Top 10 ways to save money on taxes!
Tips we found on the web, and whether or not they’re safe tax techniques for you! Here’s tips on what you should (or shouldn’t) do!
1. Should you: Make the most out of hidden tax deductions?
Yes! However, it’s better to have a professional consultation. Consultations, themselves aren’t that expensive, and some tax deductions are riskier to try to claim than others! Minimise Tax is a great place to help you determine which tax deductions are safe, appropriate ones for you.
2. Should you: Donate to charity to save on taxes?
Yes! This is an excellent way to save on taxes. You should always claim charitable donations. An accountant can help you determine how much of a tax break your donations to charity could get you.
3. Should you: Prepay your bills to avoid fees to pay less on taxes?Sometimes. There are times when you can prepay expenses for the future, and that can allow you to deduct taxes for your current year. If you think you can save on your taxes this way, you should contact us at 02 96138218!
4. Should you: Set up an SMSF (Self-managed super fund) to pay less taxes?Yes! This is a great idea, but understanding how it works is usually something you’ll want an accountant to help you with. SMSFs are taxed differently. Income that comes into your SMSF is eligible for a capital gains tax discount. Using an SMSF, you can end up paying 15% less on your CGT!
5. It’s a given: ALWAYS save your receipts! Of course! If you’ve been paying taxes, you know that this tip is a basic essentially! However, you would be surprised how many of our clients overlook this important step! Minimise Tax can provide bookkeeping services to help keep track of your expenses throughout the year! You wouldn’t want to miss out on those deductions.
6. Can you: Save on taxes by making sure you have the right health insurance?Absolutely! This is a very important step that many of our clients overlook! Different health coverage plans can make a very big change in your taxes! A consultation with an accountant can help you to compare health insurance plans to optimize your plan with your taxes!
Piggy bank With Eyeglasses And Calculator On Wooden Table
7. What about: Selling off investments that are losing you money can save money on taxes? Yes! Selling off some of your less than great investments can help you to protect some of the income you’ve made this year.
8. Don’t forget to: Take advantage of being self employed if you’re a contract worker or freelancer to save money on taxes. This is a big one! There are a lot of tax breaks and tax deductions you can get if you’re a freelancers or a contractor. Most freelancers and contractors miss out on a lot of opportunities to save on their taxes because they generally don’t hire an accountant until after they realize that they could have been saving money! It’s better to stat with an accountant, with a mind to go off your own way in the future, than it is to learn through trial and error!
9. Also: If you’re a trade worker, get tax breaks for the tools and equipment you need Many people aren’t aware that you can get tax deductions on equipment, software, tools, and other resources if you need them to accomplish your work!
10. And don’t forget to: Pay superannuation to claim an extra deduction! Did you know you can pay taxes early? Paying your taxes early can make you eligible for yet another tax deduction! There are a lot of tips and tricks like this that Minimise Tax has been helping people with for years, so if you want to save money on your taxes you should give us a call at 02 96138218!
Okay, lets be honest, that wasn’t enough to make you feel like you’ve covered all of the bases when it comes to saving money on your taxes. Let’s step it up a notch!
What is better than the top 10 ways to save money on your taxes? Well, let’s see…how about :
Top 15 ways to save money on your taxes!
Okay then taxpayers, here are your five extra tips!
11. Address your bad debts: Having a great credit score and not owing on debts can help you save on your taxes this year, so make your debts aren’t costing you more than they should!
12. Get small business tax breaks: Australia loves their small businesses! Find out what tax breaks you can get as a small business in the Parramatta area in Sydney!
13. Make sure you’re claiming tax deductions safely: There’s enough stories on the internet about the ATO investigating tax deductions that were claimed improperly! Some tax deductions are riskier than others, and some aren’t appropriate for your business! Call us today for a consultation about which tax deductions you should be considering! Ph : 02 96138218
14. Start the year with a consultation from an accountant you trust: We get a lot of business when it’s time to do end-of-year taxes, but did you know that you can save more money by hiring your accountant earlier? We’ll give you tips, a tax plan, and a business tax structure to help you avoid paying more than you should on your taxes. So get ahead of taxes, and don’t wait!
15. Claim tax breaks on repairs: Does your business’s building, or your home need repairs? Not all repairs are tax deductible, but many of them are! Ask Minimise Tax whether your repair is eligible for tax deductions!