Tax season is probably something most people dread and for the self-employed, it is definitely not a walk in the part. Even professionals and self-employed individuals will require the expertise of a reliable Melbourne accountant to ensure they only may what they absolutely have to pay, no more and no less.
By contracting the services of a Melbourne accountant, you can be sure you have access to updated tax information and protect yourself from any penalties.
Here are some of the valuable tax tips every self-employed individual should know when coordinating with a Melbourne accountant:
As a self-employed individual, it is critically important to keep all receipts as these are very useful when it is time to file your taxes. With this in mind, you need to keep every receipt over the course of the year so you can hand these information to your Melbourne accountant when he/she asks for it.
One great option you can consider is to take pictures of your receipt using your hand phone and file them all away in one folder. For individual contractors in particular, it is important to keep track of every deduction that you are entitled to legally.
There are different deductions that can save you significant amount of money. When working with a reliable and seasoned Melbourne accountant, you can fully maximise these, such as:
This includes the cost of your health insurance and medical expenses that are paid out of pocket.
You will not be able to deduct the mileage every single time you use your car for official business. However, you can actually deduct a standard mileage rate. Make sure to maintain a detailed log in your car that you can hand to your Melbourne accountant.