Tax season is here.
Ingram discussed the ways you can reduce your tax liability.
He also spoke about why you should complete your tax returns, even if you are not required to do so.
How to reduce your tax liability:
Tax Free Savings Accounts
Try to reduce taxable income and rather get dividends
- Endowments for wealthy people
Ingram says completing a tax return, even if you are below the tax threshold, is a no brainer if you intend on getting a refund from Sars.
If you are below the tax threshold (which is R350 000 per year) and you received a salary between 1 March and 28 February from only one employer – and you don't receive any other form of income, including a travel allowance - you do not need to complete a tax return.
However, by not filing a tax return, you will not receive a refund from Sars.
You may qualify for deductions on your:
Pension fund and provident fund
- Retirement annuity
You will also qualify for Medical Aid Tax credits (R286 for primary member and R286 for first dependent) and any unclaimed benefits (qualifying medical expenses that you paid for).
For even just one member; that’s a refund of R3432!
You also need to remember that you could be liable for:
Capital gains tax (if you sold any investments)
Interest and dividends
- Donations tax
For more detail; listen to the interview in the audio below.
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby THE NEWSROOM
The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.
Personal Financial Advisor Warren Ingram advises a listener who inherited some money, and wants to work well with it.
But can they be trusted? Are they independent? Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
Bruce Whitfield interviews Personal Financial Advisor Warren Ingram. He also read a question sent by Nick, a regular listener.
Naspers constitutes a whopping 20% of the Top 40 index. Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.
National Institute for Communicable Diseases says all cases traced back to the same bacterial strain and source needs to be found.
UCT planning expert raises concerns over bidder's proposed plans for Foreshore development.
The British gov issued a travel advisory‚ warning of possible attacks when traveling to SA, after a UK couple was kidnapped.
E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.
Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.