How Does Gold Coast Tax Accountants Deal with Your Taxes

How Does Gold Coast Tax Accountants Deal with Your Taxes

One of the most complex financial processes everyone on the Gold Coast has to deal with every year is filing a federal or state tax return. The tax filing becomes even more complicated when you own a business or are self-employed in the Gold Coast area.

Hiring Gold Coast tax accountants provides the perfect solution in case you’re wondering how to efficiently file your taxes. A lot of stress and frustration is avoided when you let Gold Coast tax accountants handle your annual tax filing.

What are the Basic Documentation needed by Gold Coast Tax Accountants from You?

The basic documents you need to provide Gold Coast tax accountants for them to start working on your taxes include:

Identification details

Verifying your identification is the first thing Gold Coast tax accountants will need from you. Preparing your taxes means identification details such as your and your dependents’ Social Security numbers.

It has been seen that the main reason for the rejection of tax returns is due to unmatching names and Social Security numbers. The second type of identification an accountant needs includes any picture ID issued by the state or a driver’s license, or a military ID, if applicable.

Last year’s tax return

The best thing to avoid receiving calls after calls from your accountant is to provide him/her a copy of last year’s tax return. A copy of the previous tax return helps them to access information easily and come up with applicable deductions.

Often, the write-offs you got from the previous tax return would not automatically get carried over to the current year. However, discrepancies you see existing between your previous and current tax returns can be a discussion opportunity when working with an accountant.

The experience of the accountant will enable him/her to recommend the best approach to get the same write-offs. Maximising your benefits legally is ensured when you opt to hire a tax accountant.

Other income statements

Other sources of income earned during the year should be declared. Some examples of additional income include:

  • Income from social security
  • Dividends from investments
  • Unemployment income

Statements are usually provided for every source of income outside of work or business. Being transparent about them to your accountant is always the best practice.

Evidence of accrued expenses

Documentation is needed as proof of expenses accrued for the current year. Some of the documents that can earn credits and deductions from your tax return include:

  • Self-employment expenses
  • Medical bills
  • Mileage logs
  • Invoices
  • Charitable contributions
  • Receipts
  • Job-hunting expenses
  • Educational expenses
  • And a lot more

The more documentation you provide, the bigger the chance of gaining tax return credits and deductions.

Tax Deductions Few People know about

Some of the tax deductions only a few people are aware of include:

Self-employed Social Security

The full 15.3 percent of your income as self-employed is paid for Medicare and Social Security taxes. Not having an employer or being an employee means shouldering their portion of taxes. However, it is perfectly legal to deduct a 7.65 percent employer contribution from your tax return.

Educational expenses regardless of age

Post-graduate students can also deduct education expenses from their tax return. While higher income levels may not be able to avail of the deduction, the deduction is open at any age.

Contact Walsh Accountants to receive more information and tax advice.

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