No one likes filling in their tax return, but there’s a lot to be said for doing it properly. There’s a host of little places- many of them not entirely obvious at first glance- where you can save hard earned cash and keep it out the clutches of the revenue. Below, we look at some ways to be sure you get a tax refund this year.
What do I look for in my tax return?
Firstly, are you claiming all of the work related expenses you are entitled to claim? This can be one of the most overlooked ways to get a tax refund. Depending on how much you claim, you may be required to prove expenditure via receipts [but you should be keeping those receipts anyway] but car, meal, travel, transport and more can all be tax deductible under certain circumstances.
What can count towards a tax refund will always depend on your contract, circumstances and industry, but certain things like union fees, overtime food costs, extra training, certain reading matter, tools and equipment owned personally used for work, protective items and home office expenses alongside telephone and mobile bills may all be deductible. There are also certain policies like income protectors that can be deductible, although most cover is not. Remember that this expenditure must be directly related to your income for this to apply.
Are there other areas that may be tax-deductible?
Yes, there are plenty of other areas to look at on your tax return. Bank charges may be claimable, if the fees were related to access to or the earning of your income- monthly fees, ATM fees, electronic funds transfers and more. Of course, business premises mortgages, business owned vehicles and more can also have deductible portions for the business. Joint fees, however, are very often excluded so it is vital you set your business related banking packages up in the most advantageous ways to benefit your tax return to start with.
Certain charitable donations to registered charities can also be tax deductible, although not all of them are and it is always worth clarifying with your tax advisor. Likewise, the care and cost of certain business necessary clothing can also be run through on your tax return as a claim. This can apply even if you wash those clothes at home- there is a set reasonable limit per load of laundry a week for this. In short, most justifiable expenses connected to your business will be allowed as a deduction should you be able to prove why it was necessary and how much it cost.
If you have a particularly large tax return or a complicated business- or if you just want the peace of mind of knowing you have done everything you can- it is usually best to contact a tax advisor to make sure you are doing everything you can regarding your tax return. However, many people do miss out on these tax tips, and on the tax refund they should have got.
Check out this link for more informations: http://www.moneysense.ca/save/taxes/28-tax-tips-to-save-you-money/