A Quick Guide to Tax Season Peace of Mind

So it’s time to file your tax return again. Hopefully this thought doesn’t set you in a complete headspin! Odd isn’t it how so many successful business people diligently submit their budgets and annual returns without so much as a blink of apprehension and certainly no dithering; yet when it comes to personal tax, panic sets in. If you’ve been diligent and have kept all relevant receipts and documents over the past year, just as you do in business, then that’s half the job done.

What’s taxable and what records to keep

It’s your responsibility to assess your own liability and prove your claim. That’s where keeping records of all income and expenses comes in. These would include records of payments received such as your salary and allowances, interest, dividends and rental. Various expenses and purchases made in relation to this income can be deducted. One such expense would be your vehicle – If using your car is instrumental in earning your income, a claim can be made against it. Various other expenses and purchases may be deductible too, and receipts and documents related to these ought to be kept.

Putting away for your retirement is a sizable expense and making the best investment is vital. You may want to consult a financial advisor to help you build a portfolio that makes the most of the tax benefit available to you.

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Getting your return in on time shouldn’t be as daunting a task as most think. Sign up for our online wealth portal and get started today.

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