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Income Tax Record Keeping : can be Easy in Malaysia

Income taxes are complicated, so there are many different ways to keep track of them. Some people prefer to use software programs, while others prefer paper forms. Some even go for a hybrid of the two.

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Create an Excel Spreadsheet.

If you prefer using a spreadsheet program, you can download one free at Microsoft Office Online or use google Sheets for easy accessibility from multi-devices. You can also find online tax calculators that will help you calculate how much you need to pay based on your income and deductions.

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Print Out Receipts.

It’s easy to forget things when you’re busy with work and other responsibilities. To make sure you don’t miss anything, print out receipts as soon as possible after receiving them. This helps you avoid forgetting to file an expense report later. Doing it while it is fresh is the key.

Scan In Receipts.

If you use a receipt scanner, you can scan receipts into your computer right away. You can also save receipts to a folder on your desktop so you can easily find them later. If you don’t have too many receipts, it can be as simple as taking a photo of the receipt and keeping them in a specific folder listed by description. That way it will be easy for you to keep track of them. The key here is to ensure there is a consistent system in place. A designated “place” for you to keep records easily.

Use Paper Copies.

You should use paper copies of your tax returns when filing them. This will ensure that you have accurate records of your income and expenses. Put them in boxes if you just hate the processes of punching and putting them into file.

Conclusion

The crucial thing is “you keep a record”. Just find the approach that works for you. So that these important documents don’t go astray. Whis at worst then spending the money and end up not getting a tax deduction? Wait, in fact, there is one worst thing that can happen: you are requested to show proof by the Inland Revenue Board (tax authority of Malaysia) but you are unable to produce the records. 

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