Since its foundation, Southbourne Tax Group has been providing trusted tax service to different businesses and individuals. And to give some help to property investors the firm prepared some helpful tips that can at least make taxes easier for them and to reduce their tax-worries. But first, remember that as a property investor, you must have a correct tax return.
When submitting returns, landlords usually come under inspection so it is really important to have complete and appropriate tax returns. Ensuring about the legitimacy of all claims and maximizing tax return amount involves a thorough discussion with your accountant on what can and can’t be claimed as a tax deductible expense.
Making taxes easier for you may also involve hiring a tax specialist. Southbourne Tax Group provides a few more tips below to help property investors with their taxes.
Reducing your tax payable could include offsetting the net loss generated by negative gearing against other income. You can also claim the interest of a property if it is available for rent.
Checking your insurance policy must also include having the right coverage. Being a landlord, you should know that a standard home and contents insurance policy won’t cover particular risks involved with property investing. You surely have costs that you are rightfully entitled to, so see to it that you won’t overlook them.
Working from home as a self-managing landlord had costs wherein you can claim a fair and reasonable part of it. Southbourne Group also suggests hiring a property manager because its costs can be a deductible expense, which is a good thing, right?
Property managers have the ability to create a potential tax benefit while assisting the organization as well. An investment property includes administrative responsibilities, which can be taken good care of property managers. Having a problem with compiling and completing important paperwork? A property manager can indeed provide a great help in this matter and make it easier and simpler for you.
All those given tips above are some of the ways to help you avoid making mistakes on your taxes as a property investor. For more information about taxes, contact Southbourne Tax Group today.