Monday, May 16, 2005

Beat Down Your Taxes and Save

One of the biggest obstacles to building wealth is taxes. We have all heard the old adage about death and taxes, causing most people to be complacent with their tax bills. With others more than happy about getting a "Tax Refund" at the end of the year.

Keeping on top of your tax situation is important gives you an opportunity to get the Government's hand out of your pocket and keep some of your own hard earned money in it.

The result is, there are people who invest the time to maximize their allowable deductions and effectively keep more of their money than another's who make the same amount.

Hints to reduce income tax:
  • Ensure your employer has accurate information regarding family structure. New additions to the family can lower your taxes deducted at source and increase your take home pay.
  • Maximize allowable deductions... Education,child care expenses, home business expenses, investment losses and a range of other legitimate deductions serve to lower your taxes.
  • Consult a tax planning specialist (a tax deductible expense) and focus on activities that generate income tax savings.
With effective tax planning, it is possible to lower your tax bill and generate an ROI of 20-50% or better.

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