It’s almost that time of year again. The tax season doesn’t have to spell headaches and mountains of receipts and supporting documents every year. Get started early and stay on top of your finances to get the best out of the coming tax season. You definitely don’t want to be caught in the neverending queues when everyone is rushing to meet the deadline at the end of August for provisional taxpayers and end of October for non-provisional taxpayers.
Know the rules
Knowing what to include on your tax return could not only save you a major headache along the way, it could also save you some money. SARS has put together a handy Budget Tax Guide for 2019 and there are a whole range of other publications on the world wide web that could help you file your taxes quickly and stress free. Some light reading before bed never hurt anybody!
Get started early
It’s important to get ahead of the curve in terms of having your documentation ready, keeping track of your e-filing login details and to make an appointment with a qualified tax practitioner if you are unsure of anything. Online services like TaxTim can also be a great help if you’re struggling. So go ahead, don’t wait until the deadline is looming before you get zooming.
Keep track of everything
Income statements, such as salary and interest, as well as qualifying expenses, like medical certificates, retirement annuities and pension fund contributions, should be accurately filed on your tax return. It would be smart to retain these supporting documents for at least a few years if SARS needs you to submit anything.
Filing your income taxes is never fun, but it doesn’t have to be dreadful. Getting clued up on the rules, getting started early and keeping track of everything can help you get organized, be smart, and make the most of the time before the season officially opens.
Do you file your taxes on your own or do you prefer to put it in the hands of a professional? We’d love to hear how you prepare for this season. Read our blog for more tips on how to spend smart, save smart and live smart.