percentage of your income every month (or per job) and put it into a high interest account. This applies to any GST/PST or your countries tax amounts you collect as well.
Do you have any tips or information to share?