There are many forms of income, and superannuation, annuities and government payments make up three of them. Lodging a tax return can be complex, especially when several streams of income need to be declared. What else adds to up your total taxable income? Speak with your tax agent today and make sure you’re tax compliant. Find out more in our 8 part blog today. 8 Thing You Don't Want To Forget This Tax Time⠀
⠀ #itp ⠀ #itpaus ⠀ #taxaccountants ⠀ #taxagents ⠀ #taxclaim ⠀ #taxreturn ⠀ #taxhelp
Why is a house a good investment?
Because it is one of the best ways to make a lot of money with very little money tax-free! You have a long term loan that will have a fixed interest rate. When you sell after two years the profit is usually tax-free as well!!! #herronhelps
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3 685 hours ago
A common misconception is that having a large mortgage will reduce your taxes.
The reality is the mortgage interest deduction doesn’t benefit you until your itemized deductions exceed your standard deduction. .
This is a true statement in any situation and no different in the tax industry. There are some really good tax preparers out there. Being good isn’t good enough. You also must have good character and integrity. I’ve spoken to more people than I’d like to admit who said they were guaranteed a refund, and got one. When they got the letter from the IRS, they couldn’t reach the person who did their taxes. Now, they have this huge tax bill.
When someone “guarantees” a tax refund upfront that’s a huge red flag. The most common thing I’ve seen is people creating fake businesses with huge losses on a Schedule C. If you are audited by the IRS, YOU are responsible for what’s reported. If you cannot prove you had that business you will have to make up for the taxes you did not pay along with additional penalties and fees. Bottom line it’s fraud. .
I’ve saved people THOUSANDS on their tax return and provided some clients with the largest refund they’ve seen because of the deductions they were not aware of. You can make the most out of your tax filing legally and ethically when you properly prepare and have a reliable tax consultant on your side. .
Avoid fraudulent returns at all cost. It’s best to properly plan for your tax filing in advance. If you are serious about your tax planning and ready to get started, click the link in my bio to schedule your consultation today. .
Studies show 95% of people are usually awake at night wondering "am I making the most of my family business?"🤔 In case you're one of them, here's a few ways you could make some tax savings and rest easy. 💤
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You always know it’s nearly tax return time at the cottage because it’s when I up the faffing 😜 Suddenly everywhere needs re-decorating, re-organising etc. Its not just me is it? ...... don’t leave me hanging. Share your “I’ll do anything to avoid my tax return” moments 😂😂 #taxreturn#foreverfaffing#manteldecor#floralguff#fortheloveofflowers
3 2711 hours ago
Our online tax return platform helps you to lodge your tax return with less stress! You'll be cheering too!
#DidYouKnow that you might be able to claim a deduction for overtime meals?
According to the ATO, you can actually claim a deduction for overtime meals without needing written evidence, provided that the following apply:
- Get paid an overtime meal allowance under an industrial instrument (such as an award)
- Buy food and drink on overtime
- Only claim up to the reasonable allowance expenses amount
However, you need to keep written evidence of all your expenses on your food and drink, not just the excess, if you claim more than the allowance expense amount!
Get in contact with us TODAY to find out what you can claim on your tax return!
☎ 1300 221 125
📍 Unit8/5-7 Ross Street, Parramatta NSW 2150
Back in the day, month end reports consisted of a profit & loss account, balance sheet, and maybe a cash flow statement.... but I would recommend including operational data, metrics, and dashboards that are both usable and meaningful to your business. Remember, whatever data is provided should be used to make decisions to help you going forwards, not just a box ticking exercise!
1 1714 hours ago
Illegal Phoenix companies are those that are created to continue the business of companies that have previously liquidated in order to avoid paying taxes. To protect yourself and your business ensure that:
• The ABN is still valid and the business is registered
• ASIC can provide you with a report on the company
• Research the company online to see if there have been any negative reports in the media. #seebeyondthenumbers
1 614 hours ago
Do you have the time and resources to make sure you're Single Touch Payroll ready? 😱
If you answered no, you're in luck! At Perth Tax People we have the resources and time to assist you in preparing your business for Single Touch Payroll. We are currently servicing many business in Perth and making sure their Payroll is up-to-date and done correctly!
Simply call 1300 751 700 or message us on Facebook for an obligation free quote today!! 📞
2 315 hours ago
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