Using a taxes calculator is an essential tool for staying on top of your taxes throughout the year. By inputting your income, tax deductions, and other tax information into an online tax calculator, you can quickly and easily check your tax position, which can help you plan for any necessary adjustments to your income or tax deductions timing to ensure you maximise your tax refund position, or minimise your tax payable position. A simple taxes calculator can save you thousands when it comes to lodging your online tax return!
As tax season approaches, many individuals and small businesses are scrambling to gather all the necessary information to complete their tax returns. The timing of receiving income, or spending money on a tax deductible expense can make all the difference in maximising your tax refund. One of the best ways to stay on top of your taxes throughout the year is by using a taxes calculator. A second, is jumping on the phone with your tax agent prior to June 30. That way, when you lodge your tax return online, you get the biggest tax refund possible!
An online tax calculator is a tool that allows you to input your income, tax deductions, and other information to estimate how much you will owe in taxes at the end of the financial year, or if you will receive a tax refund. By using a tax calculator, you can quickly and easily check your tax position. Understanding your tax position will help you plan for any necessary adjustments to the timing of your income or expenditure on tax deductions.
We recommend checking your tax position quarterly to ensure you’re on top of your finances and not paying tax unnecessarily. An online tax calculator is the easiest way to do this and the best thing about it; using an online tax calculator is free! Basic online tax calculators are also very easy to use.
For example, let’s say you are an employee and you have been using a tax calculator to estimate your taxes throughout the year. The tax calculator shows that you will owe a significant amount of tax when you lodge your online tax return. However, by making a few adjustments to bring forward a few tax deductions, such as increasing your charitable donations or contributing to your superannuation fund, you can move from a tax payable position to a tax refundable position. Now that’s a great way to maximise your tax refund! 5 minutes on a taxes calculator is definitely worth the time.
By using a tax calculator, you can also make more informed decisions about your finances throughout the year. As per the previous example, you may choose to increase your contributions to your superannuation fund, or bring forward buying that laptop if you know that it will flip you from tax payable to tax refundable. Overall, a taxes calculator is an essential tool for anyone looking to stay on top of their taxes and make informed decisions about their finances. An online tax calculator is free and easy to use and can help you avoid any unpleasant surprises when it comes time to lodge your tax return.
One Click Life can help you!
The more you plan, the less tax you pay and the more money you have for other things in your life.
You can also claim your tax agent/tax return fee back on tax return, so why wouldn’t you use One Click Life to minimise your tax and maximise your tax refund with a simple online tax lodgement service?
One Click Life offers online tax returns at your fingertips in an easy-to-use platform run by tax professionals.
Taxes, health insurance, and wills can be time-consuming and tedious. Our app allows you to be able to do this fuss-free, giving you a simple way to organise, track and manage all of your life admin in one place.
Let One Click Life take care of your tax return and life’s essential tasks, so you can spend more time doing the things you love.