Do you think your tax bill is very high and unaffordable? The rough financial year make many loses and sometimes you want to cut your tax. I found new knowledge on how to cut our next tax bill.
1. For business owner you can cut your next tax bill by track record of all your mileage. Give the record to your account and they will recommend the latest taxes bill.
2. Let’s make your family as your employee. This method will cut the lawn outside your company.
3. Cut your salary (for business person). It is a good idea because a smaller salary means lower tax. But don’t trick too much because the government know this trick.
4. Make charity contribution. Some country will give tax deduction for a charity. You can lower your tax and do some social responsible too. Don’t throw your receipt because many people not care about receipt and cannot proof about their charity contribution. Make sure the charity contribution could cut your tax.
5. Sell your unusable asset. Look at your asset. Do you have asset that could give you benefit? Own many house but don’t get any tenant ? It is better for you to sell that house rather than keep it. Not just you can lose some tax from it, you also don’t need for maintenance payment. It could saving you much money.
6. Planning before next year. It is important for us to plan before getting tax. You must plan what tax will be paid or not. Planning must be early as middle of year. Don’t push in last minute because it could make you stress.With some advance planning, you can get a head start on next year’s taxes and take the opportunity to do some things you may have missed out on in past years.
7. Boost your retirement savings. One of the best ways to lower your tax bill is to reduce your taxable income.
8. Sell Losing Investments . A taxpayer can reduce tax liability by benefitting from losses sustained on an investment. To qualify for the deduction, the taxpayer must have taxable gains and losses
That’s all tips how to cut your taxes. Always get advice from financial expert.