As tax season rolls around, South Africans have a chance to save money with some smart but often ignored strategies. They can claim medical aid tax credits, donate to charities for deductions, and deduct home office costs if they work from home. Checking their PAYE deductions can help avoid overpaying taxes, and those with side incomes should register for provisional tax to stay on track. By tapping into these lesserknown tax breaks, taxpayers can keep more of their hardearned cash, especially with potential tax hikes on the horizon.
Get ahead of the game for tax season with these financial strategies that could save you money. Consider taxfree savings accounts offered by financial institutions to shelter your investments from taxation up to a certain threshold, and maximize your retirement savings with contributions that are taxdeductible. Charitable donations, travel allowances, and membership in a medical aid scheme are other ways to save on tax. These methods can boost your financial growth while ensuring tax compliance and a brighter financial future.