How to Save Money on Taxes

[Kane]

There are ways to save money on taxes legally. You pay the highest taxes on earned income, if you switch to passive income, you will pay lower taxes. You don't pay tax on debt, therefore, instead of using your own money for investment, burrow money. This will also save money on taxes.

 

[saoussen57651]

Many people are doing false purchases on December then return back merchandise on Jannuary to lower the tax of vat paid to the state by end of year.

 

[Kane]

That's called tax fraud. You should not look for loopholes to minimize your takes and skip paying taxes.

 

[Starmix]

I pay taxes thru my work. It's the finance office to deduct my salary for tax. I do not earn from a tax, in fact, value added tax is getting worse here in my country almost 20%.

 

[Kane]

I pay taxes thru my work. It's the finance office to deduct my salary for tax. I do not earn from a tax, in fact, value added tax is getting worse here in my country almost 20%.

We have 13 percent VAT. The businesses directly add 13 percent VAT on customers' bills. The businesses only collect VAT, the customers are the ones who actually pay that tax.

 

[Starmix]

We have 13 percent VAT. The businesses directly add 13 percent VAT on customers' bills. The businesses only collect VAT, the customers are the ones who actually pay that tax.

Yes you're so right it seems we the customers pay taxes of the business men. They could collect more or less 1 million in a quarter.

 

[Kane]

The system of VAT actually added a burden on general people (customers), and not on businesses.

 

[Salt]

VAT was scrapped in India long ago and now we have GST here but it's even worse than VAT and as for direct tax we can invest in different products like we have Life Insurance company (LIC) in India where we can invest our money in the form of annuity and can get savings and can buy tax-free bonds.

 

[Lens]

The information you provided about taking loan due to tax evasion is not correct because you will still need to pay interest on loans taken.

 

[Kane]

VAT was scrapped in India long ago and now we have GST here but it's even worse than VAT and as for direct tax we can invest in different products like we have Life Insurance company (LIC) in India where we can invest our money in the form of annuity and can get savings and can buy tax-free bonds.

How much GST do you pay? We have 13 percent VAT. We can avoid paying VAT on our purchase by not asking for a VAT bill from the seller (not a legit method, though. LOL)

 

[Niyi]

Two ways of saving money on taxes include

Taking advantage of tax deductions and credits: You may be eligible for certain deductions or credits that can lower your overall tax bill.

Investing in tax-advantaged accounts: There are certain types of investment accounts, such as 401(k)s or IRAs, that offer tax benefits.

 

[Bisolami]

There are ways to save money on taxes legally. You pay the highest taxes on earned income, if you switch to passive income, you will pay lower taxes. You don't pay tax on debt, therefore, instead of using your own money for investment, burrow money. This will also save money on taxes.

You are right that having a passive income will allow you to pay taxes at the minimum price because you do not have a workplace or company

 

[Inem]

I think if a person tries to work with a good tax consultant, he would direct you on measures to take to reduce taxes.

 

[Bisolami]

I think if a person tries to work with a good tax consultant, he would direct you on measures to take to reduce taxes.

But I feel like the tax you are going to pay is fixed by the government
How would you reduce it?