We pay taxes on many different items some are directly paid

We pay taxes on many different items, some are directly paid some are more indirectly paid. Discuss at least 3 ways you pay taxes in your daily life. When it comes to income tax specifically, what can you do to lower taxes? How does lowering taxes help your overall financial plan? Do you feel having a tax advisor is worthwhile for you right now? Why or why not? What might cause you to feel differently?

Solution

The three ways of pay taxes in our daily life are sales tax excise tax property tax capital gain tax etc and many more .

Sales tax - it is a tax that can be imposed on the value of goods and services provided or sales of goods and services.

Excise tax - it is tax which we have to pay on the amount of goods manufactured .It is a tax on manufacturing of goods.

Property tax - it is a tax which is to be imposed by the goverment on selling or buying any property . It is a tax that is directly imposed on property.

When it comes to income tax we can take deductions of these taxes by showing these as our expenses which can reduces our income that leads to lower income tax.

The lowering taxes can help our overall financial plan as if we lower our taxes than it means the our cost gets reduced as a tax is a cost of entity of manufacturing or providing services so as these are expenses then by lowering it we can increases our net profit of business.

Yes I think that having a tax advisor is worthwhile for us right now as tax advisors helps us to reduce our tax liability by claiming various deduction and also helps us to pay lower tax or reducing tax liability with the help of various loopholes. If we take a advise from the tax advisors it leads us or helps us to claiming various deduction from the tax liability and also tell us about very laws related to tax liabilities which also helps us for not doing any unlawful act.