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Three tips to ensure you get the biggest tax refund possible

by , 04 August 2014
When it comes to tax season there's nothing better than reducing your tax bill and even getting money back. But do you know how to maximise your tax refund?

The more deductions you can claim, the lower your tax bill is going to be.

Use these three tips to help you claim every cent possible and reduce your tax bill...

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Here are three tips to maximise your tax refund

 
Tip #1: Tax law says you can claim any business expense if you incurred it in the process of generating income. This is as long as it's not income that's capital in nature. 
 
This means, for example, you can claim lunch or coffee expenses you incur when entertaining potential clients, as tax deductions from your tax return as a business entertainment expense.
 
Tip #2: Working from a home office can be a great way to reduce your tax bill. Having a dedicated space in your house that you only use to run your business is one of the easiest ways to get a break on your company tax. 
 
It's not only an easy way to cut down your return. It's also convenient and saves you petrol that you would have spent on driving to the office. You benefit in several ways from a home office so why not have one.
 
Tip #3: According to Thelogbook.co.za, education costs are something else you should definitely claim to reduce your tax bill. You can deduct your employee's educational expenses if their courses apply to their job. 
 
If you're a self-employed business owners, you can write off your own educational expenses. You can also claim the cost of transportation to and from the classes.
 
There you have it! It's easy to maximise your tax refund if you know the right deductions to claim.
 
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