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Top 5 Tax Deductions

April 23, 2021

What is a Tax Deduction?

These are your work-related expenses that help decrease your taxable income which in turn, decreases how much tax you have to pay. The catch with tax deductions is that you never get back 100% of what you are claiming, it’s based on your taxable income tax rate. But that’s something you don’t need to worry about…

5 Tax Deductions for your etax return

Before you prepare your etax return there are a number of
tax deductions that you may not know about or have forgotten. 

The top 5 missed tax deductions are:

Claiming work-related car expenses:  If you use your own car for work purposes, except for driving to and from work, you may be able to claim some car costs.  You need to keep a log book that keeps a track of the number of work km’s done.

Mobile phone:  If you need to use your personal mobile phone to make work calls, such as calling customers or clients, you may be able to claim a portion of your phone bills.  You either need to keep a copy of your itemised monthly bill or keep a log to determine what portion you can claim.

Internet:  Do you work from home and need to use the internet?  If the answer is yes, you may be able to claim a portion of your internet costs.  Similar to claiming your mobile phone, you need to keep a monthly log book that records your work use.

Home office:  If you are required to work from home you may be able to claim some home office expenses such as computer costs, electricity, and office furniture.  Just keep a monthly record of the number of hours you worked at home.

Tax agent fees:  Don’t forget that the cost of using Gotax to do your tax return is tax deductible in the following year.

So make sure you enter in all of your work-related expenses into your Gotax Online etax return to get back the tax deductions you deserve!

 

Get the most out of your etax return and never miss a tax deduction again with GoTax Online

Our state of the art etax system shows you the common tax deductions for your occupation that you can claim on your etax return.

Get your tax refund FAST!

Note that the information provided is general in nature and subject to change, please contact one of our professionals who can evaluate your circumstances and provide more accurate advice to your current situation.

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