Tax time is here. as we welcome the 2018 financial year , it’s time to think about your 2017 taxes. Tax is not something most people are excited to think about, however, if you are a business owner, it’s important to make sure your finances are balanced and settled for the end of the year. And making sure your finances are in order also makes it easier for your return to be completed.
Not too sure where to start? That’s ok keep reading.
Here are our Top Three Tax Time Tips to help you get your 2017 End of Year tax work ready to be completed.
Your Tax Time Checklist:
Get your documents together
- Make sure that when you go to see your accountant with all the information that they need. These include any expenses or income figures for the last financial year for your business, and information such as group certificate, private health notices, deductible receipts, log books and charity donations for your personal return.
Provide your accountant with all the information they need
- Once your accountant has your documents, they may need to clarify some points to ensure that the data they are working with is accurate. Ensure you reply to your accountant’s emails as soon as you can so there is no delay.
Make sure you understand
- You will receive your End of Year work in the post or by email. It is important to make sure that you understand the work that’s been completed before you sign your return. If you have any questions, always organize a time to call or meet with your accountant so they can explain what they’ve done.
Now you know where to start with getting your 2017 Financial Year tax documents together. Don’t forget to send or drop in your tax documents so we can get started on your return. Having your tax return done early is always handy. When it comes to forecasting and budgeting this can prove invaluable for your business’ year ahead.