Tax Season 2018 just arrived

Tax Season 2018 has started

By now you should have received your IRP5 from your employer.  Have this on hand when filing your tax return.

In completing your tax return, take note of some common expenses – although sometimes overlooked, that are tax deductible:

 

MEDICAL EXPENSESdownload

  • Expenses not reimbursed or claimed from medical aid
  • Keep track of all pharmacy, Doctors, Hospital receipts and medical aid statements

 

 

 

Retirement_fund

RETIREMENT ANNUITIES AND/OR PENSION FUNDS

  • Contributions made during tax year to these Funds
  • Get tax certificate from your Fund

 

 

 

 

imagesTRAVEL

  • Claim for travel km’s, fuel, insurance, vehicle maintenance and licence fees if receiving a travel allowance from employer or if more than 50% of income is commission based.
  • Keep and vehicle logbook and all receipts

 

 

 


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RENTAL INCOME EXPENSES

  • Claim interest on bond, rates & taxes, insurance, agency fees, garden services, repairs, security and other expenses incurred in the production of the rental income.
  • Keep all receipts and tax certificates

 

 

depWEAR-AND-TEAR

  • Personal items used for work purposes like laptops, cellphones and other devices
  • Write off allowance ranges from 20-50% or even 100% depending on price of item
  • Keep receipts as verification

 

 

 

images (10)HOME OFFICE EXPENSES

  • Where an employer allows an employee to work from home and spend more than half its working hours at the home-office at an exclusive area in the home that is specifically equipped for an office.
  •  Can deduct rent, interest on bond, repairs to the premises, rates and taxes, cleaning, wear and tear and all other expenses that are in the production of the employment income – calculated based on a percentage.

 

There are more deductions available to individuals.  Make sure find all your claimable expenses to ensure you maximize your potential for a refund.

Contact Sharon at tax@sharondotjones.com to assist with this