Skip to content

Doing Your Own Tax Return? Better Let A Professional Accountant Handle That

As Tax Day looms large again, it will seem very tempting to quickly put your tax return on your own and send it off, praying you did everything right and the government would not slap you with a giant bill in the end. However, on second thought, you are bound to see how erroneous - and often costly - the DIY approach is. This is why more and more people turn to chartered accountants such as each spring, leaving nothing to chance and avoiding last-minute scrambling around. Here are some good reasons you should follow suit!

Changing rules and laws

Tax law is one of the most dynamic legislative areas. There are hundreds of minute changes and amendments annually, and only a professional accountant will stay on top of them. Even if you are filing a relatively simple return without many deductions or side income, the pattern you follow from year to year may not be relevant anymore and could end up costing you more taxes or even penalties for wrongful filings. A dedicated chartered accountant will prepare your tax return from scratch, without relying blindly on filings from previous years, and according to the latest legislation.


Complex assets

Thanks to globalisation, we deal across national borders and own money and assets in foreign countries more than ever before. This opening-up brings its own caveats, and the inaccurate declaration of foreign assets can rob you of tax benefits - or incur penalties. A chartered accountant will review all your foreign assets and perform the necessary tabulations in order to determine the exact information that needs to be passed on to the tax authorities so you comply with the latest regulations without paying a penny more than you have to on your foreign-held properties and accounts.

Side income

This is a big topic for many people. It is quite common for active professionals to look for additional gigs on the side of their regular jobs. Apart from the extra income, it brings new contacts and an expanded skill set. However, the additional income that (hopefully) results from these endeavours can cause confusion for the self-filing taxpayer. Some people would even opt not to declare the income at all and risk getting caught - a most unnecessary and reckless choice. A chartered accountant knows the ropes on declaring side income in ways which minimise the taxes you owe on it. They may even be zero costs incurred or even a or result in a tax credit if the cost of carrying out the additional task outweighs the gain.

Medical expenses

If you had a challenging year health-wise, there is a silver lining: medical expenses past a certain amount are tax-deductible. However, medical expense claims are also among the most closely scrutinised, and incomplete or erroneous filings will not only rob you of the chance to reduce your total taxable income but also prompt a deeper audit of your full return and possibly penalties as well. A qualified accountant will know the intricacies of this particular tax return area and will guide you through to a successful claim. This includes both collecting all the pertinent documentation and presenting it in a straightforward and clear manner which precludes any objection from the authorities. Medical expenses can be among the most crippling we can face, and relief should not be left to chance.

Due process

Last but not least, engaging the services of a chartered accountant keeps you in check and guarantees you will follow proper procedure, eliminating the risk of penalties due to missed deadlines or inaccurate claims. The government has recently cracked down on delayed returns, which account for a good deal of all levied penalties. A professional will make sure you avoid fees and maximise your return on top of that.

Manage Your Personal Finances With These Tips

If you have a family, you especially need to consider the ways you manage your money. This is where diy financial planning software can help. Read these tips to learn how to get your personal finances to benefit you.

Buying items on sale can add up to big budget savings. Saving with coupons should be more important to you than brand loyalty. If your family usually uses Tide, for instance, but you have a good coupon for Gain, choose the less expensive option and pocket the savings.

If you're one half of a married couple, the partner who has the strongest credit should be the one to apply for a loan. You can improve bad credit by regularly paying down credit card debt on time. When you and your spouse both have high credit, it will be possible to get two loans so the debt is distributed.

Once the statute of limitations passes for certain kinds of debt, collection agencies and creditors cannot legally threaten to sue you for old debts. The statutes vary by state, usually ranging from 3-10 years. Ask someone when a debt can be erased and do not give a collector money for a very old debt.

You can get some extra money from a yard or garage sale! You can even sell items for neighbors on consignment. Get creative with your garage sale.

Dump your old incandescent bulbs and install efficient, compact fluorescent bulbs in their place. If you do this you will save money on energy bills and help the Earth! CFL bulbs typically last longer than regular light bulbs. You'll buy fewer bulbs, and that means spending less money.

If you fly all over the world on a regular basis, then you need to take advantage of frequent flier programs. Most credit cards have some sort of rewards program that allows you to redeem points for cash or gifts. These frequent flier miles may be redeemed at various hotels for rooms that are free, or sometimes for discounts on your stays.

Credit cards are a fantastic alternative to using a debit card. When you get a credit card, make daily purchases, such as groceries or gas. By purchasing items with your card, you will usually gain rewards, such as cash or maybe even frequent flier points.

Save on Christmas gifts by making presents instead of spending money. This can save hundreds in department store prices during the holidays and give a personalized touch to your gifts. Creativity is a powerful source of saving.

If you find yourself short on money, consider selling unnecessary items instead of charging expenses to a high-interest credit card. If it works or just needs a slight fix, then you can make money on it by selling it. Though, a broken laptop can net you enough to fill up the tank!

There are times when financial problems simply cannot be avoided, even when you have taken care to make responsible decisions. Find out as much information as possible about late fees and grace periods. Consider all your options before choosing a lease.

Give yourself a "pocket cash" allowance for small expenditures every month. The cash can be used for treats like coffee with friends, new music, books or a new pair of shoes, but once it's spent, you're done until the next allowance. It will help you stay on your budget and still enjoy the little things.

It's worth repeating: Good personal finance skills are important for anyone, and especially vital for people who have a family to look after. Instead of allowing a bunch of debt to accumulate on things that are unnecessary, prioritize and make a budget to get more from your income.

Shedding Light On The Steps For Bankruptcy

Filing for bankruptcy is always a hard thing to do. When you start the procedures to file for bankruptcy, you start thinking about all of the wrong things that you did. If you have not filed yet, there is still time to make things right, look through this article and figure out what you can do.

Do not get an attorney for your bankruptcy when you are feeling overwhelmed. You have got to be levelheaded when you hire a lawyer. After all, you will be expected to pay him/her for services. Find out upfront what you will have to pay any lawyer before you hire one.

If you've considered the pros and cons involved with choosing bankruptcy, and you feel that this is the only option you have left, be sure to consider all the personal bankruptcy laws. Don't just sit back for the ride; be sure to work together with your lawyer so that you can get the best outcome possible.

As tempting as it may be, do not run up credit cards right before filing for bankruptcy. Many times, people purchase expensive items, like jewelry, appliances and furniture right before they know they are going to file for bankruptcy. Most of the time, they are still going to be responsible for paying back this debt.

Make sure that you have all of your essential financial information and documentation in hand before you file for bankruptcy. Your South Jordan bankruptcy attorney will need access to your financial information and other important documents, in order to complete your petition. This information will include: a detailed list of your monthly expenses, information about any real estate that you own, bank statements and any documentations pertaining to the ownership of a house or automobile.

Think carefully before filing Chapter 7 bankruptcy. While Chapter 7 bankruptcy (irreversible insolvency) will effectively get rid of all your debts, allowing you to start afresh, it will also be on your credit report for 10 years. This will greatly reduce your chances of getting any type of credit in the future. Consult with a bankruptcy attorney - he or she may be able to suggest a different form of debt relief that won't have such a damaging effect on your credit.

Knowing that you are required to disclose anything that you have sold, given away or transferred in the two years prior to filing can help you avoid a costly mistake. Full disclosure is required. Not disclosing everything can land you in jail or a discharge of your personal bankruptcy petition.

Look for a bankruptcy attorney that belongs to the NACBA (The National Association of Consumer Bankruptcy Attorneys). When you are filing for bankruptcy, it is essential that you hire the services of an experienced and reputable bankruptcy attorney. Attorneys that are members of the NACBA, are also, members of a well-respected consumer bankruptcy organization, so you can be sure that you will be getting the best legal advice available.

Make sure that you do everything in your power to avoid bankruptcy. Avoid financial disaster and make sure that you are not going to be embarrassed around friends and family, the next time they talk about their finances and credit history. Hopefully, this article has helped you out.