1. Help Your Accountant Minimise Your Tax BurdenOrganisation is
the key to reducing your tax responsibility and to keep frompaying
out too much to your federal and state governments. The tax system
iscomplex and knowing what you can and cannot deduct from your
taxes can beconfusing, but by being better organised, you can help
your accountant find thedocuments they need in order to minimise
your tax liability and to help you keepmoney that youve work hard
to earn.Here are some tips to help you get the information you need
for your accountantto reduce the amount you owe on your taxes.*
Keep your receipts. You want to make sure you have thereceipts for
all your deductible expenses. Keep them organisedso when tax time
comes around, you wont have to track themdown.* Claim all the
eligible expenses you have. You can claim somework related expenses
such as items you buy for your job or, ifyou work from home, part
of your rent or mortgage on yourhome. Claim the expenses you pay
for having your taxesprepared as well.* Pay off debts with taxable
interest. You can save yourselfsome money on the interest you pay
and keep from payingextra taxes as well.* Claim any dividend tax
credits you may have. This can helpminimise your taxes, perhaps
even to the point where yourdividend income is tax-free.* Claim all
of your interest income. Your interest income isreported to the tax
income by all of your financial institutions.The tax office then
compares that to what you have declared,so dont withhold any
information.Your accountant, along with your financial advisor, can
help reduce your taxes,but you need to provide them with as much
information you can. Keepeverything neat and organised throughout
the year. This will ensure you haveeverything necessary for the
accountants Melbourne residents, such asyourself, hire for tax
preparation. Failing to keep your records organised will onlycreate
a great deal of work for yourself at tax time.If you dont have
someone for accounting Melbourne accountants should beeasily found
online or you can have someone recommend a firm for you.
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