For those of us who have been in a job or a business for a few years are well versed with what an income tax return is and how crucial it is to file your tax returns on time. But for a person who has just stepped into the big bad world of job or a young budding entrepreneur, filing an income tax return can be a bit â€œtaxingâ€! So let us go back for a bit and try and understand from a laymanâ€™s point of view that what exactly is an income tax return. To put it in simple words, tax return is a form or a document so to speak which is to be filled up and submitted to a tax governing body which basically shows what your income is, what your expenditures have been and how much tax you are liable to pay or how much tax is to be returned back to you because of your investments.
Your tax return is basically a mirror to show you exactly how much tax you owe to the state or how much tax refund you are entitled to. Usually tax returns are filed once a year which is at the end of the financial year.
Now apart from the obvious advantage of tax refund that you get from filing your tax return, there are numerous other sweet plus points that makes it very important that you file your returns on time.
Believe it or not this one piece of paper serves as an important proof of your credibility in case you are seeking out a home loan or probably applying for a visa to go abroad.
If you are a business owner, profits and losses are part of the package you have signed up for. Now in case of losses, you can carry forward them to the consecutive years to be offset against the capital gains in the coming years and for this your income tax return has to be filed by you on time.
Also if you are thinking of buying a life insurance cover for yourself of a high value, the insurance company will ask for your income tax return documents, hence you can see how valuable this is for you.
Now that we are pretty sold on the idea that yes, filing our income tax return is the right thing to do, let us look the ways in which you can do so:
The first and the most obvious way is that you can file your income tax return yourself. This involves you going on the internet and downloading the form to be filled up by you and sent to the address along with the payment required. Another way is the electronic filing of your tax return, you can do the entire procedure online and make an electronic payment using your online bank. This method is useful when your tax returns are pretty straightforward and you are a salaried person who does not have complex financial transactions to look over while filing his or her income tax return.
But for a business owner or someone who has had some complicated financial transactions to show, it is better if he or she invests in a good tax consult service and hand over this important procedure of filing income tax return to the experts. Usually these companies have a dedicated team of tax accountants who are well versed with the tax system and will accurately and efficiently file your returns for you saving your precious time as well as the hassles that may you may encounter if you went ahead and did the returns yourself, like silly errors that you may have overlooked while lodgement up the form.
TaxConsult Adelaide is one such top notch consultancy service that provides timely and professional help without any errors when it comes to your tax returns. Be it a personal one on one consultation or a telephone exchange, TaxConsult Adelaide believes in providing a thorough service, not only helping you file that all important tax return but also guiding you to channel your finances in the right direction, thereby reducing your tax liability and multiplying your business profits in the long term.