Personal Money Management 101

Tax Planning Tips

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  • Taxes (and death) - life's only certainties.
    • But you don't want to pay more than you need to.
  • Tax evasion = not paying what you are legally obliged to pay
    • a criminal offence
  • Tax avoidance = arranging your affairs to minimize tax -
    • a very sensible thing to do
  • Take full advantage of tax breaks
    • Find out what expenses are tax deductible.
    • In the UK ISA's offer limited tax free investment each year, does your country offer an equivalent?
    • Is capital gain (growth) taxed differently than income?, perhaps you can shift the balance of your portfolio - IF it's in keeping with your overall objectives.
  • BUT - Don't choose an investment only for the tax breaks -
    Be sure
    • i) it fits your overall objectives .
    • ii) fees don't outweigh tax savings.