This article deals with some tips to help you increase your tax refunds; let’s take a look at them:

NOTE: please check for deductions as per the tax laws applicable to your state and country or consult your taxation accountant .

Medical Expenses:

One thing that helps with your taxes is to have your records in order. Make sure you keep invoices and statements of medical expenses, which are not included in your medical cover so that you can claim these as deductions when the assessment is done. There are deductions like dental insurance premium or even premiums on health insurance can be shown as medical expense depending on your income.

Entertainment Expenses:

Deductions and taxes keep changing every year and it is very important that either you keep yourself updated with all the changes or then if you have hired a tax advisor, he will be aware of the changes. The entertainment allowance which is used for personal expenses cannot be claimed for tax deductions and in such cases the employer must be aware so that this expense is taxed to the full and you don’t have to face a tax liability after the assessment. The percentage of deductions of ordinary and necessary entertainment expenses and meal expenses can be deducted up to almost 50%

Travel Expenses:

One good practice for this is to keep a log book that records the distance traveled so that you can correctly calculate your travel deduction. A point to remember is that if you have two jobs and you are traveling from one office to another then this expense can be deducted, but if you are traveling from home to office or back then it is a personal expense and it cannot be deducted. This may vary from state to state. Some states even allow the travel expenses for seminars and conferences to be 100% deductible. Deductible travel expenses include: airfare, hotel stay, taxi costs, parking fees, tolls and even tips given.

Tax Records:

If you keep your tax records organised and well planned then it will ensure that you don’t miss out on any deductions and also this will make filing your taxes a much easier job. Keeping your records in track also helps you answer any questions posed by the tax department and this helps you avoid paying any extra taxes or penalties

Deadlines:

Even if you don’t file your taxes, it is important that you are aware of the deadlines and last dates so as to avoid penalties. If you are unable to file the returns in time then you can request for an extension which will be granted to you if your last year’s tax procedures are up to date. Extensions are not always granted and depend upon the situation.

Electronic Filing:

One of the fastest ways to get your taxes filed is to do in online. The returns are processed in almost half the time that is taken for a paper process and so is a good option. Also an e-file is a better option as it picks on a problem much faster, so that it can be dealt with there and there and also it gives you a confirmation regarding your return immediately.

Filing your taxes can be a time consuming job and a confusing one at that if you are not knowledgeable about tax matters. In such cases you should think of hiring professional tax consultants in Sydney with Taxable Accounting at www.taxableaccounting.com.au.

By contributing to charities as a Canadian tax payer, you can legally claim thousands of dollars in Canadian Income Tax refunds.

Taxes in Canada are too high. We pay thousands of dollars every year in tax; it is estimated with all taxes included, approximately 50% of our wages are spent on taxes. That means you spend half of your working life just paying off your tax bill! The worse part of this if you are representative of the average Canadian when you reach retirement, you will have a painful savings account of around $5000. This is why more and more people are having to consider extending their working years or are cutting back on daily ‘luxuries’ in order to invest in their financial future.

Finding out these statistics sent my wife and me into a bit of a panic and we have spent the last few years, looking at ways we can increase our income and reduce our expenditure through an integrated financial strategy…rather than denial of what’s really going on. One of the best way we found to achieve both has been using a tax avoidance strategy. These words often make people cringe away as they get tax avoidance confused with its very illegal counterpart “tax evasion”; which is withholding tax illegally or tax fraud. I discovered the concept of tax avoidance actually holds huge legal tax benefits for the average Canadian.

· Simply put – Tax avoidance is using the tax system to your benefit within the limits of the law; an RRSP would be an example of a tax avoidance program.

Make money from your taxes

Although, RRSPs are more highly promoted by the government they are in fact not the most profitable or the most generous way to save you tax. When you take part in an RRSP you are simply deferring your tax liabilities, whereas tax avoidance programs such as tax shelters, help you gain tax credits which have no taxable liability. The Canadian Revenue Agency (CRA) does not advertise that ALL Canadians are entitled to 100% Income Tax rebate IF they make charitable donations in an intelligent way. This really blew my mind at first so I will explain it as clearly as I can. I discovered tax shelters. This is NOT tax evasion, which is entirely illegal; this is tax avoidance, which is entirely LEGAL.

Quick Quiz for you –

· What is the difference between tax avoidance and tax evasion?

· Answer – …around 10 years in prison!

· I didn’t get that joke at first, but a lawyer explained to me that it’s because tax evasion is illegal and will land you 10 years in prison…he told me that that’s why it’s so important to understand the difference between these 2 because they are not the same!

Basically tax shelters are ways, thought up by very smart lawyers and accountants, for you and me to legally benefit from positive rewards that exist in the Canadian Income Tax system. Under the terms of Canadian law we are all expected to save as much tax as possible, even if the tax man doesn’t like it. This is the legal principle which allows tax shelters to function, much to the frustration of the Canadian Revenue Agency!

How do tax shelters work?

There are many different types of tax shelters, and as with any industry some are best avoided; you really need to do some good research before deciding on a program. After a lot (and I really mean a LOT) of research my wife and I decided with an Open Market Structure program. One of the main reasons for this decision was:

· This shelter uses fair market value, which means that, when an item is donated to charity, they do not get anyone connected to the shelter to say what the item is worth. An independent evaluator will do that job. Tax shelters which have been found to be legally non-compliant in court have not followed this principle.

Below I will try and outline the process as I understand it with a hypothetical example:

· I want to buy 100 laptops for children in India. So, I go to a bank and I ask for a loan for the money to buy the 100 laptops.

· The loan will be for 4 years and I will immediately pay off the interest for 4 years of the loan. With that loan, I then go to a technology company who gives me 100 laptops.

· I get an agreement from them that I can return the same item (100 laptops) back to them and get the full amount of money reimbursed to me.

· I now donate the 100 laptops to a registered Canadian charity and get a donation receipt for the amount I paid. I attach this to my tax return and get a 40% to 50% tax credit (depending on what province I’m in).

· 3 years and 1 day later, I ask the loan company to use my 1 year of remaining interest to go to the overseas market and buy 100 laptops at a much cheaper rate than I could get from the Canadian technology company.

· After returning these to the technology company, they refund me my original money which I use to pay back my loan in full. So I’ve now donated 100 laptops, received a donation receipt and paid off the entire loan.

· My tax benefit is bigger than my cost, which is the definition of a tax shelter according to the Income Tax Act of Canada.

Actually, the tax shelter program does all of this process for me, so all I really had to do was to pay the pre-paid interest on the initial loan.

It worked for me…

This is the system my wife and I used for the past 2 tax years and have received a nice big cheque from the Canadian Revenue Agency for our efforts! I chose this system after a lot of research, much of which I have included in my blog (details below), so please feel free to use this as a spring board for your own investigations!

Remember the only thing stopping you from being financially free is your dedication to being financially free; use financially intelligent solutions to increase your income and minimize your expenditure. Live the life you deserve!

You are likely to have paid more tax than you owed if:

1. you were studying and was working at vacation and failed to fill in form P38S Student Employees
2. your employer was using the unsuitable tax information
3. you were only employed on a temporary job
4. you were working on more than one employer together at the same time
5. you terminated working and was not getting tax earnings or assistance for the remainder of the year
6. the state of your income changed – for example you changed from a permanent role to a part time role or started a self employed role
7. other forms of income you have which was taxed with the use of your tax code, for instance reserves and investment income has declined in value since the last time informed the income tax department about it – meaning the amount of income included for your actual tax code is too much
8. you were employed a new role which resulted in a reserve tax code assignment temporarily

PAYE (Pay As You Earn) and tax codes

The tax code required is issued by the tax department and is given according with the necessary required information they know related to your wages and income and your right to allowances. It is present on the PAYE coding notice which is sent to you (it is ordinarily received by you before the beginning of the new tax year and it is possible that it is dispatched at different times of the year if your circumstance has altered). Not everybody will be dispatched a coding notice but you can also see the code on the P45 or on your wage slip. It gives information to the company who employs you the amount of tax to take from your salary before you are given your salary. This way of giving income tax is named PAYE. If you have more than a one jobs or you are in a job and receive a pension there is a possibility that you can have more than one tax code.

CLAIMING TAX REBATE FOR SELF ASSESSMENT TAX THAT IS OVERPAID

If you have reason to believe that you were asked to pay too much tax on your salary after your self assessment read the tax office instructions to see the method to get a tax refund. If you feel the tax office owes you a tax refund the income tax office will provide a tax settlement by either sending it in your Self Assessment account to offset against your tax repayments in the future or by money transmission or a check put in the post

CLAIMING BACK PAYE OVERPAYMENTS – FROM PAST YEARS

Send a letter to your local tax department and submit to them any applicable documentation relevant to your salary for the actual tax year for seeking a tax rebate, such as:

1. the supplied data about your time in your job and any data about benefits
2. P45

The Tax Department will look into your doubts, to analyze how much the tax office owes you and provide you a repayment.

GETTING TAX REBATE FOR PAYE OVERPAYMENTS – THE PRESENT YEAR

A decision on whether you get back your tax in the current year will vary in accordance with you financial circumstances. There are numerous tax specialists that deal only in this line of work to help you get a tax refund that you may wish to apply for.

CLAIMING WHEN WORKING FOR A COMPANY

Inform your companys local government tax office why you reckon that you have submitted more tax than you owed. They may already have all they need to check for any tax rebate.

If have been unemployed or permanently out of work refer to the income tax office manual to determine how to claim your tax compensation.

Bank Locally
If you decide to save your tax refund instead of spending it then you can still help your local economy by depositing the funds into a locally owned bank. Doing so not only supports your local economy, but small banks or credit unions often have great interest rates and more personal service.

Hire a Local Contractor
Making improvements to your home or property is a great way to spend your tax refund. By hiring a local contractor or landscaper to do the work, it will help your local economy. Plus, many contractors are struggling to get work due to the housing crisis so you might be able to get a great deal on supplies and/or labor.

Stock Up on Cash
If may be more convenient for you to use a credit or ATM debt card. However, when you use them to pay for products at a local business, you are forcing the owner to pay a fee for having the transaction processed. If you can cash your tax refund check and use the money to make your local purchases, then you can help local business owners save money.

Take a Class at a Local Community College
By spending your tax refund on tuition and supplies to take a class at a local community college you can support your local education system while bettering yourself at the same time. Plus, the IRS also offers credits and deductions to qualified students.

Buy a Reusable Cup
If you stop and get coffee every morning before work, you would waste approximately 260 paper cups per year. Not only are you killing trees, you are killing your local coffee brewer who has to pay for those cups in the first place. By purchasing a high quality reusable coffee cup you can save the business owner from having to buy an extra box of cups each year.

Visit a Local Amusement Park
If you are looking to spend a fun day with the family, then you should consider visiting a local theme park. Companies like Six Flags, and other amusement parks, are on the verge of closing due to the poor economy. This could leave thousands of teenagers and younger workers unemployed. If you do have a theme park nearby, then taking your family to it for the day could make for a fun way to support the local economy.

Support Local Non Profits
There are plenty of non-profit organizations in every town that you could support with your tax refund check. This could be done either by donating cash or supplies. If there are not any local charities that you support, then you could always donate supplies to a local sports team or school.

Bank Locally
If you decide to save your tax refund instead of spending it then you can still help your local economy by depositing the funds into a locally owned bank. Doing so not only supports your local economy, but small banks or credit unions often have great interest rates and more personal service.

Hire a Local Contractor
Making improvements to your home or property is a great way to spend your tax refund. By hiring a local contractor or landscaper to do the work, it will help your local economy. Plus, many contractors are struggling to get work due to the housing crisis so you might be able to get a great deal on supplies and/or labor.

Take a Class at a Local Community College
By spending your tax refund on tuition and supplies to take a class at a local community college you can support your local education system while bettering yourself at the same time. Plus, the IRS also offers credits and deductions to qualified students. For more information, check out Top 10 Tax Tips for College Students on the RDTC.com Tax Help Blog.

Visit a Local Amusement Park
If you are looking to spend a fun day with the family, then you should consider visiting a local theme park. Companies like Six Flags, and other amusement parks, are on the verge of closing due to the poor economy. This could leave thousands of teenagers and younger workers unemployed. If you do have a theme park nearby, then taking your family to it for the day could make for a fun way to support the local economy.

Support Local Non Profits
There are plenty of non-profit organizations in every town that you could support with your tax refund check. This could be done either by donating cash or supplies. If there are not any local charities that you support, then you could always donate supplies to a local sports team or school.

Drink Local Beer
If you enjoy a cold beer every now and then, and are not afraid to try new things, then you might want to try beer from a local brewery. You may find you like it even more than the mass-produced stuff you normally get. Moreover, there is the added bonus of supporting your community with the purchase.

When shopping around and comparing garage door prices, it is common for many consumers to balk at the price of insulated garage doors versus the price of non-insulated doors.  However, the insulation is imperative as it is the reason that garage door replacements are often a wise investment.  Without good insulation, the rewards of installing a new door are small.

A well insulated door minimizes the transfer of heat and cold, and air and temperature loss through the entry.  This lowers energy consumption in the form of electricity and gas that are used to heat and cool dwellings.  Well insulated doors have added value in that they save energy, and thereby save money, and at the same time they provide for a more comfortable home.

Using a tax refund to purchase garage door replacements has another value-added bonus.  Currently, there are United States tax credits available for homeowners who replace energy hog appliances, windows, and doors with energy efficient versions.  Many insulated garage doors qualify for these tax credits, though garage door installation does not fall under the credit.  What this translates to is simple.  Because people usually have to pay taxes on tax refunds as a source of income, using the refund money to purchase new, energy efficient garage doors and getting the tax credit minimizes the tax liability on the refund.  So money is saved in taxes and in energy savings.

In order to qualify for the energy tax credit, garage door replacements must be Energy-Star certified.  This is done by the United States Environmental Protection Agency (EPA) in cooperation with the U.S. Department of Energy.  When checking out garage door prices, look the for Energy-Star label that indicates that the product is certified.  Many Los Angeles garage door services feature Energy-Star certified products and can help the customer understand the rating system and make the best selection.  It is also a good idea to ask about any necessary paperwork that is needed to claim the tax credit.  Many installers handle the paperwork on behalf of the customers, making it easier to claim the credit.

Working with a good garage door service makes it easy to maximize the benefit of replacing entry doors.  Using tax refund money to upgrade the doors and claim the tax credit limits the tax liability on the refund.  As a value-added bonus, homeowners will also save on monthly energy costs, making the price of new doors less than it appears.

In addition, although you do not really have a choice when it comes to paying your taxes, you do have options for receiving your refund. Some are:

1. Paper Check: If you prefer the old-school method of a paper check, select this option. You will wait longer, but have the satisfaction of taking that money all the way to the bank. If you electronically file, you will receive your check within three weeks. If you mail in your return, it will take six to eight weeks.

2. Direct Deposit: As long you have a bank account, this is a convenient option. You will get your money faster than waiting around for a check in the mail. Usually it takes 8-15 days to receive your refund if you electronically file. With a mailed-in return, expect it to take 5-7 weeks.

3. Cash Card: Not many people are aware of this option, but if you do not have a bank account, this may be the most convenient solution for you. Several tax preparation establishments offer the cash card as one of their refund options.

The terms of these cards will vary. Usually they are part of a refund product, like a refund anticipation loan. If you choose this product, your refund (minus applicable fees) will be loaded onto a card. This is known as a prepaid card, and works much like a debit card. You should also be able to reload the card with money. Depending on the refund product you choose, your money can be available as soon as the next day.

To the millions of Americans without a bank account, banking services (check cashing, money transfers, etc.) are either unavailable or very expensive. According to an article published May 4th, 2006 by Economist.com, more than twelve million households are ‘unbanked’ – without any sort of bank account. Without a bank account, services such as check cashing can come with expensive fees. In addition, saving and managing your money is difficult, because there is no way to electronically track spending patterns.

If you are one of these Americans without a bank account, you may want to consider getting a cash card from your tax preparer. Finding a retailer to provide this service will not be hard, though. Several of the leading tax preparation companies offer a card, as do many smaller companies. You will want to weigh the benefits versus the costs, and decide if this service is right for you.

In addition, what are these benefits? You do not need a bank account, or even a good credit history. You can only spend the amount available on the card, so it helps you manage your money. Your tax refund will be directly loaded onto your card, and you can have your paycheck directly deposited into your card account, thereby avoiding check-cashing fees. You will have access to a network of ATMs. With a good card, you will be protected from fraud (most cards are FDIC insured). You will also get the convenience of a card that has accepted pretty much everywhere–most cards are provided through MasterCard or Visa, so they are accepted wherever these cards are accepted.

As for the costs of these cards, you will want to do your research to find the best one for you. Some cards charge transaction fees, while some charge just a monthly maintenance fee. You will also want to find out if they charge to reload your card or for direct deposit into your card account.

Also check out the options for checking the account balance–some will charge you to inquire about your balance, while some will not. If you look around, you will be able to find the card with the lowest amount of fees for your situation. For example, if you are planning to use your card frequently, you will want to avoid a card that has per-transaction fees. On the other hand, if you use the card only for emergencies, the per-transaction fee might be better than paying a higher monthly fee.

While these cards are not for everyone, for many Americans they offer access to services they are not able to get otherwise. In addition, they provide fast and convenient access to your tax refund. If this sounds like a good option for you, look around to find a card you will feel comfortable using.

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