Mo Money #452 How to (Legally) Cut Your Tax Before June 30
May 29, 2025
Discover how to turn the tax season into a money-saving opportunity! Learn practical last-minute strategies to maximize your deductions, especially for high-income earners. Explore the benefits of tax deductions for remote workers and how proactive planning can unlock significant savings. Find out about useful tips like super contributions and prepaying expenses, and why consulting a professional can elevate your tax game. Dive into innovative ways to reinvest your tax savings for future wealth growth!
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Plan Tax Early for Big Savings
- Do your tax planning earlier in the financial year rather than waiting until June for better savings.
- Utilize simple deductions like work-related expenses to reduce your taxable income effectively.
Tax Deductions Aren't Free Money
- Tax deductions only refund part of what you spend because you get a percentage back at your tax rate.
- Buying expensive items for deductions still means you spend money, so don't buy stuff just for tax benefits.
Maximize Vehicle Deductions Right
- Claim motor vehicle expenses with either the fixed rate or logbook method for significant deductions.
- Keep precise records to justify work-related travel claims and avoid claiming travel to and from your regular workplace.