As a company owner, there are various liabilities, investments and overall financials to be taken care of, with respect to monthly expenses, wages, operational expenses and so on. Filing taxes involve a lot of hassle but with a proper tax agency, one can even maximize tax refunds.
1. Travel: You can claim travel expenses if it is related to your business or income. If one is in small business, you need a logbook for tracking business expenses and relevant trips to chalk out total travel for work. You can claim travel to accountant too especially the cost involved in preparing tax returns, along with agent fees.
2. Education: Self-education can work as a tax deduction if it is connected to your profession and income. One needs to be paying for education for claiming its deduction in that year. One can claim tax deduction for journals directly linked to boosting your income too
3. Home office: Yes you can claim home office expenses by keeping a diary of hours worked at home then calculate the running expense deductions. You can alternatively claim occupancy expenses including rent, house insurance premiums, electricity, and even depreciation of furniture items used for work. Claiming the expenses mean that one would be levied with capital gains tax on selling them.
4. Superannuation: One can claim superannuation money as tax deductions.
The above-mentioned points can help maximize tax refunds but for proper and accurate tax filing with a max tax refund, book your appointment with Universal Taxation today!
For more information visit: www.universaltaxation.com.au Or call us on 0892588137