Why Work with a Tax Agent in Sydney When Claiming Tax Deductions
Many Australians have a misconception on what tax deductions are. Whenever the time for claiming tax deduction comes, most of you find yourselves scratching your heads in confusion.
You expected your $8,000 tax to be deducted by $400 from the work uniform that you purchased just last year, and yet you still have to pay for the full tax amount anyway. If the idea of having to face this baffling task scares you, then working with a tax agent in Sydney or wherever you are situated might alleviate the mystery of taxes.
For the ordinary people who are not familiar with accounting jargons, matters like taxes and tax deductions can seem really complex. If you do not know anything about occupation-specific deductions, for example, it is easy to lose money to taxes when you could have saved a lot. This is why working with experts who can easily hack through all the complicated red tape can be extremely beneficial.
Tax agents are trained to spot opportunities and errors that allow you to get the most out of your tax returns. The most important thing is that you get to have all of these benefits legally, accurately, and relatively quick than the otherwise slow-moving alternative of working on your own. Here are some reasons why you should work with a tax agent in Sydney (or wherever you are residing) when claiming tax deductions.
Get the right guidance.
As prefaced at the beginning of this article, many Australians misconstrue tax deductions as the total amount of work-related expenses minus their total tax return. This is far from the truth, but more people still fall on to this idea. We cannot blame them as the term itself is quite misleading as well.
There are many resources on the internet that explain what tax deductions are, but tax accountants can even go in depth. They can cater to your burning questions about taxation and can even offer insights on how you can save a lot more. Tax accountants are well-versed not only in accounting buzzwords, but they also know exactly which expenses can be deducted or not.
These expenses include car expenses, travel costs, clothing expenses, education expenses, union fees, home computer and phone expenses, tools and equipment, and many others. You can even claim some deductions that are not work related like interest and dividend deductions for investments or donations. There are countless things that you can learn when you work alongside experts.
Skip the paperwork.
Tax agents offer more than just practical advice on how to go about your tax deduction claims. They can also take care of the groundwork in terms of getting to the tax office and having everything processed on your behalf. Though there are options to have everything processed online, you will still be overwhelmed by heaps of documents and requirements that you have to go over.
At least with a tax agent by your side, you are guided on which ones you should pay careful attention to. By skipping the paperwork, you also rid yourself of all the hassle that comes with this stage of the taxation process.
Aside from eliminating the stress and hassle, getting professional taxation services in Sydney or in the area that you are residing, can also save you a lot of time. These professional taxation services are extremely flexible, so they can work on your taxes while you focus on your work.
Initial appointments with tax agents usually take about an hour, and within that time your tax agent can already gather information and review your existing documentation. This efficient system is one of the reasons why many Australians are taking the leap from do-it-yourself tax hacks to professional taxation services.
Stop dealing with deadlines.
Individuals who opt to lodge their tax return have to comply to the usual October 31st deadline. However, by working with a tax agent in person can allow you to catch up to these deadlines in cases where you need to have them filed urgently. Rules that apply to individual people typically do not apply to tax agents since they can have until May the following year to complete the tax return. This is why working with them do not only buy you expert advice but you also buy valuable time.
Maximise your claims.
Another major reason why working with a tax agent is considered crucial is because they can spot opportunities that you normally would ignore. It is not your fault that you just simply shrug your shoulders on these opportunities, it’s that you were never trained to see them in the first place. It takes someone who has an extensive experience in taxation and accounting to really find that golden needle in the haystack.
Make it automatic.
Working with a tax agent can be a one-time occasion, but there are times when you get to work with an agent so talented that you would want to work with them again. This is relationship building, and in the world of finance, your network plays a huge role in smart money management.
Whenever the time for filing taxes draws near, you just have to call your favourite agent and voila! Your taxes are done and you get to claim the tax deductions accurately. Do choose someone who you have had good relations with, someone who is already well-versed in your accounts so they know exactly what to do next.
Is it worth it?
With all the reasons we listed, why wouldn’t it be? But perhaps the most glaring reason why you should get a tax agent or accountant is because their fees are tax deductible. This means that it ultimately pays for itself!
Claim your tax deductions in an easier and smarter way.
In today’s world, we all have to be smart about managing our money. Work with professionals who can deliver quality services and get the best value for your time and resources. With accounting firms like Practical Accountants, you get expert advice from tax agents in Sydney or tax accountants in Mascot.
Call our offices today to learn more about how we can help you.