Diana Clement: Tax tips and tricks galore
I'm not in the market of selling accountants' services - or books, for that matter. But there are a surprising number of tips and tricks that they can offer.
Sunday, March 20th 2005, 5:35AM
by The Landlord
Slash Your Taxes Now! by Peter Sibbald includes an A-Z of tax-saving ideas. In my case, I discovered that my Sky TV subscription, which provides me with access to 24-hour-a-day news, is tax deductible for journalists. The book costs $24.95 to buy or it is free to borrow from your local library and might pay for itself.Likewise, tax accountants argue that they pay for themselves at the very least and keep clients from falling foul of the IRD. Sibbald quotes the example of one farmer who looked him in the eye and said he needed to own a cabin cruiser to rescue drowning stock from a small lake on his property.
The IRD's website is packed full of useful information for taxpayers - providing you can navigate your way around it. But beware, says Sibbald, of the advice given out by IRD staff.
"Although IRD publications are accurate and reliable, the same cannot always be said of the information that their staff give out."
Getting your tax returns wrong can be costly. The IRD is not kind or forgiving if you make a mistake in your tax returns. Ignorance is no defence. Penalties you could face include: a shortfall penalty, late-payment penalty, late-filing penalty or interest on tax owed.
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