Cons to doing your own tax

Date posted: Friday, August 15, 2014

We encounter quite a few go-getters who take on doing their own tax and then wind up on a tax rebate mis-adventure. And by this time, often it’s too late to avoid incorrect deduction fines.

Sure, you can save money by not paying for an accountant and sometimes it might be a faster way to process your refund, however here are some cons to doing your own tax you should probably know about;

• You might overlook or not be aware of expenses you can deduct

• Tax returns can take a considerable amount of time if you don’t know what you’re doing (who has spare time to crunch numbers!)

• You might deduct costs of doing this year’s tax in next year’s tax return

• You might experience fines if you don’t lodge your return in time and in the right way

• You may get randomly audited, which could unearth incorrect claims and result in hefty fines

Go easy on yourself and let us get your tax records organised. We can help you understand what you can and can’t claim and do all the hard-work for you.

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