Some Tax Deduction Tips for Tax Season
Some Tax Deduction Tips for Tax Season A cry you will often hear from those who work in the financial sector is that you should “save your receipts!” This is certainly very true. Save your receipts and invoices when you get them because you never know where you might be able to find a few.
A cry you will often hear from those who work in the financial sector is that you should “save your receipts!” This is certainly very true. Save your receipts and invoices when you get them because you never know where you might be able to find a few more tax deductions. However, you may struggle with identifying what can be deducted. So, let’s go over a few of them!
Did You Work from Home?
If you did, you have a home office environment. The home office has become a staple of modern-day work culture, especially in the aftermath of the Covid-19 pandemic. It is more common than ever to ditch the commute and instead work from home. However, that means that your new workplace is your home. And there are certain costs that come with having a home office, such as the internet needed to work remotely or any stationery that you may use.
The government does understand that people work from home, and it would be unfair if costs that would usually be associated with your workplace, such as printing costs, are suddenly shunted onto the worker. That’s why you can claim back on tax for these sorts of expenses.
Did You Contribute to Charities or a Retirement Fund?
The government incentivises the patronage of charitable organisations to a certain extent, and only to a certain threshold, but it can lead to a large reduction in overall taxes for the year. So, if you did contribute to any charities, you should see if they are an approved public benefit organisation and, if so, you can claim back on those expenses.
The state is also interested in you finding a way to support yourself in your old age rather than forcing the state to do it for you. That is why retirement funds are also tax deductible (to within certain maximum limits). If you have a retirement fund in your name, have a look at how much you contributed to it this year and determine if that can lead to a few taxes being scraped off your bill this time around.
Did You Face Any Medical Issues?
Medical issues are never fun. No one wants to go to a doctor or a hospital, but sometimes it happens! There’s little that can be done about it. However, it is understood that seeking medical attention is often a necessity, and it does not form part of our usual expenses (or at least, hopefully, it doesn’t!), so there are deductions available to you if you were forced to deal with medical problems this year.
When it comes to medical expenses, there is some complexity in terms of out-of-pocket expenses, as you may not always receive deductions, but it is worth submitting all of it. However, while out-of-pocket is complicated, medical aid is not as complicated. There are yearly tax credits available for those who contribute to a medical aid scheme whether they did or did not make use of that medical aid during the year. That means that you should look into what you can deduct regardless of whether or not you had to seek medical attention.
Can Anyone Help You With This?
There’s always someone who can help you to find your deductions and that someone is us. We at Accounting Instincts have the experience and expertise to handle everything to do with your taxes. Not only can we determine any and all deductions that you might be eligible for, but we can also handle the rest of your tax requirements.
If you would like to lose the stress of taxes, you can get in contact with us by either sending us an email or giving us a call. We are here to help, and we have been doing this for years already. There’s no need for you to be forced into handling the stress of dealing with SARS. Let us do it for you!