Tax tips to save you money

Bankruptcy and Tax Refunds

Some people still look lucky during taxes with a generous return. But what about a bad piece that always matters? If so, it is, as a rule, how can you minimize the amount of Tax return you have to pay and make one of these great gains from the ATO? There are a number of legal opportunities that the Australian Tax Office allows – without deviating from creative accounting – and we are here to help you find what might work for you.

Labor costs

You can apply for Tax return for expenses incurred while running your job. You need a receipt, if the total amount of your operating request more than US $ 300 but that limit does not apply to car, food, travel, and travel allowance requirements.

Costs of unification, additional food, formal training courses offered by professional associations, seminars, conferences or training seminars, books, magazines, specialized journals, tools and equipment, protective items such as sunscreen and sunglasses, computers and software, also the cost of the phone and home office.

Also, if you earn income protection, insurance premiums can be deducted. However, life insurance, injuries and serious illnesses are not subject to taxation.

Although things like magazines and CDs can be deductible, it’s important to note that you can only ask that it is directly related to your work or income. According to the Australian Tax Office, the truck driver can Tax refunds for the Australian Journal of trucker subscription, but he cannot claim a deduction for subscribing to magazines without specific instructions on professional orientation, such as the magazine Wheels.

Bank charges

Some bank charges are deducted; the key requirement is whether taxes are related to your ability to generate income or access to your income. If you pay by bank card or unexpected expenses for withdrawing their income from their accounts, they are Tax refunds as well as a monthly fee for a savings account that gives you an income.

On the other hand, if an account – it’s just a way to pay bills and other expenses, and you will not be able to get interest, taxes cannot be claimed. Likewise, if you pay one annual fee for the bank package (home loan, credit card, account transaction, etc.). It is unlikely that these taxes will be deducted.

Donations to charity

Donations of $ 2 or more for charity can be claimed as a Tax refunds if the organization has the status of a tax donor recipient (RDG), which can be visited at abr.business.gov .au. However, no payments can be made to charitable organizations. For example, you cannot claim tickets for charity lotteries, articles such as pens and candies, or the cost of participating in the fundraising ball.

Cost of clothes

You can request the cost of buying, washing, drying and ironing of suitable clothing, including cleaning and dry cleaning costs. Examples of appropriate clothing are divided by working, protective clothing required for your work and wear for a particular profession, for example, the pants worn by the chef.

If the clothes are fit for participation, you can also Tax refunds for the cost of washing, drying and ironing; ATO believes that $ 1 for a full load of work clothes is a reasonable base to develop your laundry request. If you choose a different base to develop your needs, you may be asked to explain it. When the obligation to spend on clothing exceeds $ 150, the ATO requires written tests, such as logs and receipts in the newspaper. Visit our blog: http://www.taxreturn247.com.au

Tax Tips for the Self-Employed

Tax Tips

Being a self-employed, do you envy your employed friends at Tax return time? Having your own business definitely, increases the amount of record-keeping you have to do for tax purposes. If you are digging through boxes of business receipts, it is easy to envy people who only have to go into income from a W-2 form. However, as a self-employed person, you get some taxes breaks that your hired friends do not.

For instance, employees can deduct certain bills, but only once they exceed 2 percent of tweaked gross income.You may deduct business expenditures right off the most notable -, and the spending even reduces your interpersonal security and Medicare taxes, which you payusing self-employment Tax return.

These pointers can make duty time less painful and help you take good thing about some of the tax benefits associated with doing work for yourself:

Make The Most Of Medical Care Insurance Deductions

You may deduct health insurance premiums yourself, your spouse, as well as your dependents as a modification to income.

This includes monthly premiums for long-term care insurance. The coverage does not need to be in the business enterprise name – it is deductible even if it is in your name.

 Keep the form of your small business simple carefully

Unless you need to form a partnership or a corporation for some reason, stick with a Agenda C, Single Proprietorship. It is the simplest way to record, and there is nothing you have to disband if you move to something else.

If you are looking for legal cover, get liability insurance (and consult your lawyer or attorney).

Automate Your Record keeping

Small business recordkeeping does not have to be as hard as it used to be. Shoeboxes (or grocery store bags) packed with crumpled receipts should be a thing of the past.

Use personal funding software that’s synchronized to your loan provider accounts.

Auto recordkeeping not only saves you time, but it is less susceptible to mistakes, too.

Understand Itemized Deductions Vs. Business Deductions

By taking a business deduction instead of an itemized deduction, you reduce your adjusted revenues and your self-employment Tax return.

Whenever you can, deduct an expense or a portion of an expense as an enterprise expense.

Pay your kids

You can deduct the quantities you pay your children to work in your business, and the youngsters pay fewer taxes than you will.

The first $5,950 the child makes is sheltered by the standard deduction, and any amount above that is taxed at the child’s rate, which is usually much lower than yours.

If you have an office at home that you utilize exclusively for your business, things such as making visits and billing customers may also be entitled to Tax return deduction. You can also deduct expenses for automobiles or trucks you use to transport your equipment evento travel from job to job. Turbo Tax will help you choose between the standard mileage rate or deducting your actual expenses for things such as gas, essential oil, insurance, and repairs.

If you are self-employed, you usually carry on a trade or business. Singular proprietors and impartial companies are two types of self-employment. If this applies to you, there are a few necessary things you should know about how your earnings affect your national tax return

for more information: http://www.taxreturn247.com.au

Tax Refund Identity Theft

Tax Refund

These days, filing tax refunds and tax returns via the Internet has become more common. Unfortunately, it has also given birth to a new breed of scam artists, too. Phishing scams and identity theft is more prevalent. Following are a few things to look out for if you receive an email from somebody purporting to be from your local tax authority.

What should I look out for?

These scammers will go to great lengths to ensure that the email correspondence they send to you looks genuine. They will even replicate tax authority logos and what looks like a link to the relevant website. They ask you to provide personal details such as name, date of birth, address, bank details – this gives them everything they need to be able to search for your tax refunds and bank account.

The links they provide you with may direct you to a website which looks exactly like the tax office site, look for anomalies, spelling errors and bogus emails, they can be easily spotted if you know what you are looking for. The bogus websites can also request personal information and your credit card detail information. If you do receive this type of email do not click on any links provided and do delete and block any future emails. However, make a note of the email address you received it from and report it as a potential scam. The authorities will then investigate and hopefully this will prevent others from being duped.checkout their latest updates at http://abcnews.go.com/US/wireStory/20-years-prison-100m-tax-refund-fraud-leader-38231914

What if I have provided all of my details?

If you believe you may have submitted your details to a fake site, then contact your bank or financial institution without delay. Explain what you think has happened; they may send you new account details or just keep watch for any unusual activity on your account. Banks, financial institutions and tax authorities will never ask for verification online of your personal details.

How can I protect myself?

There are many ways to protect you from tax refund identity theft and online fraud.

• If you receive unsolicited emails claiming to be from the tax authorities or banks, take a note of the email address which sent it, the date and time, delete the document and report it.

• If you are unsure if the email sent to you is a legitimate request, contact the organization from their regulated website, not from the details given via the email or phone. Search the internet and find the details for the tax authority or bank yourself or use the contact details from any official letters or documentation you have from them.

• Don’t open any email attachments or open any links and definitely don’t reply to these emails. If you do, it may download a virus onto your computer.

Tax Refund

• Most importantly never send your financial details over the email or give them over the phone, keep your credit card and banking details safe – con artists can commit identity fraud and steal your tax refunds and your money if you allow them access to this information.

Be vigilant, if you are unsure that someone is asking you for information which they shouldn’t be, take the details and report it to your local authority, that way you will never fall prey to people trying to steal your hard earned cash.

How to Expedite a Tax Refund

Expedite a Tax Refund

Many of us overpay tax throughout the year. The good news is, if you complete your tax returns and lodge them on time, your local tax office will issue you with a notice of assessment. This will let you know if you are entitled to a refund for the year in question or if you have a debt of tax to pay.visit her latest post at http://www.allmomshops.com/bankruptcy-and-tax-refunds-5-things-to-know/

How long does it take?

If you filed your tax returns online your assessment notice will be sent to your inbox, you will receive an email or SMS to inform you that is has been sent so you don’t miss it. Realistically, most tax refunds are issued within 12-14 business days, if you lodged your return online. For paper tax returns your tax refunds can take up to 50 business days. Enclose your bank account details when you first file your tax return, this can speed up the process as any refunds will be paid directly into your bank account, there is no need to wait for a check and no delays while it clears in your bank.

What if it is delayed?

Occasionally delays do occur, this could be for a variety of reasons. Some of the most common being:

• You have previously lodged tax returns either on their own or for the current year.
In this case it will take the tax authorities longer to verify as they will have to check all of your returns to ensure they are correct.

• If you currently have an outstanding debt with the tax authorities, you may not receive your tax refund – it may be used to offset any outstanding debts.read more information straight from the source.

• You have a debt with another government agency for example child support – the tax authorities will check the information and if there is an outstanding debt, your tax refund could be used to settle this debt.

What if I made a mistake when I filled out my tax return?

The beauty of filing your tax returns online is that you have the option to log into your account and amend it by using your username and dedicated password. The speed of requesting your amendment online depends on how you originally lodged your return. If you lodged directly via the tax authority website, you can usually log in and correct any errors straight away. If you filed your tax returns via a tax agent such as Taxreturn247.com.au you still should be able to amend your forms online within a few days of lodging.

Expedite a Tax Refund

 

If you don’t have access to a computer or your tax returns were filed using the paper method, you can write to your tax authority and request an amendment of income tax return form. Once received, complete and fax or post to the relevant authority with any attachment requirements. You will need to explain clearly why the error was made on your original tax return and the reason you would like to amendment to take place. The authorities will assess your claim and hopefully your tax refund will be on the way to you shortly afterwards.

Bankruptcy and Tax Refunds – 5 Things to Know

Bankruptcy and Tax Refunds

The realization that you may have to declare yourself bankrupt can be scary, but if you know where you stand from the beginning it can take some pressure off. There are a few things you need to know before filing for bankruptcy, like how it will affect your accounts and tax refunds, for example.

Get some advice

If you have many creditors approaching you and pressurizing for payment, bankruptcy may seem like an attractive option, if you can avoid it though, do. It stays on your credit history for some years and can in some cases become a permanent blemish on your records. Before taking the route of bankruptcy speak with your creditors, you may be able to reach an agreement which allows you longer to repay your debt, or they may reduce your payment amount for several months while you get back on your feet.

Bankruptcy is my only option. What next?

• Speak with your bank or financial institution, if you have funds in an account and you also owe them some money your bank or credit union retain the rights to keep the amount in your account to repay your debt. All funds you have from your date of declaring yourself bankrupt become the trustees.

• They may allow you to open new accounts, or keep your existing account as long as they wish to retain you as a customer. Speak with them and explain your situation, if you don’t have debts with them and they are aware of your bankruptcy, they may change you to a more basic bank account with no reserve, this will allow you to start rebuilding your credit without getting into further debt.for more details, visit http://www.chicagotribune.com/business/ct-personal-finance-ways-millennials-can-fatten-their-tax-refunds-20160406-story.html

What about my Tax Refunds?

• There are many aspects to take into consideration, for example if your after tax income exceeds a specific figure, you will have to pay the contributions to your trustee from your income. If you don’t earn enough to be able to action these, you can make low income contributions voluntarily.

• If you have a debt due to your local tax office, they have the authority to keep any tax refunds. If they do not keep them they now belong to the trustee. Any tax refunds which are due to you after your bankruptcy date are treated as income for the purposes of contributions.

Bankruptcy and Tax Refunds

• Also any superannuation payments received prior to the date of bankruptcy become the property of the trustees on the date you declared yourself bankrupt. Regarding superannuation payments received after the date of bankruptcy – you may be entitled to keep them but they could be subject to certain criteria or limits.

If you find yourself in this situation, don’t ignore it. If you are put in a position where you have to file for bankruptcy and need assistance with tax refunds and tax returns, contact Taxreturn247.com.au they are able to assist with all of your questions and will advise on the best way to proceed with your local tax authorities.