There is a threshold income till which you never have to pay tax on your income paycheck but as your income crosses this limit, you are charged with a significant amount of tax on your salary by the government. Most of us never prefer to have these taxes deducted from our salary but we can’t even do anything as it is a national government policy and stealing taxes and not paying them to government is a crime. In such a time we think about the ways in which we can save these taxes in a smart way where we are not even befooling the government and still saving it by employing various ways in our schedule. Some such tax saving ways can be mentioned as follows:-
How to Not Get Taxes Taken Out of Your Paycheck
1. Take Cash in Hand:-
The best way to spare yourself from taxes is to ask about the cash in hand options for salary from your employer. This option is possible in the private companies where you are working on a contract basis rather than working on a permanent basis. Most of the private institutions have an option for paying salary cash in hand and thus when you get salary in hands; you never have to pay tax for it till you deposit it in the bank.
2. Tax Exemption Forms:-
There can be a provision for tax exemption forms available in your area. I am not mentioning the name of a specific form here as I am talking on global level and the names of such forms can differ from country to country. Just search about such tax exemptions form and fill one of such forms suiting the best of your needs to exempt yourself from taxes.
3. Schemes from Country to Country:-
Schemes of one country always differs from the other country. For example, in jaat agitation matter in India, the Indian government has exempted all forms of taxes from people affected with it and there is also a provision for exemption of taxes in several government jobs as well. You can also look for the availability of such procedures/approaches in your area to avail the benefit of exemption of taxes.
4. Get Refunds in the Form of Claims:-
There are refund forms for taxes like W-4 etc. which can be bought in use for getting refund of your taxes. Just write “exempt” on your W-4 after reading the instructions and submit it to get possible refunds. The income taxes like federal income taxes and other income taxes will not be probably taken from you in such cases.
5. Donate Money to Charity:-
If you are earning in billions and millions and if you still wish to spare yourself from taxes, just start making some works of welfare or start donating money to charity and soon you can avail for tax exemptions showing proof for those charities. You can make such charities in any amount depending on your capability, will and earnings.
6. Own a Massive Mortgage:-
In some cases you can avail for income tax exemption or redemptions even if you own a massive mortgage on your head. This depends on your state revenue agency’s rules and regulations. Just look about one of the possible ways from the above mentioned ways in your area after researching about it individually on internet and you will be able to find a way for sure to exempt yourself from taxes.