Tag Archives: Bigger Tax Return

24Jul

Introduction

   Tax refund is the amount of money that tax payers get back on their income tax, if the tax they owe is less than the sum of the total amount of the withholding taxes and estimated taxes that they paid, plus the refundable tax credits that they claim. This indeed is an addition to your pocket of an amount that originally belongs to you, so the need to spend it wisely and avoid the temptation to misuse the tax refunds as it appears like free money. Below are outlined avenues on how and where to spend your tax refund, to avoid spending your hard earned cash on irrelevances.

  • Spending the money on important needs

  Important needs are those basic needs that we must have to survive, that include food, clothing and housing. Spending one’s tax refund on these essentials of life is not a bad investment.

  • Settle high interest loans or debts

 High interest debts have to be settled since it builds up with time. It is also a good way to spend one’s tax refund, because no one is at peace with an ever increasing debt or loan.

  • Build an emergency fund

    Emergency funds are like money banks for emergency situations. It is important for the tax payer to have an emergency fund reserve  to help cushion the effect of sudden emergency which must be sorted. No matter how careful and precautionary we are, circumstantial events that are beyond our control and require our attention tend to occur. Emergency funds act as a reserve pool to cushion the effects of these events. There are usually no free funds, but tax refunds present an avenue to stock up emergency funds.

  • Invest into profitable enterprises

Investment opportunities are flying around, in fact everywhere. Whether buying of shares , investing in a mutual fund or investing for retirement, it’s important for the tax payer to always look out for profitable ventures and invest the tax refund. Perhaps, your tax refund may act as capital to grow your dream business from the scratch. Click here.

  • Home renovation projects

Build new patio, change the wall paintings, better flooring options or fixing leaky pipes. Those are usually on our to do list but funds are never enough to take care of them, your tax refunds may provide that extra fund to take on your renovations.

  • Refinance your mortgage

The longer the maturation period of your mortgage, the more it accumulates compound interest. Many mortgage companies give extra benefits like a slash in the interest if you can regularly offset your install mental payments, these amounts may not mean much until they form compound interests. Investing your tax refunds into mortgage financing is surely a wise decision.

  • Invest in a tax-sheltered account

   A tax shelter is a vehicle used by taxpayers to minimize or decrease their taxable incomes and, therefore, tax liabilities. Tax shelters can range from investments or investment accounts that provide favorable tax treatment, to activities or transactions that lower taxable income.

Conclusion

The tax refund must not be viewed as free money that can be spent on anything, care must be taken to prioritize your needs and wants, sorting them in order of importance to make the most meaningful use out of them. Find out more at https://www.taxreturn247.com.au/how-it-works

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16Mar

Who loves to deal with their tax return? To be honest, most people believe if they could get away with not doing them, they would but unfortunately life is not that easy! Taxes have to be completed at one point or another and while they can appear very problematic they are a necessity at the best of times. There are many simple ways to ensure you make your taxes go smoothly and if you don’t do them, you might end up with a heap of trouble at your door.

Always Check Before You Send Off

Let’s be truthful here – mistakes happen! It is so easy to make stupid little mistakes and even though you don’t mean them, they can come back to bite you. With taxes you can’t really afford to do that, and it’s not always because of your tax refunds! When you have issues with your return you could end up facing a lot of issues and it’s not what you need or want. However, if you want your returns to go a lot smoother then you have to be careful and double check what you are telling the Australian authorities. You always need to ensure there are no mistakes so that things go smoother for yourself and the people in charge of checking your return.

If You Are Found To Be Lying You Can Face Charges

Why do you really have to be cautious with your returns? Firstly, anyone who is caught being dishonest or untruthful on their tax return could end up facing the mite of the tax authorities. Yes, you might think paying taxes don’t matter but they do and eventually you’ll get caught in a lie! You really can find yourself facing a heap of trouble when you lie knowingly on a return. Do you really want to face charges? Of course you don’t and it’s not necessary either. If you carefully go over every detail of your return and double check your facts then you can hopefully avoid trouble later on. Learn more.

Late Taxes Always Result In Penalties

If you want delays to your tax refunds submit your returns late! It’s as simple as that! When you file your taxes late they usually result in delays in getting a refund to you but also they come with a fine. Penalties are given out when you are over the final deadline for submission. You might think it’s harsh but you have been given quite a few months to actually sort out these things. Again, it’s not too costly but it can still cost you quite a bit if you are late. You shouldn’t attempt to leave the taxes until the very last moment so that you avoid penalties or if you need to make any amendments.

Keep Your Taxes Running Smoothly

It doesn’t matter if you are getting help with your taxes or otherwise, you have to be a little cautious as to how you approach them and what information you give also. It’s very easy to miss out one or two things but they could bite you later on and that’s not what you want either. Being truthful is a lot better at times than being dishonest because more often than not you’ll get caught. With your tax return ensure you take extreme cautious over it. Learn more details at: https://www.taxreturn247.com.au/how-it-works

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Enjoy Bigger Tax Return
29Nov
Enjoy Bigger Tax Return

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To get the most money back on next year’s tax return make sure you take advantage of every tax break available to minimize tax liability.

While you’re preparing to file consider your filing status, single or married. This can have a huge impact on your tax refund amount. If you are married it makes sense to file jointly. Though if your partner has incurred medical costs in the last year, you should file single to get more money. If you file single, you might qualify for head of the household status if you have paid more than half of cost of maintaining a household and are a parent/guardian to a qualifying dependent.

Get more money back by claiming tax credits to reduce the amount you owe. Eligibility on claims tax credits depend on income, tax status and eligible dependents.

Consider deductions. Decide if you want a standard deduction or itemize. If you have many deductible expenses it is ideal to itemize. You can deduct business expenses, student loan and donations to charitable organization. Be aware you’ll need to present proof of these claims.

Put money into an IRA to save money for your future and get more money back in your tax return. Any contributions made in the previous year might be deductible and also be able to claim a tax credit.

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