Holidays and longer days mean our routine can get thrown during the summer months.
Suddenly, September arrives and the income tax return deadline in October starts to creep up.
Here are a few small tips to take the stress out of getting your income tax return completed:
1. Check list: Make a check list for yourself including the list of items you need to get sorted and tick them off as you go.
2. Deadline: Set yourself a personal deadline for when you want to have all the information compiled.
3. Statement of claims: Request this from your insurance company for the year.
While your premiums for paying health insurance are not deductible for income tax purposes, the balance of any medical expenses not paid out by your insurer are.
4. Pharmacy Expenses: Ask your pharmacist for a statement for prescription medication purchased over the year.
5.Medical and Consultancy Expenses: Request a statement for the year from your Doctor, Physiotherapist and/or Chiropractor. This will ensure you won’t miss out on the claim if you have mislaid any receipts.
6. Dental Expenses: Credit can be claimed for Major Dental; however, you must have a Med 2 form completed by your Dental Practitioner (general dental work including check-ups etc. are not allowable expenses).
7.Bank or Credit Union Savers: For any deposit accounts and interest earned, ensure you have your year-end statement or interest summary statement.
8.Local Property Tax (LPT): If you have paid any LPT on home or investment properties, a 5% or 10% surcharge can be imposed by Revenue where LPT is outstanding at the filing date.
Just to note, if you have any capital gains or capital acquisition (gifts/inheritance) be sure to discuss this with your accountant. It’s important to ensure the relevant taxes and filing are completed on time, as they may be required to be included in your annual income tax return.
You can learn more about Linda Doran, Director, Audit & Advisory, by visiting her on LinkedIn.