Why Self-Employed People Should Hire a Tax Accountant
Being self-employed can have a lot of challenges alongside the freedom of working for yourself and growing your own business. Having to file your own taxes is one of these challenges, especially if you don't know much about tax law. Luckily, hiring a tax accountant can offer many benefits, saving you time to providing you with peace of mind. Benefit from Tax Expertise Doing your own tax accounts and filing your own tax return can be difficult, with lots of complicated rules and form-filling.
Tax Accounting: Top 4 Business Tax Mistakes to Avoid in Your Small Business
The Australian Tax Office (ATO) can demand to do a tax audit on your company. Tax audit is a normal process for businesses, even those that are free of tax issues. Hence, if you have proof of adhering to tax regulations, you need not fear. All you'll do is present the receipts and filing documents. However, it is common for companies to file returns that they can't support fully. To be free from ATO's troubles, engage tax accountants and avoid the following mistakes.
Do You Spend Too Much Time on Bookkeeping? These Are 3 Critical Signs You Should Invest in Bookkeeping Services
If you own a small business, you will always strive to keep your firm's overhead costs as low as possible. For this reason, you will always try to run most of the operations on your own, including bookkeeping. But as your business grows, keeping track of your financial records can overwhelm you. That is where professional bookkeeping services come in. A bookkeeper will help you record and organise your financial transactions, enabling you to focus on income-generating responsibilities.
Why the Tax Rules About Clothing Are Far from Clear-Cut
If you are subject to a high-income tax bracket, then you will want to try and reduce your exposure as much as possible. You know that you may be entitled to a variety of different deductions against your tax bill, but you need to be careful as some of these rules can be quite difficult to navigate. In particular, you need to understand the rules related to clothing and whether or not each is an allowable expense.
Penalties you can face for failing to file a personal tax return
Every year, individuals earning a certain minimum amount of income are required to file an individual tax return. You can file as an individual, or jointly as a married couple. Filing is important because it allows the Australian Tax Office to determine how much in taxes you should pay during any given year. As you probably know, taxes are a primary way through which the government raises revenue to deliver important public services.
