Tax Time - Mental Blockage
Do you get a mental block every time of the year when it is tax time and it is time to face your figures?
For many people, tax time means tax block, it's that ongoing aversion to sitting down getting out all of your receipts, all of your certificates and filling out your tax return. It's a sure sign when more and more people are passing on their information to tax agents, every year, and eight out of 10 people still make mistakes with their Tax Returns.
Should you use a tax agent? Depending on the complexity of your tax situation, you may find filling in the tax return too difficult, many people are willing to pay a tax agent just to avoid doing their tax return, while others use agents so that they receive their tax return sooner, and also remember that the fee is tax deductible. Tax returns that are launched by tax agents are processed in about 14 days and if it's an electronic lodgment, it can be paid directly into your bank account.
Is it hard to find the right tax agent?
First of all you should visit a number of agents and get a quote from them and find one that suits your tax needs and your financial situation, and make sure you confirm the total cost before giving them the go-ahead. The tax agent market is very competitive but don't fall into the trap of getting the cheapest one, cheapest is not necessarily the best.
Use an accountant if you have business interests, capital gains tax problems or a negative gearing problem. The tax office regularly issue warnings about bogus taxation agents, the law insists that all agents be properly trained and registered with the tax agent office. So remember, before choosing an agent find out whether they registered with the Tax Agents Board and look for the letters CPA.
Jenny Gill is an international author with an immense range of knowledge and skills in a wide range of areas. Jenny is a mother and a grandmother and devotes a lot of her time supporting the aged in her community.
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