Keeping your tax return in line can sometimes be a big task. However it is possible to save quite a lot of money if you do it properly. The following is a short list of simple things you can do (legally) to save money on your tax return and make it much easier for yourself to do it well:
1. When the time comes for you to prepare your taxes, consider hiring a professional tax consultant or agency to complete them for you. Professional tax agents know exactly how to complete tax forms, and even though you will be charged for their services, their expertise might save you money through the details as well as in the long run.
2. Use an electronic filing system. SARS has a simple e-filing system that you can get directly from their website that is designed to make things easier for you, and save you money in the process. Doing it this way also saves you the hassle of piles of paperwork and safeguards you from losing important papers.
3. File your returns before the cut-off date. If you manage your time and get all of your affairs in order well before the cut-off time, maybe by getting it done by a consultant or doing it early yourself, you will save yourself from having to pay the late fees and penalties that pile up the more you procrastinate.
4. Be as meticulous as possible. By itemizing your return as best you can, you can cut out any extra money you may lose by estimating or throwing all your expenses into one pool. By itemizing you may also find that some items you listed that weren’t listed on your previous returns might be deductable, allowing for a refund from SARS.
5. Organize your information. Store all of your information such as pay slips, bills and statements and petrol slips in folders that are clearly marked so that you can access them as and when you need them.
6. If you need to keep a mileage log for your vehicle to track company usage, consider using an electronic GPS Logbook, such as the one available from The Little Logbook. The GPS mileage tracker is much more accurate than paper log books, and saves you time and hassle of having to record trips. It also allows you to keep your log safe being a password protection wall and on a small memory card that plugs directly into your computer when you’re ready to use it. To order one of these electronic logbooks or to find out more about the product, follow the link above.
