Paying of taxes has been a culture that has been practiced for over several years since the time of Jesus. It is quite imperative that everyone is up to date with his remittance on taxes. As a matter of fact it is a criminal offense for one not to pay his taxes or hide or give false information regarding his income that is meant to make him pay fewer levies as compared to what he is actually supposed to pay. However, it is still within someones right to seek means of reducing the amount of money he pays as levy. There are several 2014 tax saving investments guides one could employ to reduce the amount of money he pays out as levy. Some of the steps recommended to reduce levy fee are explained below.
There are certain investments that are exempt from any form of levy. When one is considering the methods he would use to lower his tax remittance, he should consider channeling investments into such projects. For instance, a stocks shares are exempted from any form of levy. One should go through some relevant literature to determine saving avenues that are exempted from levy.
There are certain types of savings that receive tax relief from the government. If one would opt to put his savings in such avenues, he would take advantage of levy relief extended by the government. These areas of savings that have government relief include Venture Capital Trust and Enterprise Investment Scheme. Usually one can have a levy relief of up to thirty percent of his total investment in such trusts. If you put your money in a small company that is just rolling out its business, you can get reliefs of up to fifty percent.
One of the major tricks you can use as a family to reduce amount of money you pay as levy as a family is by transferring your savings. In case you and your spouse are in different levy brackets, it would be appropriate to have the person on a higher levy bracket transfer his or her assets to someone on a lower levy bracket. By doing this the assets would taxed at a lower rate thus saving you some money as a family.
One should ensure that he gives to the taxman just what he deserves. Desist from over paying your taxes. In case the taxman overcharges you, you should make an effort to seeking refunds. You should file a complaint with the department of revenues and Customs. There is usually a series of paper work that one would fill in order to process such a refund.
One should ensure that he instructs his bank not to allow his income to be taxed at the source point. Source point taxation is usually a source of several errors in the taxation process. Ensure you give this instruction to your bank in writing.
When one gets an opportunity to purchase shares from his employer he should grab it. This is because such shares are never taxed. Shares on Enterprise Management Initiative Scheme are exempted from income levy.
Many people are never aware of the criteria to be followed in remittance of levies. One should look for ways of comprehending the system. Before choosing the best 2014 tax saving investments tips one should seek some guidance from experts in these industry.
There are certain investments that are exempt from any form of levy. When one is considering the methods he would use to lower his tax remittance, he should consider channeling investments into such projects. For instance, a stocks shares are exempted from any form of levy. One should go through some relevant literature to determine saving avenues that are exempted from levy.
There are certain types of savings that receive tax relief from the government. If one would opt to put his savings in such avenues, he would take advantage of levy relief extended by the government. These areas of savings that have government relief include Venture Capital Trust and Enterprise Investment Scheme. Usually one can have a levy relief of up to thirty percent of his total investment in such trusts. If you put your money in a small company that is just rolling out its business, you can get reliefs of up to fifty percent.
One of the major tricks you can use as a family to reduce amount of money you pay as levy as a family is by transferring your savings. In case you and your spouse are in different levy brackets, it would be appropriate to have the person on a higher levy bracket transfer his or her assets to someone on a lower levy bracket. By doing this the assets would taxed at a lower rate thus saving you some money as a family.
One should ensure that he gives to the taxman just what he deserves. Desist from over paying your taxes. In case the taxman overcharges you, you should make an effort to seeking refunds. You should file a complaint with the department of revenues and Customs. There is usually a series of paper work that one would fill in order to process such a refund.
One should ensure that he instructs his bank not to allow his income to be taxed at the source point. Source point taxation is usually a source of several errors in the taxation process. Ensure you give this instruction to your bank in writing.
When one gets an opportunity to purchase shares from his employer he should grab it. This is because such shares are never taxed. Shares on Enterprise Management Initiative Scheme are exempted from income levy.
Many people are never aware of the criteria to be followed in remittance of levies. One should look for ways of comprehending the system. Before choosing the best 2014 tax saving investments tips one should seek some guidance from experts in these industry.
About the Author:
You can visit the website www.taxplanninginvestments.com for more helpful information about Ideal 2014 Tax Saving Investments Plans
Tidak ada komentar:
Posting Komentar