Keeping Receipts Organized for Tax Time


Most people often ignore or swiftly say no in the request for a receipt, although not small business owners. The reason maybe they devote hours upon hours establishing them during looking forward into turning them into their bookkeeper. Top business owners simply know how to keep receipts to prevent their tax return from peril.  Its real receipt is audit protection hence take them seriously. Know how?

You don’t have to loss to the internal revenue service for not keeping your receipt. You may deduct thousands of dollars for meals, travel, automobile, phone expenses among others and if you miss any of receipt you will end up losing to IRS- it’s a substantiation requirement to keep your receipt for the tax returns. They are part of the proper registers and lose in audits and court case.

You are entitled to the deduction, not following the rules you will automatically be left out in the cold. Check on this tax return tips keeping your receipts.

Keep all your receipts

It’s one of the points that can’t be overstated. One of my clients during an audit recently with an IRS agent we astonished that the agent needed every receipt to support the clients travel expenses all year round.  Most people will argue with the COHEN RULE that it’s easy to show other credible evidence but IRA only allows you not to keep a receipt for expenses under $75 hence keep everything else and reduce the time taken for your audit.

Take notes ion receipts with their business purpose

One of my great ideas for dining and entertainment expenses; it could be easy to remember when you bought that fax machine but hard to remember who you went dinner with a few months ago which will impact on your tax return.

Scan the receipt keep them at least for six year

IRS has been seen asking for documentation and audit six years back in some cases. The ink on your receipt will have faded by then but keeping then on you PC will … Read the rest

How to Avoid Online Tax Fraud and Scams

With the tax season upon us, there are many tax return fraud and scams out there. They know what to ask and how to acquire personal information to fill in gaps in your identity. They are able to gather names, birth dates and places that you have lived through social media networking. Do not make yourself a target and know the signs of fraud and scams.

Various Types of Fraud and Scams

There are many ways people go about fraud. Most fraud is through IRS impersonation telephone scams. This phone scam is aggressive and sophisticated and targets taxpayers, to include recent immigrants. The caller claims to be an IRS employee and cons the taxpayer into providing personal information to “fix” any discrepancies in tax returns that they have informed you about; do not answer any questions that they may ask you.

Another type of scam is the taxpayer phishing scam. These consist of bogus emails that ask taxpayer professionals to update their IRS e-services portal information and Electronic Filing Identification Numbers. The links that are provided in the bogus email to access IRS e-services are designed to capture your username and password.

How to report Tax Scams

There are many ways that you can report a tax return scam. There are hotlines such as the Abusive Transaction Hotline and websites like Promoters of Abusive Tax Schemes or Prepares of Fraudulent Returns. These resources are available to taxpayers that have received fraudulent calls or phishing attempts. It is important that these attempts are reported as soon as possible and it is even more important that you do not provide any information to suspicious phone calls. Also, do not open any emails that look suspicious or asking for an update of person tax return information.

It is important to educate yourself on the different types of tax return fraud, especially during this time of year. There are many websites that you can visit to explore the threat these scams pose to you and know when to ignore the other person on the … Read the rest

Students! Make Extra Money with an Australian Tax File Number

If you are planning to come to Australia on a student visa that includes working rights, the acquisition of a tax file number could help you earn more money and pay less tax faster. Overseas travel is a fantastic way of broadening your intellectual horizons and the prospect of exciting new cultures and eye-opening experiences can greatly enhance your academic capacity.

Australia offers a wealth of cultural diversity for young people. With a vibrant music and arts scene, great nightlife and so many places of interest to consider, your tax file number might not seem too important while you are still making plans to arrive here. Leave your application until the last minute, however, and any plans you have of working to subsidise your stay in Australia can be seriously hindered.

Why is my Tax File Number so Important?

The friendly nature of Australian people is sure to lead to many exciting social opportunities and it isn’t unusual the students to find themselves whipped up in the fantastic nightlife of places like Sydney, Melbourne or Canberra. Naturally, late nights require additional money and budgets can quickly disappear. You can also visit this link for more information. By obtaining a tax file number on the back of your working student visa, you will be able to take on work and pay reduced tax rates.

When you find paid employment in Australia as a non-resident, the typical wage deduction rate on earnings is 29.5%. If you don’t have a tax file number, emergency tax is applied at a significantly higher rate of 46.5% and this can make a huge difference to the amount of money you receive in your paycheques. In effect, almost half of your wages will be sucked away in taxation.

The Typical Application Process

The Australian Government cannot accept tax file number applications until you have landed on Australian soil. You can also visit this site for more information. Once an application is submitted, students can expect a turnaround time of approximately 28 working days before their … Read the rest

Reducing Taxation in Australia for Travellers with a Tax File Number

Are you hoping to put in a few hours and work during your visit to Australia? If you are, an Australian tax file number will help you to pay less tax faster and will serve as an important part of your preparation plans. The backpacking experience is one to be savored but funds can run low after you’ve been here for a while. You can also visit this site for more information. Taking on gainful employment to counteract those unexpected expenses will help you to finish your journey with money to spare.

When can I apply for a Tax File Number?

Read through official resources and one might be forced into believing that a tax file number can only be applied for when an individual arrives in Australia. However, this doesn’t always have to be the case. By applying for a tax file number through our popular third-party service, registrations can be made in advance of your trip and be ready for processing as soon as the wheels of your plane make contact with the runway.

Wait until you arrive in Australia, and you could have to wait 28 days before your tax file number is issued. Throughout this time, any work that you carry out will be taxed at the 46.5% emergency rates and this can swallow up almost half of your income straight away. Apply before leaving and your tax file number will be back in your hands inside 7 to 10 working days.

Reducing Taxation in Australia for Travellers with a Tax File Number

You won’t need to have a permanent address, which means you can continue to travel throughout Australia at will. By using our specialist services, the Australian Tax Office will use our address for delivering correspondence and you will be notified of approval by email no matter where you are. After this also checkout our url: here. This leaves you free to discover the wonders of Australia at your leisure in the safe knowledge that your tax file number can be retrieved at any location where access to the Internet is available.

Starting Work

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Getting to Grips with Tax File Numbers

The tax file number (TFN), issued by the Australian Tax Office, is used to manage taxation across the states and territories of Australia. If you plan to visit Australia and work throughout your time here, your tax file number will be a vital consideration for all prospective employers and not having one organised will see you paying more tax for longer. Additionally, you could find that you won’t be able to claim any other benefits that you would ordinarily be entitled to.

Skilled migrants, students and overseas visitors wishing to work during their visit ‘down under’ can submit applications for a tax file number in advance. After this also visit our top article here. The application is formally lodged when the applicant eventually lands on Australian soil. As long as the appropriate visa that permits work is held, tax file numbers can be forwarded at a later stage so travelling plans can continue unhindered.

Tax File Number Benefits

Of the many benefits that a tax file number offers, perhaps the most important of them is the prospect of employers looking upon job applications more favourably when taxation requirements are already in place. In equal measures, the acquisition of a tax file number means that overseas workers will be taken off emergency tax rates much sooner and they will pay less tax faster. This is particularly important if work is going to subsidise travelling plans or living costs because lower tax rates result in higher net earnings.
There may be times when you need to deal directly with the Australian Tax Office yourself. If you need to discuss income supplements to boost your wages, lodge tax returns or make and receive payments under the current GST system, your tax file number will promote easier communication. The ATO will also be able to reference you quickly and process any activities with you much sooner.

Easy TFN Applications

Applying for a tax file number is simple. Online forms only take a matter of moments to fill in and submit.  By making an … Read the rest

Answers to your Tax File Number Questions

A tax file number, often referred to as a TFN, is a vital acquisition for backpackers and students who arrive in Australia with intentions of working during their stay. The Australian lifestyle offers plenty of social opportunities but living the high life comes at a cost and too many nights on the tiles can quickly eat into travelling budgets. The tax file number helps visitors to pay less tax faster and there are several questions that regularly arise whenever the subject is discussed.

How Does the Tax System Work for Australian Visitors?

Individuals that come to Australia on student or working holiday visas have to pay tax on all money earned and the current rate for non-residents sits at approximately 29%. When a visitor finds a job, their employer will issue an employee declaration form that has to be completed inside 28 days and returned to the Australian Government. Deductions from your wages will be established by the information you provide.

Must I Pay Tax Right Away?

Yes. If you don’t have a tax file number, you will be placed on emergency tax and the current rate is set at an astronomical 46.5%. Until your tax file number has been established, this means that you will lose nearly half of your income to the Australian Tax Office.

So what exactly do Tax File Numbers do?

Your tax file number makes you clearly identifiable to the Australian Government as a working individual without residential status. With a tax file number in place, you will be removed from the 46.5% emergency rates and charged at the preferential non-resident levels of 29% instead. You can also visit this site for more information. Although this is higher than the rates that Australian residents pay, you will still be able to retain more than 70% of your gross income.

Answers to your Tax File Number Questions

How long does it take to get a Tax File Number?

Even if your application forms for a TFN are submitted as soon as you land in Australia, it can take up to 28 working days … Read the rest

What is Taxback, and how can I apply for my Taxback?

When you live and work in Australia, you can claim your Taxback as a tax refund. There’s many people that doesn’t really understand what Taxback means and how they can apply to get their Taxback at the end of the financial year or when they leave the country. Also visit our top article here. Here is more information about what Taxback really is and how you can apply for your Taxback.

What is Taxback?

Before you can apply for your Taxback from the ATO (Australian tax offices) you need to know what Taxback really is. You can claim your tax refunds and your taxback when the financial years is over, or if you are going to leave the country.

When you are working in Australia, your employee will take a sum of your salary for tax purposes. This is normally ranging between 13 to 32%. The exact amount depends on the amount of salary that you receive, the type of work that you are doing and how long you are in the country.

The employee then sent the tax to the ATO. At the end of the financial year, you can then claim your tax back from the ATO. The financial year normally ends on June 30th of each year. But, you don’t have to wait for the end of the financial year to be able to claim it back from the ATO. You can claim the tax before you leave the country as well.

How to apply for taxback?

If you want to apply for your taxback when you file your tax returns, you need to have your final payslip or your PAYG (pay as you go) summary that you received from your employee. You need to take that final payslip with you to the ATO for filing and lodge your tax return. The ATO then will calculate how much taxback you will receive for the work and tax payments that you have done over the financial year.

What is Taxback, and how can I apply for my Taxback?

Another easier way, is to register and go to … Read the rest

Get your Tax Back before you leave Australia

There’s so many travelers out there that might have some tax refunds waiting for them, when they left Australia before the tax year ended. Most of these travelers don’t even think about tax return and tax refunds that they might have earned while working in Australia. Here are some tips and ways that you can use to get your tax refunds when you leave Australia.

You can get refund, even if you don’t stay in Australia anymore

If you already have left Australia before it was time for doing taxes, you can still file your tax returnsto Australia for making sure that you receive any tax refunds that you’ve earned.  If you left the country already, this doesn’t mean that you should go back, or even lose that money. There are some couple of ways that you can submit your tax returns when you don’t live in Australia anymore.

Get your Tax Back before you leave Australia

The first thing that you can do, is you can go online and submit your returns online. Such a place is ATO’s Etax. There you can submit your taxes and claims without any problems. This is much easier to submit their taxes through Etax than most people think.

Another thing that you can do to makes sure you file your tax returns in Australia, is to register with a registered tax agent like With these kind of companies, you don’t need to stress about anything around your taxes. Even if you don’t live in Australia anymore, but you did work there for a couple of months or even a couple of years.

Relocating to another country

When you’re living in Australia, but you are relocating to another country before you can submit your taxes, doesn’t mean that you are going to lose the money that you could have got back from tax refunds.So many people don’t even think about their taxes and filing their tax returns before they leave.

Just like the traveler, there are some other options that you can do, when you have already … Read the rest

Education Tax Refund Incentive in Australia

The Australian government has made sure that everyone can now afford education with the education tax refund that you can claim for, if you’re living in Australia. We all know how expensive good schools can be, and with this new form that you can claim some deductions on your tax refund, anyone can get their children to great schools. Here is more information about this new incentive in Australia.

What the education tax refund incentive is all about

School fees are getting really expensive and there’s so many growing families in Australia that are really struggling to pay the school fees. Also try this link for more information. Now, the Australian government has implemented a new way for families to afford their school fees.

With the education tax refund, any parent can claim a deduction off, because of their school fees. This is for Australian people that have children in schools. This is a great way of making sure that every parent can afford school fees and keeping their children in schools.

How much can you claim with the education tax refund incentive?

Parents of children in all the different schools can claim up to 50% of the school fees of a year. This can be a lot of money that the parents can use for more important things. You can also try out our top article for more information.The amount that can be claimed for the educational fees is increasing as the consumer price index is increasing. Making it even better for parents to claim for tax refundswhen they are a growing family that doesn’t have enough money to get through the month.

Education Tax Refund Incentive in Australia

With this educational tax refund, you can claim for more than just the school fees. This also includescomputers, stationery, uniform, books, software and other school related expenses that a parent should pay.

Needs to meet certain criteria

Unfortunately, this educational tax refundisn’t for every parent of Australia who has children in schools. There are some criteria that need to be met before … Read the rest

Tax Tips for Rental Properties

When you are going to register tax agents like, you will have some tax benefits for your rental properties. There are many tips around rental properties that you should know about, to be able to claim deductions for your rental properties. If you have rental properties, you will find these tips really interesting. Especially if you are looking for some ways of getting tax refunds back.

Claim on interest

If you own a rental property and you’re looking for a way to claim your property from your tax return, then you can. This is if you are still having a mortgage or loan on your property. And, if the property is an investment property.

Tax Tips for Rental Properties

You can claim deductions from the interests that you are paying on that mortgage or loan. You can also try our top article here. However, you need to remember that you can only claim if you have the loan for a property that you are renting out or using as an investment.

Immediate deductions

When you have rental property, you can claim for the everyday maintaining of your property. With everyday maintenance, we mean the everyday wear and tear that you need to repair a property.

You can also claim for things like advertising costs, land tax, body corporate fees and council rates. It is really important to make sure that you know exactly what immediate deductions you can add on your tax returnwhen you file your taxes. You can also check out this link if you need more to know. Claiming for the incorrect things, can result in you not getting the refund that you were hoping for.

Traveling to your investment

For any landlord it is really important to travel to your investment property frequently. Even if you have a manager that is making sure that everything is going correctly. You might wonder what have these to do with claiming on your tax returns. The answer is easy, you can claim for the traveling costs that you spend … Read the rest