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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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    What happens if a relative passes away and you suddenly inherit an IRA account? Do you pay tax on the value of the account when you inherit it? Should you just transfer the funds into your own IRA, or...
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    Make sure you know where you intend on moving your money in advance!
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Before you learn about stretching your Inherited IRA, you need to understand IRA basics.  IRAs have been around for years.

Traditional IRAs allow you to invest a certain amount of before-tax earnings on a yearly basis. That reduces your current taxes because you don’t pay taxes on that money until you actually take it out later. The main benefit of your IRA is that it grows more quickly because you aren’t taking money out to pay taxes.

Company retirement programs like 401(k)’s work similarly. Sometimes companies will match a portion of their employees’ contributions, dramatically increasing the employee’s return. If your company matches any of your contribution make sure you take advantage of it!  When you change jobs or retire you can transfer the money from your 401(k) into your own IRA.

Roth IRAs allow you to invest after-tax dollars, but the earnings on a Roth IRA are never taxed.  You aren’t required to start taking money out of a Roth IRA at age 70 ½ like as in a traditional IRA.