Category: Business Accounting

Category: Business Accounting

Hobby or a business?

Hobby or a business?

This article, written from a tax agent’s perspective, explores the differences between a hobby and a business for tax purposes. It covers the definitions, implications for hobbies and businesses, factors for evaluation, the importance of seeking professional advice, and record-keeping recommendations. The focus is to guide individuals in understanding how their activities are classified and the corresponding tax implications.

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Tax return errors

Tax return errors

This article, written from a tax agent’s perspective, outlines common errors observed in 2023 tax returns. It covers issues like misreporting income, incorrect personal information, errors in claiming deductions and credits, pandemic-related assistance reporting, mathematical mistakes, filing status confusion, neglecting to sign, late filing or payment, and ignoring digital currencies. The aim is to educate taxpayers on these common mistakes and provide guidance on how to avoid them for error-free tax filing.

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Working from home deductions

Working from home deductions

This article, written from a tax agent’s perspective, provides an overview of deductions available for working from home. It covers eligibility, types of deductions, calculation methods, record-keeping, common misconceptions, special considerations in light of COVID-19, and the importance of seeking professional tax advice. The aim is to guide individuals in effectively claiming home office expenses on their tax returns.

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Getting your finances in order

Getting your finances in order

This article, written from an accountant’s perspective, offers practical tips for individuals looking to organise and optimise their financial health. It covers creating a budget, building an emergency fund, managing debt, saving and investing, regular financial reviews, minimising unnecessary spending, maximising income, tax planning, and the value of professional financial advice. The focus is on establishing a structured approach to managing finances effectively for long-term stability and growth.

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Why you need a Power of Attorney

Why you need a Power of Attorney

This article, written from an accountant’s perspective, provides insights into the importance of having a power of attorney as part of financial and healthcare planning. It covers the definition, types, roles in financial management and legal/healthcare decisions, reasons for needing a POA, choosing an agent, legal processes, and the importance of regular reviews. The focus is on the POA as a critical legal instrument for ensuring responsible management of one’s affairs in unforeseen circumstances.

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Why you need a will?

Why you need a will?

This article, written from an accountant’s perspective, explains the importance of having a will as part of financial and estate planning. It covers the definition, purpose, importance of appointing an executor, guardianship considerations, specific instructions, tax considerations, the need for regular reviews, and the importance of seeking professional legal and financial advice. The focus is on the critical role of a will in ensuring that one’s assets are distributed according to their wishes and providing for loved ones.

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Travel Deductions and what you claim

Travel Deductions and what you claim

This article, written from a tax agent’s perspective, explains common travel deductions, documentation requirements, and tips for claiming these expenses on tax returns. It covers deductible travel expenses, documentation, car travel deductions, mixed-purpose travel, overnight travel, international travel, non-deductible expenses, and the importance of professional tax advice. The aim is to guide taxpayers in effectively claiming travel deductions while adhering to tax laws and regulations.

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What is income protection?

What is income protection?

This article, written from an accountant’s perspective, provides a comprehensive overview of income protection insurance, including its definition, importance, differentiation from other insurance products, coverage determination, tax implications, target audience, cost considerations, and the value of professional advice. The focus is to educate readers on the significance of income protection as part of their financial planning and risk management strategy.

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Understanding your credit card

Understanding your credit card

This article, written from an accountant’s perspective, provides an in-depth look at credit ratings. It covers the definition, calculation, importance, score ranges, ways to check and improve the rating, common pitfalls, and the value of seeking professional advice. The focus is to educate readers on the significance of a credit rating in their financial life and guide them in managing it effectively for better financial opportunities.

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How much does short term debt cost?

How much does short term debt cost?

This article, written from an accountant’s perspective, provides a comprehensive overview of the real costs associated with short-term loans. It covers aspects like high interest rates, additional fees, impacts on cash flow and credit score, the risk of a debt cycle, alternatives, and the importance of long-term financial planning. The focus is to educate readers about the potential financial pitfalls of short-term loans and encourage careful consideration and professional advice before proceeding with such financial decisions.

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