Help Your Accountant Help You Before tax season approaches later this year, there are some things you can do to make it easier for your accountant to prepare your taxes. Rather than gathering all of your receipts at the last minute and handing the disorganised box to your accountant, you should take the time and make it easier for them to find your information. Not only will it help them out, but your refund may get to your faster if you do help out by providing the information they need to complete your return in a timely fashion. If you are self-employed, keeping track of your expenses for your business and yourself is very important. Make sure you keep your receipts organized so they can quickly be found when you need them. For business related expenses, file them by date and their purpose. If you bought a piece of equipment necessary for your work, it can often be depreciated, so don't toss the receipt, no matter how inexpensive the item was. For investments, try to reduce your capital gains by claiming all the costs associated with the sell of your investment. Make sure you note the legal costs, capital improvements, purchase price and stamp duty on the investment sold. This information will help your accountant minimise your taxes. Using your vehicle for business related work may be eligible for a deduction as well. Keep fuel receipts, as well as repair receipts and note your mileage when you do use your car for a work related errand. The deduction may not amount to very much, but every little bit you can claim will help minimise your tax liability. If you work out of your home, part of your mortgage and heating and cooling expenses may be eligible for a deduction on your taxes as well. You may be only able to claim a portion of these expenses on your taxes. Your accountant

Help Your Accountant Help You

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Help Your Accountant Help You

Before tax season approaches later this year, there are some things you can do to make it easier for your accountant to prepare your taxes. Rather than gathering all of your receipts at the last minute and handing the disorganised box to your accountant, you should take the time and make it easier for them to find your information. Not only will it help them out, but your refund may get to your faster if you do help out by providing the information they need to complete your return in a timely fashion.

If you are self-employed, keeping track of your expenses for your business and yourself is very important. Make sure you keep your receipts organized so they can quickly be found when you need them. For business related expenses, file them by date and their purpose. If you bought a piece of equipment necessary for your work, it can often be depreciated, so don't toss the receipt, no matter how inexpensive the item was.

For investments, try to reduce your capital gains by claiming all the costs associated with the sell of your investment. Make sure you note the legal costs, capital improvements, purchase price and stamp duty on the investment sold. This information will help your accountant minimise your taxes.

Using your vehicle for business related work may be eligible for a deduction as well. Keep fuel receipts, as well as repair receipts and note your mileage when you do use your car for a work related errand. The deduction may not amount to very much, but every little bit you can claim will help minimise your tax liability.

If you work out of your home, part of your mortgage and heating and cooling expenses may be eligible for a deduction on your taxes as well. You may be only able to claim a portion of these expenses on your taxes. Your accountant will be able to help you figure out how much, but keep your records organized to make the accountant's job easier.

If you don't have an accountant, visit here to learn about the accountants at Navacue and the services they offer.

http://www.navacue.com/