Essential Opportunities in Tax Returns for You

It requires that you provide the CPR number at the time of payment to an approved associationafter which they will report your donation to SKAT.

Deposit residual tax

If you have paid too little in tax or AM contributions in 2018, you can make a voluntary payment of residual tax.You will find out if you have residual tax in the following way:

Therefore, you should have the calculator come out and find out if you have money for good or owe money to SKAT. In Tax Return Preparation Services this is important.

If you have paid too much in advance tax during 2018, you can apply to have the amount refunded by 31 December 2018 at the latest. In that case, you will not receive interest on the amountbut conversely you will not receive interest on the amount if you wait to receive the excess tax automatically returned in the spring of 2019, as the interest rate for percentage rebate on excess tax for the income year 2018 is 0.0 percentage.

• If you run a sole proprietorship under the business scheme it may be an advantage to wait to pay your residual tax until the beginning of January 2019 if you have raised large amounts privately. Your accountant can advise you on this.

• For example, the employee has to pay tax on expenses for, among other things. ferry and parking as well as charges for bridges and highways, even if the employer covers the outlays. These expenses are not included in the taxable value and are therefore not part of ordinary current taxation. If the employer covers these expenses, it is therefore an employee benefit that must be taxed.

If in doubt, you should contact you: Give gifts

Christmas is the celebration of hearts - and gifts. In 2018, you can give dollar 64,300 to your children and grandchildren without a gift tax. The amount is per. person ie that both parents can give a gift up to dollar 128,600 to each child and grandchild without tax.

Perfect Arrangements for the Best Tax Return

The tax year follows the calendar year and therefore 31 December is a very tough deadline if you want to plan your tax in the best possible way otherwise fully legal.Namely, there may be some very personal circumstances that cause a given action to have very different consequences, whether it is performed on December 31 or January 1.

In this article, we have gathered 9 good tips on what you should at least consider before the New Year - and preferably a while in advance, so that you possibly. can manage to get specific advice and if there is money to be transferred that they can manage to arrive on a banking day.

Tip 1: Sell shares at a loss

If you have had income from shares (eg dividends or price increases), you must pay share tax. In 2018, it is 27% of the first dollar 52,900 and 42% thereafter. Therefore, it can be an advantage to sell loss-making shares, as this loss is set off against your gain and you can therefore minimize your tax. From the Taxation Return Preparation in Australia you can have the best choices.

If you still have confidence in the share, you can choose to buy the shares again in January and thus defer your total share tax. Exactly how long it will take before buying the shares again is a little uncertain. According to the equation guide, sales and buybacks may not be made on the same day, but if you are just waiting for a break in January, it should be after the book.

• In this way, you "equalize" your tax payment so that you do not pay the high marginal tax in good years, but distributes the tax on an ongoing basis.

• Example: You have share gains of $ 80,000.

• If you sell them all in the same income year, you pay dollar 25,665 in tax.

• You pay 27% or dollar 14,283 in taxes for the first dollar 52,900. You pay 42% or dollar 11,382 for the rest.

If you realize the entire gain in the same year:

If you split the winnings:

If you sell up to the amount limit for one year and the rest another year, you pay dollar 21,600.

You pay 27 per cent of it all.

Remember that if you are married, then you share each other's limit values and your total bottom limit is therefore dollar 105,800.

Also, be aware that the above only applies to stocks and certain mutual funds. Bonds and certain other mutual funds are taxed according to the so-called stock principle - here you are taxed regardless of whether the stock is sold or not.

Accountant Services for Your Solutions Now

As the tax system is progressive, it does not matter when you make your money - just as we saw in the first tip regarding tax. sale of loss-making shares.

A low income for one year followed by a high income for another year thus potentially results in a much larger tax payment than if the two incomes were equal.

This is especially a disadvantage for individuals who run sole proprietorships, as profits as a self-employed person are often quite volatile.

If you have made a lot of money this year, and may not have the prospect of earning as much next year, you can therefore try to push some of the income until the new year. If you are self-employed, you may have to wait to complete some work by January. And if you are an employee, you can possibly wait to work overtime until the start of the new year. From the Chartered Accountant Watson you can find the best bets now.

Conversely, you can also look at your expenses and consider if there is something you should invest in and get a deduction for already this year.

Have service or crafts done at home

You can receive a craftsman's allowance (service allowance) of up to dollar 18,000 (incl. VAT) in 2018 for work pay for service and crafts services in your home or holiday home.

The deduction is for all members of the household who have reached the age of 18 by the end of the year at the latest. A married couple / cohabiting couple can thus receive a deduction of up to dollar 36,000.

You can get the craftsman's allowance in 2018 under the following conditions:

• The work was completed in 2018

• The bill has been paid no later than 28 February 2019

• Remember that you must be able to document the work with an invoice (from a company) or a written statement (from a private person)

The work must be paid for digitally

If your parents are pensioners, they must receive up to dollar 11,000 tax-free in 2018 to look after children, arrange the garden or do cleaning. You can get a deduction for this payment as a craftsman's deduction if certain conditions are met and a declaration is completed.

Purchase of machinery and equipment

If you buy larger machinery and equipment for the business, you often cannot get the full deduction right away, as you will instead have to write off these assets over a number of years.

In order to write off machines and fixtures, they must be:

• Delivered to an ongoing business

• Intended to be part of the company's operations

• Completed to such an extent that it can be included in the operation

Check the advance statement for 2019

You should already now check your advance statement for 2019 to ensure that it reflects your expectations for the year. Otherwise, you end up losing a lot of liquidity to the tax - or get a residual tax with interest.