Top tips for tax time!
If you're anything like me, tax time is NOT a peaceful time.
Is this image anything like you at the end of the financial year? *pulls hair out*
I try to stay on top of things on a daily basis so that at the end of every quarter- or worse- every financial year.
So, I have decided to compile a few of my tips to make tax time a little easier on you.
Please note; I am far from an expert- these are just my tips of how I keep my sanity in what can be a very stressful time!
- Make large work small by managing the receipts and data entry weekly, or better yet- daily.
- Use an app to collate your receipts so that you don't run the risk of them fading or having to store and file them.
- Keep a car log book, you may not even realise how much you use your car for work purposes!
- Take advantage of yearly payments on things (Like insurances) so that you don't have to log every months payments, it usually means a bigger discount too.
- Set up accounts with companies you use regularly so that you only get issued one statement- again, meaning only 1 data entry to log.
- Set aside a time every week just for 'tax' purposes- whether that be 9am on a Friday, to ensure you are not behind and always chasing your tale.
- Last but not least, invest in a good accountant who can not only assist in bringing your tax down but also teach you along the way!