Tax planning is something you should never leave to the last minute, if possible. By planning for your taxes in advance, you can ensure you’re never caught short or left with costly bills or penalties for late or incorrect filing. Getting yourself organised to handle your finances little and often can save you plenty of stress down the line. Whether this is your first year filing your taxes or you have plenty of experience, the more preparation you put in, the easier your taxes will be.
Working with a qualified tax accountant is the ideal solution if you don’t have the organisation for regular financial planning or don’t have the time for in-depth tax preparation. Accountants work year-round to ensure their clients’ finances are in order, making the tax process as convenient and stress-free as possible for individuals and businesses.
If you’d like to reduce the amount of tax you owe in a year, one of the key ways to do so is by reducing the taxable income you bring in. There are a few ways to do this, but salary packaging is one of the methods many individuals use. Instead of being paid a full salary, part of your income is put towards benefits, such as superannuation or a car allowance, before they are taxed. Ensuring you claim every deduction available can also help lower your tax.
Beyond your earned income, you may also wish to make a charitable donation or invest in private health insurance to reduce what you owe. Finally, ensuring you are paying your taxes accurately can help save you money and reduce your taxable income – the more accurate you are, the less likely you are to be paying too much income tax.
If you feel you are paying too much tax or looking for legal strategies to reduce the tax you owe each year, the best thing you can do is work with a qualified tax accountant. A trained professional has extensive knowledge of the tax season, enabling you to save as much as possible on what you owe through insight and expertise. An accountant can guide you on what deductions you can make, what offsets you may be eligible for, and options for salary packaging to help bring your tax bill down.
If you feel you are paying too much tax or looking for legal strategies to reduce the tax you owe each year, the best thing you can do is work with a qualified tax accountant. A trained professional has extensive knowledge of the tax season, enabling you to save as much as possible on what you owe through insight and expertise. An accountant can guide you on what deductions you can make, what offsets you may be eligible for, and options for salary packaging to help bring your tax bill down.
Strategies to save on tax don’t necessarily need to be shady or less than legal. With the proper support and expertise, there are plenty of methods you can use to save money on your taxes entirely legitimately. These practices help you reduce your costs while meeting all required responsibilities and obligations. One of the most common options for tax savings is reducing your income via salary sacrificing, where benefits are taken out of your pay before your income is taxed.
Other viable strategies that may apply include adding to your superannuation, delaying your income to the following tax year, or even prepaying your expenses for a set amount of time to give you a higher tax refund once tax season rolls around. Finding the right strategy requires the proper support, and working with a trained tax accountant can help ensure you’re taking advantage of every tax-saving strategy available to you.
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The Insights published on our website have been written by our professional staff strictly for educational purposes. Please note that the information and views expressed above do not constitute professional advice and are general in nature only.