Tax Savings: The Quick And Easy Way

Planning for tax deductions when completing your tax return can be tedious, especially if you are unsure of claims you can qualify. Interestingly, there are some expenses that will allow you to qualify for a tax deduction, provided that these are directly deducted to your income. Here are some of the tax deductions you can claim – you will be surprised at how much you can save!

Travel deductions

You can claim travel deductibles from work – related travel, provided you keep records of your travel expenses. Daily travel expenses are not included, as it is considered private travel. Keep receipts for fuel, oil, repairs, insurance and registration.

Clothing deductions

Claims for clothing include company issued uniforms, protective and occupation – specific clothing. Keep records of purchase, as well as receipts of your cleaning costs.

Donations

When you donate to organizations that have DGRs, or Deductible Gift Recipients in the form of money or even shares more than $2, you are entitled to a deduction. The gift must be voluntary, and you should not receive any form of advantage in return. Bushfire and flood donations can be covered even without a receipt, provided the contribution does not exceed $10.

Home Office deductions

If you have a home office, you can be eligible to claim deductions for your home office phone, computer and other electronic equipment.

Self – education deductions

You can claim deductions from continuing education provided the courses you are taking are needed to maintain or improve your current employment. Other claims can also be made for expenses incurred during self – education, such as accommodation, meals, materials, course fees , fares and a whole lot more.