If submitting a tax return seems like a burden you’d rather run away from, you are not alone! It can be stressful enough just to get it done on time, let alone file it correctly. Here are some common errors to avoid when filing yours:
Mistake #1 – Not being able to substantiate your income and expenses
Honestly is not simply an ethical matter, it’s a legal requirement! It is vitally important to keep the documents you need for your tax return on record to be able to prove the information you have declared is correct. The retention period for these records is 5 years, make sure you keep them stored safely, either as hard copies or digital records.
If your return is flagged to be audited, you will be prompted to submit supporting documentation for the relevant tax year. This may be done via the eFiling portal.
Stay organised and aim for success with our tips on a successful 2023 tax season – read more about supporting documents here.
Mistake #2 – Not making use of tax deductions
Tax deductions are one of the most powerful tools for reducing your tax liability and saving money, whether you are an individual or a business. They’re also an area where many taxpayers make mistakes, however, either because they don’t understand how to use them or because they don’t take advantage of all available deductions. During our short courses, you will discover exactly what you can claim as a tax deduction.
Here is a list of a few that may impact your return:
- Business Travel Expenses
- Charity Donations (to approved public beneficiaries)
- Medical Expenses
- Retirement Fund
- Daily operating expenses including:
- Rental cost
- Office supplies
- Phone and utility expenses
- Legal fees
- Insurance fees
- Marketing and advertising costs
- Financial charges like bank fees
- Equipment Costs
- Cleaning Costs
- Educational expenses to train yourself or staff
- Entertainment, hosting clients including drinks, meals and venue hire. Supporting receipts are vital.
During our short courses, you will discover exactly what you can claim as a tax deduction and how it works. Why not invest in a TTF course that you can claim as a deduction? Smart choice!
Mistake #3 – Not filing at all because you are confused or overwhelmed
Don’t compromise your tax compliance because you don’t understand what to do. TTF Consultants exist for this reason! To help you, empower you and guide you through all the information you need to know to simplify your tax return. Our courses are more than short-term learning, they are a long-term investment to take financial control of your tax compliance. Now that’s something to feel good about.
Our passion is to see you complete your tax return with confidence. While a refund is not guaranteed, peace of mind is when filing your returns correctly. If you need help, give us a call. We’re ready to help you master your returns.
Email email@example.com or call 083 797 0762.