Tips for reducing your taxes
Effective Tax Planning
Although we might cringe at the word, we all know taxes are necessary to help provide the community necessities. In saying that however, it doesn’t mean you don’t have the right to arrange your financial affairs in a manner to minimize your taxes.
A lot of people don’t realize that there are a lot of ways to reduce your tax bill while maximizing the protection of your assets…
That’s where effective tax planning comes in. So how do you get started?
Find an Expert
Using experienced and knowledgeable experts in the field of tax planning is your first step. They not only need to be on top of the latest taxation rulings, they have to have an open mind to know what strategy will best suit your needs. Whether that means you negatively gear an investment property, salary sacrifice your pay, or make charitable donations to those causes which mean a lot to you – a professional tax planner will be a valuable guide towards minimizing your taxes.
Keep Them Updated
Now with your expert tax planner on hand, you’ll need to keep them updated of any changes or plans you have for the future. Whether you’re a salary employee or business entrepreneur, if you don’t keep your accountant updated – you make it harder for them to help you.
Although business owners can reduce their taxes more significantly than employees, an expert tax planner will know the best ways to get the most for all types of wage earners and entrepreneurs.
Be Diligent with Receipts
One of the best ways to be able to claim everything owed to you is to make a habit of keeping every receipt for the costs you incur in the course of your work. This applies to the salary earner as well as the business owner. This way, when it comes time to do your taxes, your accountant will have everything at their fingertips in order to claim the maximum amount of deductions for you.
Of course, taxes are our obligation to our community; however, no one should be expected to pay more than what they have to. Tax planning is simply the smart structuring of your affairs so you minimize your taxes while protecting your assets.
To see what expert tax planners can do for you and your situations, contact Alliance Accounting who are strongly motivated to decrease your tax obligations – making clients happy and satisfied year after year.