Taxes are an inevitable part of our lives. With this year’s tax season in full swing, make sure you have all your documents ready and get the help of an expert, like TaxTim, which is free of charge for all Momentum Multiply members.
Here are some tips on how you can save on tax.
Save for your retirement
Saving for retirement is one of the most important things you need to do that your future self will thank you for. And the sooner you start, the more you can benefit from compound interest.
Your retirement contributions are tax-deductible. This means you can deduct retirement contributions of up to 27,5% from your gross income, which will reduce the income tax you pay. Top up your retirement funds with this money and see your retirement funds grow.
Get a tax-free investment
Use a tax-free investment as a way to save money for the long term, tax free. You can save up to R33 000 a year or R500 000 over your lifetime. This means you get tax-free growth and don’t pay tax when you withdraw your money.
Work with an expert
Not all of us may feel comfortable with doing our taxes. Multiply members can register for TaxTim for free to help them with filing their taxes. It’s fast, easy and hassle-free. TaxTim is ideal if you have never e-filed before, providing you with step-by-step instructions to ensure that you file your tax return quickly and correctly. It can also help you to maximise your potential refund.
You may also want to read this post on making your Momentum Multiply membership work for you.