Organising your finances for success: 3 Tips for a hassle-free tax season.

Whether managing your personal or business tax, in an individual or tax practitioner capacity, it’s vital to understand your own SARS tax returns to stay ahead of the game and in complete control of the year ahead, and save yourself some stress. Here are some tips from TTF Consultants to help you better understand your taxes and organise your finances so that filing in 2023 will be a breeze:

Tip 1: Know the info you need for the year ahead

Make sure you have all the necessary documents and information ready to go when filing your returns. Knowing what documents you need to file and when they need to be filed is the first step in the process. Make sure the documents are also relevant for the correct tax period that you are filing for.
Personal and business tax requirements vary. Here is an overview of the documents you will need to submit via efiling:

Personal Tax:
  • IRP5/ IT3a from your employer or retirement fund
  • PAYE contributions
  • Medical aid certificate and receipts out-of-pocket expenses
  • IT3b/IT3c detailing any investments you may have
  • Retirement annuity certificate
  • Travel logbook for business travel
Business Tax:
  • Financial statements
  • Invoices and other supporting documents that support the financial statements
  • IRP5
  • PBO certificate listing your donations for the year

Take note that these may vary based on your individual portfolio and/or nature of the business.

TIP 2: Organise and keep track

Organising your finances doesn’t have to be daunting task – with some simple organisation tips and tools at hand, you can make your tax season stress-free!

  • First things first, check your details on the efiling website to make sure they are up to date. Save your tax number for future reference!
  • Use a spreadsheet to detail month-to-month financials, alternatively if you have access to tax software, the info will be easily available.
  • Whether you are filing as an individual or as a business, keeping a detailed record of all your expenses throughout the year is key. This will make it easier for you to identify deductions and credits when filing your taxes.
  • Utilise the SARS logbook for travel expenses: click here to download it.
  • Mark the deadline dates and add them to your calendar to ensure you don’t incur penalties.
  • Keep track of each year’s files and submission on a cloud-based drive in case you lose any documents.

Once you have all your documents collected, it’s time to organise them into categories such as income, deductions, credits, investments, etc. You can do this by creating folders or using a spreadsheet (which is often easier for larger businesses). Having everything organised makes it much easier when it comes time to file your taxes because you won’t have to search through stacks of paperwork or digital files for something specific.

Tip 3: Consult a Professional

If the thought of organising and filing your own taxes feels overwhelming or if you have a complex financial situation (i.e., multiple businesses), it may be worth considering investing in a short course to empower your tax know-how and set yourself up for success. This is why TTF Consultants exists – to make your tax experience stress-free!

Sign up for one of our courses to kick off your year with success. TTF’s interactive tax courses that will give you peace of mind: Learn More.

Still need help? TTF Consultants are here to help you with all your tax information needs. Don’t let the tax season stress you out – with the help of TTF Consultants, you can be better prepared for the new year and make filing taxes a breeze. Get in touch with us today to empower your tax compliance.

Email or call 083 797 0762.