Personal Tax Planning
Personal financial planning is a systematic approach to managing one's finances, ensuring that current needs are met while also preparing for future financial goals and uncertainties. At its core, it's about strategizing and making informed decisions to achieve specific financial objectives.
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Financial planning is a crucial aspect of everyone's life, regardless of their age or stage of life. It helps individuals set realistic goals, manage their resources effectively, and achieve financial security.
While many people may not give taxes much thought until it's time to file their returns, taking a proactive approach to tax planning can help you save money and make the most of your investments.
In this article, we take a look at the role a financial advisor plays in working towards and achieving financial independence in today’s difficult economic climate.
Retirement may seem like it’s a lifetime away, but time has a funny way of moving really fast and before we know it, we are getting used to being at home with no obligation to be anywhere or do anything - blissful retirement after decades of hard work. However, your retirement will be much less blissful if you haven’t planned for it properly.
Often times, people do not include their tax refund in their budget as they are not sure how much it is going to be, or if they will be receiving a refund at all. Therefore, it’s important that you know how to use your tax refund wisely so that you can improve your overall financial portfolio rather than spending on things you don’t need.
Many of our baby boomer clients are now considering making donations to their children in the form of property or capital for a deposit on a property. Although this is noble, parents must take into account the rules of donations tax in such situations. In this article, we will look into donations tax and what it means for parents who are helping their children purchase property.
Capital gains tax forms part of income tax and is triggered when you make a profit from selling an asset that you own. The amount of tax payable is calculated according to the profit you made in the sale and not the total amount you sold the asset for.
Planning for something fun like your next big holiday or your dream wedding can be fun and many people willingly put many hours and a fair amount of blood, sweat and tears into these events. However, there is something far more important to plan for and it’s never too early to start - estate planning.
Investing in an approved Section 12J VCC is indirectly investing in and building the South African economy. It also acts as a tax-efficient incentive for investors as it allows for a full tax deduction of the amount invested for the specific tax year.
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