Tips to Increase Your Tax Refund
Tips to Increase Your Tax Refund
Online
GST Return Instead of looking for ways to get out of paying taxes, it
is better that you file your returns in a systematic and efficient manner which
will allow you to spend more time at work where you can make more money. But
mind you there are certain ways to reduce your taxes and one way of getting to
know them is to hire a professional tax consultant who will take care of all
your tax concerns.
1 Medical Expenses: One thing that helps with
your taxes is to have your records in order. Make sure you keep invoices and
statements of medical expenses, which are not included in your medical cover so
that you can claim these as deductions when the assessment is done. There are
deductions like dental insurance premium or even premiums on health insurance
can be shown as medical expense depending on your income.
2 Entertainment Expenses: Deductions and taxes keep changing every year and it is very
Online
GST Return important that
either you keep yourself updated with all the changes or then if you have hired
a tax advisor, he will be aware of the changes. The entertainment allowance
which is used for personal expenses cannot be claimed for tax deductions and in
such cases the employer must be aware so that this expense is taxed to the full
and you don't have to face a tax liability after the assessment. The percentage
of deductions of ordinary and necessary entertainment expenses and meal
expenses can be deducted up to almost 50%
3 Travel Expenses: One good practice for this is to keep a log book that records the
distance traveled so that you can correctly calculate your travel deduction. A
point to remember is that if you have two jobs and you are traveling from one
office to another then this expense can be deducted, but if you are traveling
from home to office or back then it is a personal expense and it cannot be
deducted. This may vary from state to state. Some states even allow the travel
expenses for seminars and conferences to be 100% deductible. Deductible travel
expenses include: airfare, hotel stay, taxi costs, parking fees, tolls and even
tips given.
4 Tax Records: If you keep your tax records organised and well planned then it
will ensure that Online GST Return you don't miss out on any deductions and also
this will make filing your taxes a much easier job. Keeping your records in
track also helps you answer any questions posed by the tax department and this
helps you avoid paying any extra taxes or penalties
5 Deadlines: Even if you don't file your taxes, it is important that you are
aware of the Online GST Return deadlines and last dates so as to avoid penalties. If you are
unable to file the returns in time then you can request for an extension which
will be granted to you if your last year's tax procedures are up to date.
Extensions are not always granted and depend upon the situation.
6 Electronic Filing: One of the fastest
ways to get your taxes filed is to do in online. The returns are processed in
almost half the time that is taken for a paper process and so is a good option.
Also an e-file is a better option as it picks on a problem much faster, so that
it can be dealt with there and there and also it gives you a confirmation
regarding your return immediately.
Filing your taxes can be a time consuming job and a confusing one at
that if you are not knowledgeable about tax matters. In such cases you should
think of hiring professional tax consultants in India with Taxable Accounting
at advise24
If you are looking to pay Online
GST Return then I will suggest to you that Advise24 will the best option for you.
Because Advise24 is providing the best GST Return services in India.
For more details you can checkout here:-
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