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Taxation

Individual Tax Return Tips #3 – keep ALL receipts that may relate to anything for work

If you pay for something that evenly partly relates to your work – keep the receipt and bring it along to your tax appointment and ask if it can be claimed as a tax deduction (or part deduction).  You would prefer to be told no, compared to not keeping the receipt and being told yes you could have claimed that if you kept the receipt.

Depending on your occupation, this could mean keeping receipts for tools, parking, work clothing, ipads, courses, laptops, books, magazines, donations, income protection insurance, conferences, computers, stationary, etc

If you have regular expenses like a monthly phone plan, monthly home internet, union fees out of pay, monthly charity donation, etc – as you should be able to obtain a history of these expenses, it is easy for you to obtain these just before your tax appointment.  It is the one off expenses that’s important to keep somewhere safe, to ensure you don’t forget about them.

By Pat Hoey