Do you dread preparing your personal tax return? Below are some top tips to decrease the pain and stress of preparing personal tax returns.
Keep all the information you need for your tax return in a safe place
Don’t leave the preparation until the last minute, as then there is less time to find all documents and review everything carefully. If you are due a tax rebate – you will receive it the sooner you file the return.
Put money aside during the year if you expect to pay tax, perhaps in a tax savings account, so that you don’t have to suddenly find a large lump sum.
If your personal tax return is going to be complicated, for example, you have capital gains to calculate or a sole trader, get a professional accountant to do this for you, they will be able to prepare the return in the fraction of the time that you would and also may be able to recommend tax saving ideas that you hadn’t considered as yet and understand possible reliefs that are available.