Tax Season Has Come Again. Here’s What You Need to Know to Get the Ball Rolling

Tax season has come upon us again and this eye-opening article from Smart Company is just the type of article that becomes a must-read at this time of the year. It’s called Six things to do now to make tax time 2020 a little less taxing.

It shares some really thought-provoking points. This one is perhaps the most interesting of them:

Greig also advises business owners to remember that if they’ve made a donation to a bushfire cause in recent weeks, it won’t be tax-deductible unless the entity is a registered charitable organisation.

Social media and crowdfunding campaigns don’t fall under this banner; it doesn’t make these initiatives less worthy of support, but it does have tax implications.

There are other tips here. See them all in the full article at the link below…

Greig also advises business owners to remember that if they’ve made a donation to a bushfire cause in recent weeks, it won’t be tax-deductible unless the entity is a registered charitable organisation.Social media and crowdfunding campaigns don’t fall under this banner; it doesn’t make these initiatives less worthy of support, but it does have tax implications.

Read the source article at smartcompany.com.au