Make Tax Planning “Not So Taxing” Here’s How
“Income tax is the hardest thing in the world to understand.”
This saying by Albert Einstein is true in every sense of the word. After all, planning your taxes can be a “taxing exercise”. But the good news is, if you plan your taxes efficiently, it can save not only your time but also your money in the long run.
Calculate Your Taxable Income In Advance
One easy way to calculate your tax liability is to print the previous year’s return and write your estimate of current year’s numbers. This can be a ballpark estimate, and once you write the new numbers, you can use them to estimate your taxable income and then determine what tax bracket your income falls into.
Plan Your Investments
Remember that early planning of investments will give you more time to select the most efficient option, which can give you higher returns, more liquidity, and most importantly, will help you to accomplish your goals in a better way.
Keep All Tax-Related Documents Safely
File Income Tax Returns Well In Advance
Stay Away From Eleventh-Hour Hasty Tax Decisions
Beginning with tax planning early will allow you to think better and make wise decisions with respect to investments. Remember that choosing the right tax-saving investments can not only help you reduce your tax liability but also meet your set financial goals.
Source: TAXGURU Team more
This saying by Albert Einstein is true in every sense of the word. After all, planning your taxes can be a “taxing exercise”. But the good news is, if you plan your taxes efficiently, it can save not only your time but also your money in the long run.
Calculate Your Taxable Income In Advance
One easy way to calculate your tax liability is to print the previous year’s return and write your estimate of current year’s numbers. This can be a ballpark estimate, and once you write the new numbers, you can use them to estimate your taxable income and then determine what tax bracket your income falls into.
Plan Your Investments
Remember that early planning of investments will give you more time to select the most efficient option, which can give you higher returns, more liquidity, and most importantly, will help you to accomplish your goals in a better way.
Keep All Tax-Related Documents Safely
File Income Tax Returns Well In Advance
Stay Away From Eleventh-Hour Hasty Tax Decisions
Beginning with tax planning early will allow you to think better and make wise decisions with respect to investments. Remember that choosing the right tax-saving investments can not only help you reduce your tax liability but also meet your set financial goals.
Source: TAXGURU Team more
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Having planned your tax saving options, is still tax payable amount is big, then open an recurring fix deposit account which will mature in April or May pf coming year. This will your last minute stress of arranging finance as well as earn interest on savings. more
Sep 05
