Taxation Returns at The Right Level

Tax time is back. Now is the time to collect your documents and prepare your tax return. As a self-employed worker, the deadline for submitting your return is June 17th, but be careful! If you owe taxes, the balance is due by April 30 at the latest. Interest begins to run from May 1st. Let's start with four last-minute tax tips for the self-employed.

Be organized

In addition to the usual documents, such as child care receipts, tuition and other statements, self-employed individuals also need information about their business. To make tax preparation easier, start by putting together everything you need before you start. For the proper Taxation Return Preparation In Australia service this is important.

Your personal information, that of your spouse and dependents

You will need the Social Insurance Number, date of birth, and other information, such as net income, to claim certain credits for your family.

Leaflets and receipts that are not related to the business. If you have a regular job, find your T4 slip. If you pay childcare fees to work outside or to work for your business, add up your total receipts for the year. Medical expenses and other expenses that we tend to forget. Contact your dentist, pharmacist or other health professional and ask them for an annual statement of last year's fees for all members of your family.

·       Last year's statement. There is nothing better than basing ourselves on last year's statement to prepare this year's statement.

·       Company related information. Calculate all your income. Count your expenses by categories.

·       If you paid installments, consider these amounts as well.

·       If you are registered for the GST and HST, you will need your Business Number and a copy of your GST / HST return.

·       Prepare your GST / HST return before your tax return. You will need the amounts from the GST / HST return to prepare your tax return.

Find out what you can deduce

This advice is particularly important for new registrants. Essentially, any reasonable expenses incurred for business purposes can be deducted when you file your taxes. The complete list of eligible expenses can be found on the website. For the essential Taxation Return Preparation In Australia this is important.