How To Prepare For Tax Season
Tax season is on the way. To make it as smooth as possible, make sure that you gather all the documentation you might need. Here are some of the key documents you should request:
- Review your personal information: Make sure that your personal information is up-to-date and accurate. This includes your ID number, postal address, email address, and bank account details.
- Proof of income. This could include:
- salary slips,
- bank statements,
- commission statements,
- IRP5 certificate,
- rental income
- Medical aid certificates. If you have a medical aid, you may be eligible for a tax credit, so make sure to request a certificate from your medical aid provider.
- Retirement annuity certificates. If you have a retirement annuity, you can claim a tax deduction for the contributions you made during the year, so make sure to request a certificate from your annuity provider.
- Travel logbook. If you use your personal vehicle for business purposes, you may be eligible for a tax deduction for the related expenses, so make sure to keep a detailed logbook of your business-related travel.
- Donations. If you made any donations to qualifying organisations during the year, make sure to request a certificate from the organisation as proof of the donation.
- Foreign income. If you received any foreign income during the year, you will need to report this on your tax return and may be required to provide supporting documentation, such as a foreign tax certificate.
By gathering all the necessary documentation and information, you can ensure that you are fully prepared and that you receive all the tax credits and deductions you are entitled to.
