Goff & Company Chartered Accountants’ Post

☑️ True! When it comes to managing money as an Influencer, it’s all about keeping receipts! If you don't claim all of the tax deductions you are entitled to, you could be paying thousands in unnecessary tax at the end of the financial year. #Infinity22 #AccountantAustralia #AccountingServices #AccountingAustralia #OnlineAccountant #InfluencerAccountant #Influencer

🎁 Are You an Influencer? Understand Your Tax Obligations on Gifts & Payments in Kind! 🌟 Navigating taxes can be tricky, especially when you receive gifts or payments in kind. Our latest blog post is a must-read for influencers! We break down what counts as taxable income, how to report it, and ways to manage your tax responsibilities effectively. 🔗 Dive into the details and stay ahead of tax season by reading our comprehensive guide. Whether you're new to the influencer world or looking to refine your tax strategy, this post has the insights you need! 👉 Read more: https://lnkd.in/e49s7BQc

#SocialMediaInfluencer? Check out these top tax tips to optimize your earnings and stay compliant.  #InfluencerMarketing #TaxTips #SocialMedia

Tax on beggars

Content Creators and Influencers.... You need to know the difference between receiving PR and a gifted collab because the distinction affects how you file your taxes. ✨PR- Gifts sent with no strings attached and no expectation of promotion in return for the gift - You usually don’t have to pay any tax for this ✨Gifted Collaboration - The brand provides a product in exchange for promotion - HMRC treats this as a barter transaction, and you will need to pay tax on the value of the product you received . Understanding these differences can save you a lot of trouble when it comes to doing your taxes.

The IRS urges taxpayers to avoid relying on social media for tax advice. With misinformation rampant online, it's crucial to consult with trusted, qualified tax professionals for accurate guidance. Protect your financial well-being by choosing experts over influencers. #TaxAdvice #IRS #TrustedProfessionals #FinancialHealth

Our latest YouTube video on 'Do you need to pay tax for payments in kind?' is now live! Click the link to watch it now - https://lnkd.in/eecyJ5Pm #PaymentsInKind #Influencer #InfluencerPayTax

💡 Social Media Creators: Are You Aware of Your Tax Responsibilities? With the influencer market booming, many content creators may not be aware of the tax implications of their income. DY's Natalie Bate highlights why it's crucial to understand the rules to avoid potential tax pitfalls. Are you curious about how gifts, contracts, and expenses fit into the picture? Read the full article to get the details and ensure you're staying tax-compliant: 🔗 https://ow.ly/WxTH50Tw26R #InfluencerEconomy #TaxTips #SelfEmployed #TaxCompliance #SocialMediaTax

Tax Season is Here! Avoid These 12 Common ITR Filing Mistakes for Assessment Year 2024 #ITR #TaxPlanning #TaxSeason Filing your Income Tax Return (ITR) can be smooth sailing if you avoid common pitfalls. Here's what to watch out for: Mutual Funds & Capital Gains: Report gains from switching units, even if the money isn't directly deposited in your bank account. Linked PAN & Bank: Ensure your PAN is linked for a hassle-free refund. Residential Status: Residents pay global income tax, non-residents only on Indian income. Classify yourself correctly. E-verify Your ITR: Don't forget to e-verify within 30 days to validate your return. Reconcile Form 26AS: Match income reported in Form 26AS with your ITR. Double-Check Bank Details: Avoid refund delays by entering the correct bank account number and IFSC code. Choose the Right ITR Form: Different forms exist for various taxpayers. Pick the right one to avoid delays. Report Investment Losses: Offset capital gains by reporting losses from stocks, mutual funds, or F&O. Disclose Foreign Income & Assets: Be transparent about foreign assets and income in your return. Report All Income: Include income from interest, dividends, and capital gains. Claim Your Exemptions: Don't miss out on claiming exemptions for savings bank interest under Section 80TTA (up to Rs. 10,000) and for senior citizens under Section 80TTB (up to Rs. 50,000). Deduct Health Expenses: Claim tax deductions for preventive healthcare and medical expenses of senior citizens. File your ITR with confidence! Read full article here: https://lnkd.in/gjyF775E For complex situations, consult a tax professional. #TaxCompliance #TaxPreparation #TaxTips What are your ITR filing challenges? Share in the comments!

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