It is quite common for people to forget the things they need when paying taxes. Managing all the documents and files before the Tax Day can be quite overwhelming- however, it is something you can’t avoid. We would love to help, so we created a simple Tax Day checklist, for making it easier on you.
Here is the checklist of the most common things you need for a successful Tax Day.
The first thing you need is information about all your income throughout the year. If you are an employee in an organization, then you are supposed to get a PAYG Payment Summary form that will report your annual income. If you are a sole proprietor, you are required to collect all the information regarding the inflow and outflow of your business.
If you are getting interests or dividends from any investment, you will need to show documents to prove it. This applies even if you have reinvested those distributions. You must also report any sale of investments. So, do not forget to take copies of it on the tax day.
This is the part where you show your expenses throughout the year. This is a very important part, as some expenses can reduce the total amount you need to pay on tax. It is very common for people to forget to mention a few of the expenses that result in overpayment of tax.
Here are a few tax deductions that you need to check off the checklist.
To make tax return easy and convenient, try hiring an accountant from Plant and Associates. We can help you get through the hassles of a tax return. Just contact us and see the difference by yourself.
PO Box 3284 Nerang QLD 4211