Tax Tips

Tax Tip – Being aware of deadlines is a good tax tip.

Tax Tips

Tax Tips – A great tax tip is to always file a return.

Tax Tips

Tax Tips – Keep good records is a good tax tip to follow.

Tax Tips

Tax Tips - A simple tax tip is to keep receipts for all purchases and expenses.

Tax Tips

Find out if you need to meet any of these three big deadlines coming up soon.

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Find out if you need to meet any of these three big deadlines coming up soon.

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Recently held an event for 27 attendees, was charged the meal, tip and then the tax was added. Is this right?

They’re required by law in the situation you describe.

If you go to a restaurant and order off the menu and then tip the waiter, there is no tax on the tip.

However, if you set up an event where you pay $x per meal and $x as a service charge, most states require that to be taxed. The same goes for a situation where you order and the hotel automatically adds a gratuity or service charge to the bill.

Firstly make sure you’re claiming Family Tax Benefit (FTB). If you are not receiving fortnightly payments from Centrelink or the Family Assistance Office you may be able to lodge an FTB claim with your tax return. FTB can amount to quite substantial sums.

Secondly make sure you’re claiming any available tax offsets, such as medical expenses tax offset, dependant spouse tax offset (cannot claim this if you receive FTB), super contributions on behalf of spouse tax offset, child care tax offset etc. Read the TaxPack to see what other tax offset are available.

Thirdly make sure you claim a concessional Medicare Levy rate. A family with 3 children will get a reduction in the Medicare Levy where combined income is under $42,387. Refer item M1 in TaxPack.

Finally, don’t forget about your deductions. Things such as union fees, home laundry of uniform, stationery, your computer and internet access, your mobile phone, donations over $2 and travel MAY be deductible. Refer to TaxPack and make sure you keep your records in order.

A good tax agent could help you too. I empathise the word good, as some tax agents may not suggest these things without you asking them, whereas a good tax agent should be able to suggest these things first.

Aired 3-22-10

Tax Tips – No Scamming on The Daily Buzz

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My bill is with the restaurant, not the government, so why does the restaurant include the total + the tax when they calculate the suggested tip? Since tax is different in every state (or even different counties) and some states don’t have a sales tax, this means tips are supposed to be higher or lower in every state. This is stupid, so why do restaurants do it?

You do NOT include tax in the tip. Deduct the tax and tip on the total food bill whatever is appropriate.

Income from a summer or part-time job is taxable.

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I started a year ago doing 2 maintianece contract work and got about $40,000.00 in 2006 and I still had not paid taxes because I didn’t know where or how to. My contract place just gave me a 1099Form. I’m single and I recently just got a regular W-2 job. I’m in Minnesota. I am afraid I will to paid an outrages amount of taxes. And also I had not been keeping receipts for the year 2006.

It will help you to go to the IRS website, and learn more about what you are doing, or hire a bookkeeper or tax consultant. www.irs.gov, business …. will give you tips on record keeping, etc. If you have no record of your expenditures, you have got your self some taxable amount there.

good luck & bless