5 Tips To Help You Maximise Your Tax Refund
It’s almost tax time again, and for most people, that means looking forward to a great refund. Your tax cheque can be a great boost to your financial situation, however it’s easy to let it go to waste. Here are 5 top tips to help you maximise your tax refund and enjoy the benefits of a great tax cheque in return.
Know What You Can Claim
When you’re looking to do your tax return, it’s essential that you understand just how much you can claim. The last thing you want is to lose money by not claiming enough, or risk investigation by the taxation office for claiming what you aren’t entitled to. If you aren’t using an accountant, you will have to do your research very carefully to get the most out of your return.
Keep Your Receipts
This is one of the golden rules of submitting a tax return. In order to get the biggest tax refund possible, it is essential that you hold on to the receipts for everything that you wish to claim. Without receipts, there are many things you simply can’t claim, which seriously impacts how much you will be getting back on your tax cheque.
Find a Great Accountant
Often, friends and family are the best people to ask when it comes to finding the best accountants to suit your needs. Ask everyone you know for their recommendations, as nothing beats personal experience. A good accountant will be able to ensure that you get the most out of your tax return.
Use Your Budget
Once you know how much your tax refund is likely to be, it’s essential to start planning for how you are going to use it. Whether you are putting away in savings, paying off your credit card debt or allocating it for a holiday, having clear goals and intentions means there’s less chance that the money will be wasted. Let your budget help you to resist the temptation of impulse spending with the money from your tax refund.
Prioritise the Funds
When you first get your cheque in hand, it can be a bit overwhelming. Similar to the previous point, you should think about where you want the funds to go. You might be tempted to spend it on a great getaway, but if you’re worried about your debts back home, you simply won’t have as much fun. Use your tax cheque wisely, and try and get rid of any outstanding debts and bills first, so that the rest can go towards what you really want!
Want More Help?
To know more about how your tax refund can be used to strengthen your financial situation, or just some top budgeting tips and advice, contact the professionals at Fox Symes. Become one of the thousands of Australians to discover just how helpful Fox Symes free debt assistance can be, and regain control of your finances for good.
Kelly is a personal finance guru who loves to blog about a range of money related topics. Her financial fascination started with a call to Fox Symes and since getting on top of her debt she has been inspired to motivate others to get the most of out their money.