An 8 Step Final Checklist for Filing Your Tax Returns

Several taxpayers file their tax returns in a rush to exceed the March deadline and will not take much of their time to check the return form before submitting it. This last-minute rush can simply lead to mistakes, certain of which can cost you money. An underestimated revenue error and, by extension, taxes, for instance, can cost you interest and disadvantages once discovered later. So, be sure to thoroughly review the statement before submitting it.

But if you are pressed for time and numerous taxpayers do so, the following checklist may help you have a quick last minute review of your returns:

Confirm the Amounts and File Documentation

The main step you must take is to contradict the amounts involved in Form 1040 with the amounts indicated in W-2, 1099s and other supporting documentation. Also, this is an appropriate time to present supporting documentation for your tax return. When you have verified the amounts, add the sums to make sure you have not prepared a mathematical error.

Compare with Previous Return

Then, compare your present tax return form and the form you filed in the prior year. This will assist you to confirm that you have claimed all tax deductions owed and that you have accounted for changes related to taxes that occurred within the year. Learn more.


When your tax returns are being made by a tax preparer, the revision of the numbers and the comparison with the returns of the previous year will allow you to consult any change that you cannot appreciate on your tax return form.

Verify Personal Information

When you agree with the content of the return, you can confirm and continue the indicated personal information. Make sure you have indicated the right Social Security numbers for you, your spouse if you file a joint return and your kids if they claim a tax relief for minors. If the names have altered like in the case of divorce or marriage, make sure you have updated your new name with the Social Security Administration … Read the rest

tax return

What to Do if You Missed the Tax Return Filing Deadline

With tax return, it is so easy to forget about the deadline or to miss the deadline. This isn’t recommended, but this does happen to people for different reasons. It is important to make sure that you know what to do when you have missed the deadline of your tax return files. Here are a couple of things that you can do when you have missed the deadline of the tax forms:

Claim the free extension option

The one thing that you might not have known is that there are always a free extension option on the deadline of filing your tax return. However, then you need to have a very good reason on why you are late with your tax.

You should contact them as soon as possible and make sure that you have a valid reason on why your return forms are late. If you just have forgotten, then you might have a problem because this isn’t a legit reason why you are late with your return files.

File your tax return as soon as possible

Even, if you are late, you should still send your tax return back as soon as possible. You might be paying a small penalty that can come off your tax refund, but this is a minor problem.

The longer you are going to wait before you are sending your tax forms, the more problems you are going to have. Many people are leaving it rather than sending it too late. But, this will let you get into trouble next year, when you need to file taxes again. If you didn’t send your files, because you can’t pay the tax money that you owe, you can always make an arrangement. But, don’t just leave the tax forms without sending it to the IRS.

Pay the penalties when you are late

There is always the possibility that you are going to pay a penalty because you are late with your tax return. This isn’t the end of the world. You … Read the rest

Tips to Help You Make the Most of Your Start up Capital

The biggest hurdle to turning a great into a great business is often startup capital. Those costs can include things like computers, plumbing, and anything you need to establish your business.

And while there isn’t much you can do to get around the fact that it costs money to start a business, there is much that you can do to keep these initial costs to a minimum.

Keep reading to find out how.

Find a Smart Location

The key to setting up your business isn’t to find the most expensive and luxurious looking space, but to find the space where your customers or clients are going to be. While it may not be the space that you dreamed about, it’s important to remember that it’s better to have a full office or store in a less-than-ideal location than an empty store in a place which only looks nice.

Instead, choose a practical location which is the most likely to see you attract the most customers fast.

Use Coupons for Your Furnishings

From saving money on computers and office equipment right through the Groupon Coupons page for 1800Flowers which can save you money on decorating your waiting room or store, if you need something for the business, you can be sure that there is a coupon available for it.

Does It Need to Be New?

Can you tell the difference between a waiting room sofa which was used briefly to stage homes? Neither can your clients or customers sitting on it. With that in mind, when it comes to big-ticket items, consider purchasing them second hand. Often, these items have been barely used and are coming straight from a display room window.

If It Does, Can You Lease It?

If you do want or need to use new large items, consider leasing them instead of purchasing them. While you may end up paying more in the long term, not only is the payment spread out but it can also be tax deductible.

Bundle Your Suppliers

The worst thing that you can … Read the rest

Tips on How to Get Your Tax Refund Faster

Who can you trust? It’s tax return time again…and if you have a lot of deductions or you have investments and property it can seem very hard to do your own taxes. There are numerous companies both national and local that will offer to file your income taxes for you, for a small fee.

But should you use one of these companies, or try to file on your own?

For the sake of argument let’s say you want to have someone file your tax return for you. Depending on the company, you may be walking into a trap. That is why the first thing you should do is check out the company with the Better Business Bureau.

Are they qualified?

Many of these tax return prep company’s employees are not IRS tax experts. They are not IRS enrolled agents. They’ve had a three week training course at best. When you go to them they’re going to make all kinds of promises to get you more money than you’ve ever gotten back from Uncle Sam. Be very cautious at this point, “easy money” always has a catch.

Prepare, prepare, prepare…

Make sure you have all of your paperwork and do all of the math on your taxes first. This will give you a frame of reference for when that company does your income taxes. Also if they recommend a tax deduction or tax credit that you’re not sure about, you probably shouldn’t take it. Don’t be seduced by the promise of a big payoff, ask the agent handling your taxes to prove the deduction or credit is legitimate and show you in the tax code. If he/ she can’t, ask for a manager. It’s your money and you need to protect it.

Do not be taken in by a “rapid refund”.

They saw you coming a mile away. Do not be taken in by a “rapid refund”. If your taxes are filed electronically you’ll get the money in about two weeks. A rapid tax refund seems great: the tax company … Read the rest

Many taxpayers have questions about unfiled tax returns. Many have not filed tax returns for ten years. They would have questions about unfiled tax returns

Unfiled IRS Tax Returns: Four Important Things to Know

Many taxpayers have questions about unfiled tax returns. Many have not filed tax returns for ten years. They would have questions about unfiled tax returns and which is all well and good. Numerous agonize over what the statute of confinements is on unfiled tax returns. Furthermore, they think about whether they ought to document on the off chance that you owe the IRS cash, or if it is ideal to hold up until they can stand to pay the IRS.

They fear the inability to document punishments and trust there is a few unfilled tax return forgiveness law.

Substitute for filed return

if you don’t file your taxes, the IRS will do something called a “substitute filed a return.” In IRS-talk, we call this SFR. With SFR, the IRS tries to accept the most exceedingly terrible tax charge you can envision. They send you to notice to say “hello record the taxes before we do it for you! You’re not going to like what we charge you.” apparently, on the off chance that you overlooked this notification about your unfiled tax returns, we thoroughly comprehend, as this IRS notification are difficult to grasp and can get alarming unless you manage them consistently as we do.

But an important thing to know is that when you file a correct tax return to lower your SFR assessment, what that technically is, is something called an “audit reconsideration.

Many taxpayers have questions about unfiled tax returns. Many have not filed tax returns for ten years. They would have questions about unfiled tax returns

Time, time, time,

If you have a refund coming to you for a tax return, you only have a limited amount of time to claim that refund when you file your return. There rules at play.

  • First is the two-year rule. If the last two years you paid the IRS money, you can claim that as a refund.
  • If file your return within two years you could get that $1000 you paid back. That’s pretty nice, well I guess if you don’t mind the IRS coming in and taking your money.
  • The three-year rule works like this: You cannot claim a refund for 
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Submit Your Tax Returns on Time to Avoid Late Penalties – How to Submit Your Returns

Submit Your Tax Returns on Time to Avoid Late Penalties – How to Submit Your Returns

Tax returns are complicated and very few people enjoy filling them out. In fact, returns are complicated even for those who have experience with them. However, they were never meant to be simple but you do need to ensure you submit them on time each and every year you work. If you miss the deadline for the previous year, you will find you have a mountain of headaches to deal with.

Deadlines Are There For a Reason

In Australia there is a deadline set for the submission of your returns. You can also visit our best article here. Of course, that doesn’t mean to say you should wait until the final day before the deadline. If you submit your returns after the final deadline you will end up facing a little fine. It doesn’t matter if you’re one day or ten days late, you will receive a penalty. There is a deadline for a reason – the government needs to know your financial situation – and if you wait too long you might make a lot of mistakes. Yes, no one wants to deal with these matters but it’s something you have to do in Australia. Your tax refund will make it all up to you though.

Missing a Deadline Will Cost You More Trouble Than Necessary

When you miss a deadline you face a fine which you probably already know but it can make things very complicated indeed. Let’s say you didn’t file your returns on time and didn’t keep good enough records, you could make mistakes which isn’t good. Also, you want any tax refund coming your way to reach you fast and without any delay! It is a lot easier to deal with your returns and get a refund before passing the deadline.

Submit Your Tax Returns on Time to Avoid Late Penalties – How to Submit Your Returns

Submitting Online Is Much Easier

Handling a tax return isn’t easy at the best of times but it can be made much simpler online. There is a good online system that allows you to submit your returns which could be beneficial to all. … Read the rest

Understanding Your Tax Return

Dealing with tax return can be quite the chore. Depending on your personal circumstances, lodging your return could be a straightforward but tedious couple hours of work, but it could also be a Byzantine morass of ambiguity and errors. Regardless, they are a necessary aspect of managing your finances, as failure to correctly lodge your tax return can result in stiff penalties. While taxation is in general a roughly similar practice from country to country, specific details and regulations will, of course, vary; thus, in unpacking the concept of tax return, this article will give an overview of tax return in one specific country i.e. Australia.

What is a Tax Return?

A tax return is a tax form that taxpayers must submit annually to the governmental department which deals with the collection of taxes. In Australia’s case, this would be the Australian Tax Office (ATO).

What should be included on a Tax Return?

On this document, taxpayers must declare the assessable income they’ve earned through the year. This assessable income includes employment income, investment income, foreign income, etc (Refer to ATO for more specific details). Taxpayers should also include the amount of tax deductions they may have on their tax return form. Correctly recording the tax deductions that you wish to claim will ensure that the portion of your income that can be taxed will be reduced. Thus, this will save you money. The expenses that you can claim as tax deductions are generally work-related. For example, if you have personally paid for work travel, occupation-specific clothing, home office devices, work-related self education, etc (Again, refer to ATO for more specific details). To claim these deductions, it is advisable to keep written evidence of your expenses in the form of receipts or tax invoices.

What happens after you submit your Tax Return?

From this, the ATO can calculate the amount of tax that the taxpayer needs to pay. This will be assessed against the amount of tax that your employer has deducted from your income on your behalf. Lodging your … Read the rest

Individual Tax Return Australia

Tax returns by most of Australian’s population are required to be filed yearly. Tax return Australia must include your taxable income for the entire year. In case you have paid more taxes associated to what you are supposed to then you’re entitled to get a refund of this extra amount. If the is that you have paid short of the amount you must pay then you are thought to pay for the shortage amount. For this purpose you must have all the required documents.

You will get back your tax return as earlier as you submit the application. Last date for lodging your own tax return Sydney is 31st October if you are an authorized tax agent. In other way if you are registered tax agent then you will have the special prerogative to lodge your own individual tax return at a later time.

How to start this procedure?

You must have all the required details with you. Such as if you want to claim deductions related to work that are beyond $300 then the statement in white and black should be present. On the other hand if it is less than that amount then there is no need for any receipt. But there would be a need of a proof that these deductions relate to your income. You can proof it by showing/presenting warranty documents, credit card statements, PAYG, invoices or electronic files. See more info here.

Some more required necessary information:

  • Employment Income:

It must also include Pay As You Go, repayment reports and abstracts for the financial year. Besides it must also include friend’s benefits and termination payments for the year.

  • All types of investments:

Investments may include sale or purchase receipts from any capital gain, rental income from any type of property, yearly tax summary planned for funds or trusts and dividends compensated for shareholdings.

  • Centre link pensions:

It includes:

  • Sometimes you receive income from abroad and for this type of income you must have bank statement.
  • The other element that is included in it is
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The Education Tax Refund in Australia

The federal budget of 2008-2009 announced Educational Tax Refund in Australia. In Australia families can claim tax refund for their children up to 50% for eligible education expenses. Its equal to the amount $750 for primary school children and $ 1500 for secondary school children. The mentioned amount can give tax offset of $375 and $750 respectively. Now its not any burden for the parents to bear the children education expenses. But they must be well aware of these schemes. Moreover some other expenses related to desktop computers, laptops, and textbooks, different education software and trade tools are allowable as well. Therefore you must keep the record of all such receipts so that you may claim later on.

Eligibility for ETR:

Those families that meet the income test are allowed to receive payments from Family Assistance Office. This is an additional tax benefit which is given by FAO. Here we are not going to discuss in detail the procedure and rules regarding to qualifying for FTB Part A. But here we are going to discuss it shortly for getting a little bit knowledge of it. Those families will receive this tax benefit whose income is less than a certain amount. During the year 2008-2009 this limit was imposed. According to this limit those families that earn $98514 and have less than 18 dependents are allowed to receive tax return. Besides if the income is $ 99962 and the dependents are more than 18 then again the tax benefit will be given to them. $ 3796 is another limit for each additional child in the family. In short if the family income is less than the above mentioned limit then you are not eligible for FTB part A and ETR.

Some Allowable Expenses:

Some expenses are allowable that you can claim by Federal government in Australia. But there are also so many other expenses that are not allowable. Let we discuss such expenses in brief.

Allowable expenses may include all those expenses that support a child during primary and … Read the rest

Five Easy Ways to Get a Better Tax Refund from the ATO

If you want to maximize your tax refund then keep the following five tips in your mind:

  • Claim all the deductions:

You can increase your tax return by claiming all those expenses that you are entitled to claim legally. Keep the receipt of all those expenses that you are required to pay regarding your work. Sometimes you get confused because you have no idea about the fact that which types of expenses are claimable or not. But here you are advised to keep all the receipts because your e-tax software will guide you in a better way for all the claimable expenses for tax return.

  • Keep accurate record:

If you are not going to keep a proper record of all the expenses then there are chances that you will not be in a position to claim maximum tax refund. So prepare yourself properly. Those people who never get money at tax time are the ones that are not well organized. Those who don’t fill in car logbooks and keep the right track of receipts are also included in this category.

For maximum tax claim we advise you that spend at least 5 minutes a week just to organize your logbooks and receipts. Besides you can also use an app e-tax to keep the daily record of all the receipts.

  • Consult a professional accountant:

There are several advantages of getting the professional services of an accountant in Australia for the purpose of more tax return. The professional accountant in Australia would be in a better position to maintain the accuracy. You will save your time and efforts. Without any stress you are calculations would be done by a professional without any error. Another advantage is that fee paid to professional will also be deductible. Moreover he will also find more ways to increase your tax return.  More details here!

  • Small stuff is also important:

Sometimes we think that small donations of $5 and some other expenses of $ 10 are not important. Therefore you don’t keep the receipts or evidence … Read the rest