The purpose of this guide is to elaborate on tips for tax planning.
Pay attention! Naturally, this guide deals with the simplest and most basic tax schemes, which are suitable for many taxpayers. However, more complex tax planning, especially tax planning tailored to the client’s needs, will not appear naturally in this manual.
Our office is prepared to help you examine how you can take advantage of tax benefits legally, and allow you to pay less taxes, legally, individually and after receiving specific advice.
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2. Basic tips for tax savings
A) Deposite to the provident funds and the supplementary funds, in accordance with the legal ceilings, and take advantage of the tax benefits in respect of deposits to the pension and annuity funds.
Deposit in the amounts of permitted ceilings, especially the advanced training fund, is the simplest and most basic tax scheme, but also the most effective for a large part of the pensioners. Through the tax scheme, it is easy and simple to save large money for holders.
B) Make sure that all the permitted expenses are deducted after deducting them from your activity. In fact, this is not really tax planning, but a more basic and thorough examination – are you using all the opportunities to recognize the expenses in your activity. In our experience, many taxpayers are unaware that many expenses are subject to deduction. For example, many taxpayers who work from home do not know that in the most appropriate cases it is possible to demand an expense as part of the household expenses. In addition, many taxpayers are unaware that gifts given to customers and suppliers are recognized as expenses (subject to a ceiling).
C) Examine whether you are taking advantage of all credit points you are entitled to. For example: Are you using credit points for small children, do you take credit points for an academic degree, etc.?
D) Offset losses. If you have accumulated losses from business activity or losses from the sale of securities, make sure that the annual tax report is properly offsetting the losses, which will prevent unnecessary tax payments.
E) Examine the structure of your activity. Sometimes, in the transition from self-employed activity to company activity, you can reduce the current tax payments.
3. Additional Information
Read the manual about working from home.
Read the guide of starting an independent or limited company.
Click here to arrange a non-binding consultation meeting – where we can examine how you can save on the tax payment, individually and according to your personal characteristics.