If taxation of individuals and small businesses is such an issue in our nation with the current state of the economy, why did I even have to pay someone to do my taxes? That didn’t make any sense to me either. Why should I pay someone to write my own taxes when I could do it myself? After all, if I didn’t know how to do something, why should I pay someone to teach me? The fact that I actually had to pay someone to teach me just made me feel dumb.
Now don’t get me wrong. I do support small businesses and the economic advantage they enjoy. However, I do not believe it is the role of the government or its citizens to subsidize someone else’s small business. Small business is a large contributor to our country’s economic stability and if you believe the opposite, I don’t think you are the right person to audit the tax returns of individuals or businesses. I also don’t believe in paying somebody to get my “asses in check.” I feel that education, knowledge, and experience are the most important things to help me succeed.
As a result of my mistaken belief, I was repeatedly asked to pay payroll taxes, health insurance premiums, property taxes, and a myriad of other types of taxes by out of state and federal governments. The tax burden became too much for me to handle. I eventually decided to seek professional help. I found out that I didn’t really need to become a tax attorney just to be prepared and knowledgeable enough to pass my exam for me 2 years later. I was able to negotiate a reasonable tax settlement with the IRS by using some smart negotiation techniques. Now I am in the process of preparing my return as well.
Before I go into detail about the tactics that I employed to pay my tax debt, let me tell you about myself. My income was very low because I worked full time as a substitute teacher. I enjoyed being able to help students in my spare time, but I never thought I would have to pay back taxes. Once I discovered how much I could save by filing my own taxes on my own, I knew I had to seek financial counsel from someone who could help me save money so that I can pay my taxes on time.
You see, when you are a small business owner, you are considered a high-income individual. High-income individuals usually contribute more to their individual income taxes than do small business owners. When I learned that I can actually reduce my taxes by simply hiring an accountant to prepare my personal income tax return for me, I was overjoyed. I will not be able to be one of the individuals who are required to pay my share of Australia’s corporate tax by choice, but I do not have to pay my share of the Australia’s small business income tax either.
In order to find out more about the options open to you in regard to lowering your individual or small business income tax liability, I encourage you to do your homework online. The Internet has made it very easy for me to learn about Australia’s taxation system. If you are ready to learn more about your personal tax liability, it is vital that you find an online program that can guide you through the process until you are ready to hire an accountant to prepare your personal tax return for you.
The time to begin preparing for your personal income tax return is now. There is no better time than now to get all of the information you need to prepare for tax deductions and write your tax check. If you are not yet prepared to hire an accountant to prepare your return for you, there are many online programs that can assist you. With just a few clicks of your mouse, you can find an online program that will walk you through the process step-by-step. If you are ready to start saving money with deductions, start looking into online tax deductions today.