Taxes are financial burdens imposed by the Government for people, companies and organizations to raise funds for public expenses. These can be direct, such as income tax, or indirect, such as value added tax (VAT). In general there are ways to pay less tax, or protect your assets.
Additionally, they are also a form of redistribution of wealth, since individuals and companies with higher income usually pay more taxes than those with lower income.
How to protect your tax assets
The payment of taxes may vary in quantity and manner according to the citizen who will pay taxes, there are usually certain ways to pay less tax, or to protect yourself from certain tax payments for your assets, what you can do to protect your tax assets is the following:
- Take advantage of tax deductions: Knowing and taking advantage of the available tax deductions can help reduce the amount of tax you must pay.
- Fiscal Planning: Fiscal planning can help you maximize your fiscal benefits and minimize your tax obligations.
- Invest in low tax instruments: Investing in financial instruments with low taxes, such as Treasury Bonds, can help you reduce the taxes you pay on your investment profits.
- Invest in a retirement plan: Investing in a retirement plan, such as 401 (K) or an anger, can help you reduce your current taxes and save for your retirement at the same time.
- Establish a trust: Establishing a trust can help you protect your tax assets and transfer them to your beneficiaries efficiently.
Why is it important to pay taxes?
Paying tax is important because it is a way of contributing to the welfare of society. Taxes are the main source of government income and are used to finance essential public services such as education, health, public safety and infrastructure. These services are fundamental for the development and well -being of society.
Taxes also help redistribute the wealth of people and companies with higher income to those with lower income, which contributes to reducing economic inequality. In addition, paying taxes is essential to maintain the country's economic stability and is a legal and civic responsibility of all citizens.
Paying taxes is mandatory according to the country's fiscal laws. Not paying taxes can result in legal fines and sanctions, paying taxes is a civic responsibility of all citizens. When paying taxes, we contribute to the welfare of society and become an active member of the community.
In addition to this, taxes help redistribute the wealth of people and companies with greater income to those with lower income, helping to reduce economic inequality and to improve the quality of life of the most vulnerable people.