The deadline for submissions of income tax returns is on the 16th of November 2020. We’re assuming that there still a few of you out there who have not yet finalised or submitted your income tax returns. So, we’d thought that we would do a quick post to give you some guidance on what expenses traders are able to claim in their income tax returns.
An important thing to keep in mind when doing your annual tax returns is whether any depreciation can be claimed against your earnings. This may seem like a strange thing for a salaried individual to think of, but if you have had to buy a laptop or a piece of equipment for work, it applies to you.
Over the last few weeks we’ve noticed a trend among the tax queries we are receiving. Rather a lot of the questions we’ve received have been around the tax treatment of income generated from trading and investment activities, over and above salaries earned. We’ve received questions like; how do I report additional income on my taxes?, how do I claim stock losses on my taxes?, what is a tax directive? Therefore we thought it would be helpful if we shared some tax guidance for individuals with multiple income streams.
The 2020 filing season is upon us, so it’s time to pull out those calculators and spreadsheets and start compiling your tax returns. This is usually an arduous and sometimes stressful task, but if you know your way around tax reporting it doesn’t need to be.