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Top 5 Tax Deductions Forgotten Each Year

Tax time is here and you may be thinking you’ve got everything under control.

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You’ve been diligent in recording all your expenses all year and you’ve even been through our Tax Checklist to make sure you have all your documents together. We’re so proud!

But wait! Are you really claiming everything you’re entitled to?

You may have forgotten these simple deductions. Don’t worry, it happens to the best of us! Be sure to mention them in your consultation if they apply to you.

1. Professional Assistance

Yes, you read that right. Believe it or not, ITP’s services are completely tax deductible. Did you see us last year? Then first of all, welcome back! Second, make sure you bring us last year’s receipt so we can add it to this year’s claim. It’s the cycle that keeps on giving, because you can do the same thing next year, too.

2. Home Office Expenses

Do you work from home? Well good news time. You could be entitled to claim certain home-related expenses! This could include from a portion of your internet and electricity. Don’t worry, our professionals at ITP Queensland can tell you exactly how much you can claim.

3. Work-Related Expenses

Does your job take you around town in your own car? You could be entitled to claim some of your car services and expenses. It works the same way if you’re using any of your own devices for work. On your mobile or laptop to get things done? You may be able to claim those, too! See? Taxes aren’t so bad.

4. Occupation-Specific Equipment

This one is a biggie. Did you know that if there are certain things your job requires you to own, you can claim them? We don’t make this stuff up! Do you work outside? You could claim your sunscreen, sunhat and sunglasses. Do you need your own tools? Claim them. Do you wear special protective uniforms? You could be entitled to claim laundry expenses if you clean them yourself.

5. Donations to Charity

It pays to be charitable! Are there certain causes that are close to your heart? Maybe it’s saving local wildlife, or conquering cancer. Regardless of your charity of choice, most donations you make that are over $2 are fully tax deductible. How good is that?

So did you miss any of these deductions? Don’t worry, that’s what we’re here for. If you want to claim any of these deductions, be sure to keep them logged.

Book an appointment with one of our specialists and we’ll help you tackle a bigger return this year.