16:46 21 March 2013
Tax seasonis upon us once again and tax payers are either rushing to get their taxes filed. Some are trying to get theirs filed as quickly as possible while others are procrastinating and will wait until the last possible moment hour to get it done.
The most important thing about filing your personal tax returns is that you get every possible deduction that you can so that you don’t pay the government not one penny more than you have to. There are many things that you can do to maximize your personal tax returns. Here are three tips to help you make sure you get the most out of your 2012 return:
1. Make sure you know and understand your tax codes. It’s possible that you may be being taxed based upon codes used in previous years even though your situation and finances may have changed.
If you think that you are being taxed under improper coding, let your tax professional know so that this can be corrected.
2. If you have income that you can receive after April 6th rather than before, do so. The tax rate of income earners over £150,000 will be reduced for 50per cent to 45per cent on that date. Save that 5per cent!
3. If you are making contributions to a pension plan, make sure to make any planned contributions before April 6th.
Every year millions of pounds are left on the table by taxpayers who don’t take full advantage of rules and deductions that will help them get more rather than pay more. And millions of pounds owed to taxpayers end up going to the government because of taxpayers who neglect to file at all!
Don’t give up any of your hard earned money. Maximize your 2012 tax return by considering every option that is available to you. Consult your tax professional for help on preparing for tax returns.
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