It has become common practice in Australia to use an accountant to file tax returns. Today’s business and tax environment makes this even more necessary. It is crucial to consult an accountant to ensure that the business maximises expenditures and makes better tax planning decisions.
Here are five reasons why you should get a tax accountant:
1. They’ll help you save time for more important things.
Imagine yourself in your home office late at night. Instead of spending time with your family, you are struggling to finish your taxes. The convenience of hiring a tax accountant would not only ensure that your taxes are in order but it would save you a lot of time.
Your time is important. You would rather use that time to pursue new clients, catch up with friends or simply find some time for yourself. Whatever it is, you shouldn’t be exhausting much time on your taxes, leave it to the professionals.
2. They’ll find deductions you never knew existed.
While they are filing your tax return, you will find that you can claim specific deductions on some surprising things. Determining which expenses can be declared as a cost of doing business could directly impact your income, and therefore your taxes as well.
Below are specific deductions you may be able to claim:
- Clothing, laundry and dry-cleaning expenses
- Gifts and donations
- Home office expenses
- Interest, dividend and other investment income deductions
- Self-education expenses
- Tools, equipment and other equipment
- Vehicle and travel expenses – including travel between work and home
- Other deductions
3. They’ll teach you how to organise your files for next year.
Accountants are excellent in organising records and files. They must keep all their data, figures and paperwork in line. It is even part of their job description. To do so they need to devise a system for easily locating the info needed. Filing and looking for previous tax documents will be easier.
Learning how they perform even simple bookkeeping practices will help you become more efficient in your day-to-day activities.It will also enable undisturbed research and analysis of data when needed.
4. The cost of using one is tax deductible the following year.
Any fees incurred when hiring a tax accountant is indeed tax deductible for the following year. Paying for their services falls under both work and personal purposes so either way, you can still claim the work-related deduction.
5. It’s always safe and legal.
When in doubt call an expert. Hiring a registered tax accountant to keep your tax records in check is always safe and legal, so what better help than from a professional? Australian tax laws have nothing against the use of an aid or hiring someone to do your taxes. It is actually much safer that way and you can always consult them on business matters.
Keep these five reasons in mind if you’re still on the fence about using a registered tax accountant. Not only will you save time and maximise your returns but you will also benefit from this in the long run in various ways. Find the best tax accounting firm that adequately suits your needs and helps you make better business decisions today.