This week I'm starting to get organised to deal with the dreaded Tax Time. Is it just me or does this time of year give everyone the jitters? And I don't even do my tax return myself, both Shane and I take ours to an accountant. It's just one of those paper-work things that I can't stand doing.
We have taken our tax to an ITP office for the last 2 years and I find them wonderful. It does cost, but they take their fee out of the return. They also know all the tricks of the trade to get the most out of my tax return, claiming this and that- things I never would have thought of myself. Even if it costs me about $200 to get my tax done (small business), I still make a profit due to the return I get. Yes I could spend the time to learn how to properly do my own tax return, but honestly I have better things to do and I'm just not interested in accountancy!!
Shane's returns, on the other hand, aren't so predictable. Sometimes he gets a good return, other times he has had to pay tax. I have no idea why there's such a big difference from year to year, but it has something to do with him working in hospitality. We have a little money set aside that we could use for a tax debt if it comes to it, but I really hope this year we won't have to. That money will be much better staying put growing interest, for an emergency; or if we need to buy a new car; a house deposit; or maybe a holiday one day, who knows?
Those of you who came from Rhonda's blog (thanks! :)) will know that Shane and I had planned to go over- seas after our wedding, and were planning to be in Spain at about this time. Obviously pregnancy wasn't exactly on the travel agenda; Peanut was of course planned in our future, but his timing wasn't exactly planned :) SO we've had to put the travel plans on hold, for now. I know that we will still get there, to my Dad's house in Spain, to the UK where my sister lives, and to Germany to see Shane's extended family. But we are just over-joyed at the slight detour in our plans; we couldn't be happier or more excited :-)
Sorry- I always go back to Peanut- even in a post about Tax!! Haha :-)
Back to the Tax. I use those cardboard concertina cases for our paper work such as payslips and previous tax returns, receipts etc, so that I know where everything is when it comes to Tax Time. These are cheap- about $8 from Big W or K Mart. I label the compartments inside, and also put a year label on the front. Shane's payslips are all in there (he gets his in paper format- so old fashioned! BTW he also gets paid with a CHEQUE- can you believe his boss??)
My invoices/receipts from my organising jobs are all stored in folders on my computer. I haven't had to show them yet to the accountant, but they are there ready to be opened, when and if it is required. I always take in to the accountants our previous tax returns from last year as well, in case they want to see those. I've also done quite well with my book-keeping, keeping track of hours worked and every dollar I earnt etc, and all my expenses. I take the book in and the accountant praises me on my organisation :-D I love the little slap on my back!
The worst thing for me is the waiting for Shane's group certificates from previous jobs. I am hoping they will be posted to us promptly this year so I can book in our appoinmtent with ITP as soon as possible. The sooner it all gets done, the sooner I can relax and not think of tax for a whole year!!
How do you deal with your tax return? Do you do yours yourself, on time, or a few months late...or will you pay someone else to do it for you like I do?