How to shave a little off your tax bill

Just as the saying goes, “an honest dollar is the hardest one to make”, we recognise that these days everyone is a little bit more careful with their money. Although we certainly aren’t encouraging you to tax evasion there are a couple of things that might have gone unnoticed in your tax bill that you could have deducted which would just shave a little of your tax.

Here are some tips for your next tax statement:

1. If you are using your car for business or charitable services you are illegible for a tax deduction for the expenses incurred. For those of you who are submitting your own tax statements this is often missing and with petrol prices only going to get higher it might be time to start deducting those miles you do for work in your family car.

2. If you loose your job you can sometimes deduct not only the costs of loosing the job but also the costs of searching for a new one. There is nothing worse than loosing your employment and having a big tax payment on top of that is just salt on the wound.

3. For homeowners who have recently installed an energy saving system or device there are sometimes tax deductions given by governments as incentives to throw away those old energy guzzling hot water systems. This can be a good way to maximise the improvements to your home as the money saved can be spent in making further additions to help the environment. Nothing better than saving a bit of energy and income.

4. If you have a child who is living away from home to complete his/her university studies in another city some of the living costs like university fees like and rent might be able to be deducted from your family’s income. This can be a welcomed help as children are expensive and giving them an education is important so it is only fair that you are given some financial help.

Before you consider any of these tips you must run them through your professional tax advisor or accountant as tax laws change from country to country. Askinghowto.com holds no responsibility.


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