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How Can You Get the Best Tax Refund Possible?

When it comes to a tax refund, there are so many people that are getting a huge amount of money back. And, if you are wondering why you don’t really get as much refund back, then you might not know how to get as much money back as possible. There are different ways of getting the best tax refund. You just need to know where to start looking:

Home office running costs

When you are working from home and you have some home office running costs, then you can add this to your tax return and you can claim some of that expenses back. This is only going to work if you are submitting the right documents that are proofing that you are in fact working from home a lot and that there are some expenses that you need to pay.

This isn’t when you have a home office and only working from home. This is when you need to take work home and not being able to work at your office. When you are working from home permanently, there is a different section where you can claim these expenses.

Laundry bill for uniform

Are you wearing a uniform and you need to take the uniform to the laundry for washing it professionally? Then, you can take your slips as proof and submit it with your tax return. This is making sure that you are going to get a certain amount of money back, that you have spent on cleaning your uniform.

This is only if you are taking your laundry to a laundromat for professional cleaning so that you can have the proof of payment for claiming this money. If you don’t keep all the slips throughout the year, then you will not be able to claim anything.

Travel expenses for work purposes

Traveling a lot for work purposes? Then you can claim it for more tax refund at the end of the year. You just need to make sure that you are able to prove that this is for work purposes and that it happened during working hours. And, if your employer is paying for the trip, you can’t claim it back from your tax return. The employer is going to claim it back from his and the company’s tax return.

When you are using a tax agent

This is something that not many people know about. When you are using a tax agent for submitting your tax return, and you are paying for the service, you can claim that money back as an expense. This might not be a lot of money, but this might be money that you didn’t have.

How do other people get so many tax refunds back, and you don’t get any back after the financial year? This might because you don’t know about these ways on how to increase your refund that you can receive from the IRS. You just need to remember that you need to show proof for everything that you are claiming back on in order to get the tax refund that you deserve.

9 Tips for Getting the Biggest Tax Refund

Tax refunds may look like Christmas in the spring. With the increase of your bank account, you can count on a purchase, make money to extinguish a debt or save money. These days you can even wait for your transaction to arrive, keeping track of the status of your return using the IRS return tool available on the Internet.

Increase the limit

If you are a member of a company’s staff, one of the first things you did when you were hired was to fill in the IRS W-4 tax form. The information provided on W-4 determines the amount of money held in check of each payment period and is paid for personal tax. The calculation is based on the number of requests requested. The higher the number of exemptions required, the less money is held for tax purposes.

Subtract all donations

Deductions on charitable donations can result in significant Tax return, which makes a significant and economically advantageous difference in repayment. All types of donations are qualified as tax deductions to help reduce the tax bill.

Professional fees

Some jobs require that employees have or use equipment that employees buy from their pockets. If the company does not reimburse such costs, some of them may be deducted from income tax to help maximize tax repayment.

View your file

The status of the deposit, such as a single parent, family member, marriage, or a separate file, and others, can greatly affect the amount of money you receive on your tax return. The status of the deposit may change if, for example, the divorce or loss of a spouse at the time of death, and this can lead to the fact that you are entitled to receive multiple redemptions.

Do not forget your family obligations

Childcare (and now older parents) can lead to enormous expenses. Do you know that many of these costs are deducted? Fortunately, it is possible to deduct the care or expenses related to the care of family members and parents.

Increased IRA contributions

One of the most recommended ways to increase Tax refunds is to increase contributions to the pension fund. Contributing to an Individual Retirement Account (IRA) not only makes it easier to save for retirement but making money in IRA reduces total taxable income because it comes from above. The more you contribute to the IRA, the lower your taxed income. In general, the lower the taxable income, the lower the cost to pay and the less you pay, the higher the payment.

Finish your home

When interest rates are low, many homeowners are eager to refinance their homes. These refinancing with a lower interest rate benefit from lower mortgage payments and a lower amount paid during the life of the loan. But did you know that refinancing can also increase your income statement?

Use existing tax legislation

Tax refunds laws may lead to tax deductions if you know where to look. The recent law includes new loans for home buyers who invest thousands of dollars in the pockets of some buyers. If you reset the house and turn on energy-saving updates, you can get loans for this green act. You can also get financial support for the IRS if you buy hybrid cars.

5 Ways to Avoid an Audit

You’ve collected your receipts and statements, you’ve received your W-2 forms from your employer and have met with your professional tax preparer. You’ve even sent the tax return in with the click of a mouse, well in advance of the deadline. For the first time in a while, you’re done early. Well…not so fast. Seems you’ve triggered an audit, and have entered the zone no one wants to visit. With careful planning and honest reporting, you’ll never be a blip on the radar. Here are 5 ways to avoid a tax audit.
1. Check your entries – Some people are so eager to get the process done and over with, they hastily add up the items in front of them and neglect to include all of the income reports, investment statements and other financial paperwork before signing off. This waves a red flag that can lead to that dreaded letter. So hesitate – is worth the wait.

2. Be honest – There’s a temptation to fudge the numbers to avoid moving into another bracket, or take larger deductions, but if you think of your tax form as a stand-alone document, you’re forgetting all the other entities that will report their relationships with you, and your errors or omissions could trigger an audit.

3. Correct reporting – It might be tempting to list a niece as a dependent because you helped pay tuition, but listing her as a dependent would be a big mistake. Carefully read the guidelines about what is allowed, or have a professional do your taxes and answer the questions honestly. Your support documents will tell the complete story.

4. Realistic deduction – Studies show the pool of earners who are watched closely tend to be those who earn less than $200,000, on one end and more than $1 million on the other. Those in the brackets that are most likely to be audited tend to earn over $1 million. Some would say those at the bottom of the earning pile are scrutinized most for fraud.

5. Keep your receipts – It does no good to shop online with Groupons and get fabulous deals from stores like Ugg which discount their shoes and boots by as much as 40% if you don’t keep all records of your sales transactions. Don’t be so eager to take advantage of their great savings on shoes and accessories for the whole family that you forget to enter them in your spreadsheet.

The 10 Best Tips To Prepare For the 2017 Tax Season

When the time comes to deal with another tax return, you have to take a breath and don’t get overwhelmed. For most, they do get a little worried when dealing with these things and it’s easy to understand why. You don’t want to make a mistake and everything that must be done, has to be handled in the correct manner. It’s frightening even when you have dealt with these in the past. However, if you know a few tips, tax time can be a lot easier to deal with.

File Electronically

When you have to file a tax return, you ideally should look to the internet to do so. Now a lot of people are wary of filing online in case the return somehow goes missing but that is very unlikely. The reason why is simply because you use the Australian government’s IRS website and it’s very good to say the least. You shouldn’t have any issues when it comes to filing and you are going to be able to get faster tax refunds too. This is important if you want a quicker refund.

Look Into School Benefits

For those who’re currently studying or have a dependant or partner who’s studying, they are able to get a few breaks here. You may want to look into the types of benefits available for the children if any and whether or not they apply to your situation. This can also help increase any tax refunds given. Again, this will depend on your current situation.

Large Money Gifts Must Be Reported

Let’s say you gave your son or daughter a gift of twenty thousand dollars that must be reported. You will need a gift tax return which is easy to deal with as well. Any large sums of money or indeed property gifts should be reported so that the government knows the relevant information. However, if you are the one to receive the gift you actually don’t have to do anything to report this as you’re the receiver not the giver. Dealing with this type of tax return might be strange to you but they’re easy to deal with.

File When You Have Overseas Bank Accounts

Thousands of individuals across Australia currently have a bank account based overseas. This isn’t illegal but the income or balance from that account should be also reported at the end of the tax year. You will need a foreign bank account reporting form and this isn’t too difficult to fill out. Once you do so, it can be sent into the Australian government. They have to know about your overseas activities even if you are doing things above board. A lot of people are worried about this but try not to. To find out more, check out

Ensure You Add Medical or Health Care Insurance

A lot of people get panicked when they have to fill in information about health care and insurance however it isn’t as difficult as you might think. There should be a box somewhere that asks about having health care and it’s this you want to focus on. You should be able to fill in the relevant information with ease. Your tax return usually will have something about medical or health care so check this part very carefully.

Include Any Charitable Contributions

If you have given a sizable amount to charity, say a few hundred dollars then you need to look into adding this to your return. There may be a few tax breaks on any contributions made to a charitable organization, even if it’s not in money form. A lot of people look at donating items such as books and even furniture to charitable organizations. You could add these to your returns too. To find out more, check out for more information. It can be worth it if it gives you a little break nonetheless.

Get All Income and Financial Documents Ready

One of the most important things you have to do to prepare for the return is having all necessary information available to you. Getting the right documentation can be a nightmare if you have a business as the paperwork might be difficult to obtain. However, it’s necessary to gather your papers together so that you can easily refer to this when it’s needed. To find out more, check out

Take Your Time to Fill In the Tax Return

You want to ensure tax refunds reach you quickly but there can be a delay if you make a mistake. That is why it’s very important to ensure you are precise when filling out the necessary documentation. It is so easy to make a mistake so always look at ensuring you have filled out the return carefully. Don’t rush through this.

Get Help if you’re Unsure What to Do

Getting prepared to deal with a tax return can be a little difficult and for most, they truly struggle with these. However, it may be wise to seek some help from a tax professional who has the experience to deal with such things. This could be a smart move and something that helps you to deal with the return faster as well. It’s worth considering if you have money to spend using a professional service.

Look Into Getting Updated With the Latest Changes to Earnings Thresholds

Sometimes, the laws as to how much tax credits you can claim can change; it’s the same with low-earning thresholds and other benefits. However, it will be important to understand these. There are slight changes to the laws over tax and earnings frequently and it’s important to learn about these so that you don’t get caught out later. It takes only a few minutes to learn about some new changes and it might help you when dealing with your return. You never know, you might your tax refunds are larger than last year.

Be Prepared This Year

Very few actually prepare for the tax season and yet it catches most of them out. It isn’t wise to leave things to the last minute or be disorganized. This is a tough time as it is without making things far harder for you. That is why it’s necessary to prepare carefully for what’s ahead. Hopefully these tips will help you when dealing with your tax return.

What Steps Does Your Tax Return Preparer Take To Reduce Your Audit Risk?

What Steps Does Your Tax Return Preparer Take To Reduce Your Audit Risk?

Tax returns are nightmarish things and yet they are necessary. However, there is always going to be a risk of being audited, especially for businesses and corporations. If you don’t personally handle the returns yourself, but rather an accountant does it or have a preparer then you should know that they will do what they can to prevent an audit. Do you know what steps they’ll take to reduce the risk of you being audited?

Questioning You to Ensure Accurate Information

You may be offended by this but preparers may take the necessary steps to reduce audit risk by questioning what you tell them. This isn’t wrong of them and it isn’t a bad thing either, it’s actually really good as they are doing their job to reduce potential risk of being audited. Yes, you may at first believe the preparer doesn’t believe a word you say but in reality, they are reducing the risk of being audited. They don’t want to handle a tax return full of inaccurate information.if you need more information about tax returns please visit this site.

Updating Their Knowledge over the Latest Tax Laws.

As most know, tax laws change every so often and while you think you know the latest business tax laws, think again. However, tax returns need to be dealt with properly in order to avoid auditors and preparers reduce the risk of an audit by constantly updating their knowledge. Now, you might think you could do this yourself, but it’s not as easy as it looks and just as you get to know one thing, something else changes. Tax accountants and preparers actually have the duty of educating themselves on the latest laws.

What Steps Does Your Tax Return Preparer Take To Reduce Your Audit Risk?

Ensuring All Deductions Are Legitimate

Your tax return preparer absolutely must look at any and all deductions being claimed. If there is a deduction for office supplies then the preparer will look to ensure this is an actual expense and not a false one. Having a massive list of deductions that look suspicious brings the auditors to your door! Plus if you supply the preparer with a list of untrue deductions then you are in for some serious trouble. However, accountants and return preparers often look at every piece of documentation you provide over deductions to ensure each one is legitimate and true. This will help to prevent the risk of an audit.please visit this Url:

Simple Steps Reduces Audit Risk

You never want to be audited as it can cause you a lot of problems and while most people will avoid the auditors, there are always going to be unlucky people who fall on the radar. Unfortunately, it can happen, but there are lots of steps in which you can reduce and potentially even prevent yourself from being audited. If you have someone else prepare your returns then you should know they are the ones who take the necessary steps and while you may not appreciate all of their methods, it can be effective. This is why allowing a preparer to deal with tax returns is a good idea but of course, it’s down to whether or not you have the funds available for this.

What Happens If You File A Business Income Tax Return After September 15?

What Happens If You File A Business Income Tax Return After September 15

Businesses in Australia have very different rules when it comes to filing their tax returns because, while most people have up to a certain date before they have to panic, businesses are not as lucky! Unfortunately, businesses often leave their returns until the very last minute and that is never good news, especially if they surpass the deadline of 15th of September. However, what is so special about this date and what happens to a business if they file after the date?

There are Penalties for Not Filing on Time

First and foremost, it does not matter whether you believe your business is going to receive a sizable tax refund, if you don’t submit on time you will pay! It’s as simple as that because there are no exceptions, especially for big corporations; and there are reasons why final submission and extension days are set out. Your business has technically had a lot of time to process these and if you fail to deal with them effectively then you are more than likely to be fined. It doesn’t matter if it’s your accountant who has failed to file, the buck falls at your feet as the owner. The cost can also vary; but partnerships can be fined per partner which means the costs can soon reach in the thousand dollar here.

Does it Matter if You Don’t Owe Any Money to the Australian Government?

Businesses are often mistaken that since they do not owe any taxes or have outstanding debts to the Australian government, it means they are free to submit after the final extension. In an ideal world that would be true, but this isn’t an ideal world! It really doesn’t matter how much money you owe, if any, if you fail to submit before the deadline and surpass the September 15th deadline then you are going to pay a fine. A business’ tax returns must be submitted quickly, before the end of April at best and all necessary business tax paid also otherwise the costs are going to be great.

What Happens If You File A Business Income Tax Return After September 15

Avoid Hefty Penalty Charges

There is a whole new set of rules when it comes to businesses in Australia and if you somehow manage to miss the deadline then you will see charges heading your way. The 15th of September is that final extension deadline and it is so important to avoid filing after that date. Penalty charges can rack up considerably and if you had a very small tax debt to be paid then it could’ve been handled. You won’t get a tax refund any quicker and in all honesty, you’ll cause more trouble for yourself.

Take Your Business Seriously

Why is it businesses fail to take tax time seriously? You have worked hard all year long in order to keep your business running and to ensure customers love what you have to offer and yet, you fail to handle your tax returns carefully? If you don’t take care of these financial matters in a timely manner then you’ll soon sink into debt. The Australian government may set up a payment schedule for what you owe but having debt owed, especially to the government, is a true nightmare. Deal with tax returns before the deadline to avoid penalties read more information for used this url:

The Way to Submit an Amended Tax Return on Back Internal Revenue Service Taxes

The Way to Submit an Amended Tax Return on Back Internal Revenue Service Taxes

From tax refunds to returns, there are not many good things to come from the end of the financial year. Unfortunately for millions, they bring unnecessary trouble to their door by filing an amended return. However, filing an amendment to back taxes can be quite a nightmare as the process is often strained but it is necessary if there has been an error made. How can you submit an amended return on back taxes in Australia?

Be Clear on What Needs Amended and Why

The IRS deals with late and amended returns all the time. However, when it comes to back taxes, they want to make sure things are above board and legitimate. So, before you look at amending back returns, you must ensure this is the suitable road for you. Go over your old returns and find out whether or not an amendment is necessary. For some, they think they’ve made a mistake and it turns out they haven’t but cause a lot of trouble for themselves in the process. That is why it’s important to be clear on what exactly must be amended and for what reason. If you have an honest mistake and need to correct it (whether it’s to receive back tax refunds or to pay old debts) do so quickly read more information.

The Way to Submit an Amended Tax Return on Back Internal Revenue Service Taxes

For Quick Submission, Opt for Online Amendments

One of the best ways to submit an amended return on back taxes would be to do so online. Most people already have an online account for the Internal Revenue Service in Australia and this is where you can easily submit your amended return without causing further delays. When you log into your online account, you should look back at previous returns and search for the tax return you wish to amend. Choose the appropriate return and make the necessary amendments. However, once you have made the amendments, you must go over the entire return with a fine tooth comb to ensure there is nothing else that needs to be amended. Once you are satisfied everything is in order, then you can submit it to the IRS in Australia and wait for them to get into contact with you.

Keep on the Right Track

In all honesty, dealing with tax returns can be stifling; you can honestly believe you have done everything in the correct manner but it turns out something isn’t quite right. Most people panic and while it can be worrying to unwittingly make an error on a return, it can be fixed. However, don’t do what millions do and forget about it; when there is an error, get it corrected. Some will say wait until you’ve received the current year’s refund in case you owe back taxes but this isn’t a smart move. The longer you leave amending back tax returns, the more costly it’ll get. Keep yourself on the right track and fix any error as soon as you spot them, even if you’re already on a new tax year.please visit this url:

Amendments on Back Taxes are Important

Anything to do with taxes can be frightening, especially with it comes to amendments but, unfortunately, they are at times, necessary. When you are faced with filing an amendment, don’t be afraid because it’s going to get sorted now. Panicking isn’t going to help a situation so keep a calm head. Tax returns and amendments can be dealt with effectively and in the right manner.

Fearing an IRS Tax Audit of Your Income Tax Return? Learn About Audits

Fearing an IRS Tax Audit of Your Income Tax Return Learn About Audits

You have filed your yearly tax return, but suddenly you have a notion you’re going to face an IRS tax audit. It’s not an uncommon concern and there are in fact thousands of people each and every year who are chosen for an audit. Now, people often panic when they hear this as they can believe they are going to go through a lengthy and very costly process. However, that isn’t always the case and it’s important for you to learn a little more about audits before you panic.

What as an IRS Audit?

First and foremost, the Internal Revenue Service in Australia has thousands of auditors who review tax returns and look closely at income tax paid. Auditors have the duty to verify the returns are essentially correct so that you aren’t underpaying what you owe or that you aren’t owed money either. In most cases, the auditors look closely at the deductions made on tax returns and if they believe something is amiss they can look at verifying it. However, just because you are selected, that does not mean you have done anything wrong or that the return isn’t correct either. It just means the auditor wants to verify a few things.

Fearing an IRS Tax Audit of Your Income Tax Return Learn About Audits


IRS Tax Audit Correspondence

This type of audit isn’t done by human eye, but rather by computer. A computer may select you out of millions if they suspect there is a problem with the return or something wrong in what is claimed. You will then be sent out an IRS tax audit correspondence. When this happens it is basically looking at verifying what you have said which means you have to send proof of your income tax financial records. Send the proof to the IRS with certified mail so you know the right people have received it. Once this happens, the case will be reviewed closely and hopefully that will be the end of the matter and there will be no more issues. You can send your tax return away each year but that doesn’t prevent you from being chosen.if you want more knowledge please click here.

Face-to-Face Audit

If you are required to meet up with an IRS auditor then you will be sent a letter stating when and where. This is an important meeting so don’t miss it and ensure you take all the necessary documents with you. In fact, you may find taking a tax attorney or lawyer with you to be a great idea as they can ensure you’re being treated fairly. The auditor will review the case once again and offer an Examination Report if you need to make changes to your tax returns. There will also be reasons as to why this is the case. These interviews can be quite frightening which is why it’s advisable to take a lawyer with you.

An Audit May Happen

To be completely honest, each year there are probably hundreds of thousands of audits and they aren’t just aimed at big businesses or corporations. However, you never know what is around the corner and as such, until it happens, don’t panic. Yes, there is always going to be the fear of an audit however, just because you are selected it doesn’t mean your returns are wrong. Tax returns still should be filed on time and ensure accuracy is given at all for more knowledge visit this url: