Southbourne Tax Group has been a part of different projects that includes tax services to various businesses and individuals. Since its beginnings, the firm has been showing unrivaled commitment to their clients and giving them necessary guidance with their taxes.
Southbourne Tax Group targets to provide help specifically to property investors with this post. A few tips will be provided that can make taxes at least a bit easier to individuals or businesses. But first, as a property investor, remember to have a correct tax return.
As mentioned earlier, having an appropriate and complete tax return is indeed crucial for property investors since they often come under inspection when submitting returns. Call your accountant today and talk about important tax matters and define what can and can’t be claimed as a tax deductible expense.
Hiring a tax specialist is one of the recommendations of Southbourne Tax Group to help you make your taxes easier. Offsetting the net loss from negative gearing against other income can reduce your tax payable. Claiming the interest of a property is also plausible if it is available for rent.
Always confirm if you have the right coverage when checking your insurance policy. Experts add that a standard home and contents insurance policy won’t cover specific risks included in property investing. Make sure that you will never forget the costs you are rightfully entitled to as well.
As a self-managing landlord working from home, you surely have some expenses and such costs can be claimed as well but only a fair and reasonable part of it. On the other hand, Southbourne Group also recommends getting the service of a professional property manager because its costs can be a deductible expense too.
Moreover, a property manager can assist the organization while creating a potential tax benefit. Such professional can also handle very well the administrative responsibilities involved in an investment property. Completing and compiling paperwork are no problem to property managers as well.
Mentioned above were only some of the basics to make your taxes easier as a property investor, Southbourne Tax Group encourages you to contact them for further guidance.