There are several reasons why you should not procrastinate when filing your tax return. Remember that many people are blindsided by their tax bill and if you wait until the last minute, you might have less time to save for any money you owe. It’s better to talk to your tax agent and know your tax obligations sooner than later. Not only will you have enough time to save money, you will also avoid taking out a loan or using a credit card just to pay for your taxes.
The later you file your income tax, the higher the risk of tax identity fraud or theft. Note that there are still people who try to scam the system and get fake returns early on. If you do it ahead of them, you are protecting yourself from identity theft.
Meanwhile, there could be errors and roadblocks along the way so it’s good to equip yourself with enough time to gather the documents you will need. You should assess your tax return after you’ve completed it, just to check the details and look for potential mistakes. Make room for technical issues as well so you will have enough time to correct the situation without filing your return late.
Keep in mind that tax professionals become very busy as the deadlines approach so to avoid a long queue, you should talk to your tax agent sooner. This way, your tax agent will have more time to pay attention to your needs. If you rushed your tax return last year, you may be less informed about it the following year. There have been plenty of tax changes this year and you might miss all these if you didn’t have enough time to review your tax return last year.
Tax agents can help you plan for 2018. Don’t wait until the last minute – because if you do, it will take longer for you to receive your return in your bank account and you may even be giving the government an interest-free loan.
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Whether you are a beginner, seasoned investor or business owner, our property and business tax accountants can give you guidance to maximise the financial areas of your life. We can also give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
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