Income tax or individual tax is the deduction of some amount of money from one’s annual income, capital gains or businesses. Once can claim their tax refund on the following:-
- Payment Summaries
- Allowances ( eg entertainment/car)
- Termination payments
- Pension and annuities
- Interests & Dividends
- Distribution from partnership and trust
- Details of investment assets sold like shares or real estates
Expenses that can be claimed
- Use of vehicle for business travelling and business travelling expenses
- Purchase of uniforms or protective clothing.
- Sun protection expenses
- Self education expenses
- Home running businesses and tools of trade
- Business Telephone expenses
- Income protection insurance
- Union Memberships
The other fields from where you can claim your taxes like medical expenses over $2000, children’s education as well as some expenses due to investment income.
Individual Rental Tax
The individual rental taxes are mainly levied on the property owners. Individual can easily claim their refunds on many things:
- Interest on a loan to purchase a rental property or purchase of a land to build rental property
- Purchase of depreciating assets for the rental property.
- Renovation of the property.
They can also claim the cost of maintenance of repair due to some calamity or just simple damage. Even they can claim the expenses of leasing the property like making the agreement or even cost of evicting the tenant.
So while planning to claim tax return from the rental property or individual income and expenses one can easily take the help of Act For You Tax Consultants who can give an overview of the whole process.
The following tax kits are available for you to download.