The 3 Most Common Tax Mistakes
It is often hard to keep up with tax paperwork, documents and receipts.
If you’re unorganised it’s easy to make mistakes with your tax return. It’s always recommended to have an Income Tax Professional assess your lodgment to avoid some of the most common mistakes that happen when preparing your own return. Here are the three biggest mistakes people make while lodging their own tax return:
Not including all income
Whether you are paid a salary, work from home, run your own business or are a contractor/freelancer, it is very important to declare all paid income from that financial year. That includes any interest accrued from savings, as well as any short time work, cash-in-hand or temporary jobs.
Not including all paperwork
If you fail to complete the return in its entirety, or have missing documentation or information, you will delay your return considerably. If you’re not sure what documentation you need to file a successful return, use our interactive Tax File Checklist. Make sure you’re including all paperwork necessary to get more in return, without delay.
Not including all deductions
Sometimes it’s hard to determine what you are or aren’t entitled to deduct in your individual tax return. If you work from home, have investment property, drive often for work purposes or have bought supplies for your business needs, you may be able to make deductions on some of these expenses. The more you are entitled to claim as a deduction, the more you might receive back in your return, so it’s important to get this right.
Take the hassle out of this tax time, avoid all three common mistakes and leave it to the professionals. Find your nearest ITP location and make an appointment today.