smsf audit related tips

 Millions of people are familiar with numbers like 1040, W-2, and INT-1099 again this time of the year. You can claim deductions to offset some of the tax burdens that come with having a mortgage. Let's take a look at some tax deductions that you can use to offset your tax burden as you file your annual taxes. For those with less than $1million in a mortgage (which is most of us), You can fill in Schedule A, also called "itemized deductions", and claim the interest you paid on your mortgage the previous year. This is only for your primary residence (wherever you live). It does not include any other properties or houses that you might own for rental purposes. You can use Schedule A if you have been penalized for not paying your mortgage in total this year. This does not include any other properties or houses you may own for rental purposes. You may be eligible for a deduction for interest if your mortgage company pays your taxes through an escrow account. Keep in mind that...

An accountant is a licensed professional that has had to go to great lengths to become a certified public accountant.   The certification exam is extremely difficult.   Certified accountants are highly versed in tax codes, finance, and tax issues. Many people mistakenly believe that accountants only provide tax return preparation services.   A typical scenario is for a person to drop off their receipts one month before the due date for tax returns. The accountant will prepare a tax return as best he can while keeping the amount owed to the government.   If this is the way they use their accountant, it can happen. However, people will not be wasting money. Accounting professionals are experts in tax codes.   This should be used.   An accountant should be able to see all aspects of your financial affairs.   An accountant should also know about important events in your private life such as when you are going to have a baby.   This is because it all...

 Over 40% of Australia's largest businesses improve their profitability using outside service providers for their bookkeeping and financial functions. Due to technological advances, this same alternative is now available to small businesses. Firms using the Analytix solution are discovering that moving part or all of their bookkeeping and accounting functions to professional outside providers saves costs while freeing up valuable management time. Starting or buying a new business is a challenging proposition. Our professionals can help guide you through the myriad of issues that arise during this complex process by helping you structure the company to suit your financial goals as well as helping you through the registration of your business with the appropriate local, state, and federal authorities. Business owners need to maintain accurate financial records to properly manage their business, while also conforming to government regulations requiring mandated filings, such as federa...

  Tax compliance require s  accurate record – keeping for tax records else your business could invite penalty notices from the ATO. W e will discuss the GST records and PAYG records requirement for the business owners like you  so that you always remain compliant at record – keeping end. You will also enjoy some quick tips that can help you with record-keeping  in the  future .    Read more