Article written by MSI Taylor
Regardless of whether you’re an individual or running a business, there can always be some resistance to investing in an accountant to manage your tax returns. Of course, there’s an upfront cost, and many people think they can save money by doing it themselves.
However, the benefits of getting your taxes done by an accountant might surprise you. Let’s look at 4 reasons that might just change your mind.
Skip the Stress with Extended Deadlines
As an individual, sole trader, trust or partnership you need to have your tax returns lodged by 31 October. For some people this may be easy, but for those with more complex tax returns it can be a struggle. If you’ve contacted an accountant prior to 31 October, your deadline could extend out as far as May the following year.
Company tax returns have a variety of due dates, so depending on your situation, an accountant can provide you with more time to lodge.
Maximise Your Deductions
For businesses, Australia’s tax law can be complicated. In the hustle and bustle of your business life, you can’t be expected to be a tax expert as well. While this applies to individuals too, as a business owner it’s imperative that you’re claiming everything you’re entitled to. But do you know everything you can claim?
An MSI Taylor tax specialist can likely find a range of expenses/deductions that you didn’t even know you could claim for. At the end of the day, you want to pay as little tax as possible. Managing your tax returns with the expert knowledge of an accountant, gives you the best chance of doing that.
Learn About Tax Best Practice for Future Years
If you’ve never used a tax accountant before, you may not even know what records you should be keeping. For example, are you doing work in a home office that you can claim? There are so many business expenses you could be using to minimise your income tax, if only you knew about them.
Speaking to a professional tax accountant from MSI Taylor isn’t just about getting your taxes lodged. They can help to teach you the best practices to ensure you’re keeping accurate records and claiming all those expenses every year.
Save Time with a Tax Accountant
It’s no secret that managing your tax affairs can be a painstaking process. While many individual tax returns can be difficult enough, as soon as you start running a company, partnership or even working as a sole trader, the waters can become even murkier. Think about the complexities for example, of pharmacy accounting or franchise accounting.
As a business owner, you’re likely an expert in the industry you operate in. That’s why your business should be your primary focus. Rather than spending hours trying to work out your tax returns, you can let the taxation experts from MSI Taylor handle it efficiently and effectively. Meanwhile, you can spend time on the things you’re good at – like growing your business.
If you want to save time, set yourself up for the future and get the most out of your tax return, contact us at MSI Taylor today. For the best accountants Toowong has to offer, find out how we can take away your annual tax return burden. We also have a Robina accountants office for your convenience. Best of all, our fee is a deductible expense in your next year’s return!