‘Taxes’ are a burden that every income earner must face. Effective tax planning is therefore important. So that each baht of money you earn will work to its maximum benefit. One of the financial tools used in planning.Tax deduction is insurancelife
Why is tax deduction through insurance so popular?
Tax relief through insurance is a widely popular strategy. Because it is a combination of financial planning for the future and reducing current tax burdens. When life insurance premiums are used for tax deduction It means that you will get part of your money back. which can be spent on other activities Or you can invest further. In addition, having life insurance also creates security for your family in the event of unexpected events such as death or disability, which will greatly help alleviate financial distress.
Types of insurance that can be deducted from taxes
There are many types of life insurance that can be deducted from taxes, such as whole life insurance. Accumulated life insurance including health insurance Each type has different conditions and the amount of money that can be deducted. Those interested should study the information carefully before deciding to get insurance.
Tax deduction limit for insurance premiums
The amount of money that insurance premiums can be used for tax deduction is The Revenue Department has clearly specified It will vary according to the type of insurance and the status of the insured, such as an income earner, the elderly, or a spouse, etc. However, the tax deduction limit may be adjusted according to the announcement of the Revenue Department. Interested parties should always check for the latest information.
Things to consider when choosing insurance to reduce taxes
- Protection : In addition to considering tax deductions. You should consider whether the coverage you receive is appropriate for your needs and financial abilities.
- Insurance company: Choose a reliable insurance company. Have financial stability and have good after-sales service
- Contract conditions: Read and understand the contract conditions carefully. To make sure you understand your rights and responsibilities.
- Consult an expert: Consulting with a financial expert can help you understand the complicated information and choose the right insurance product.
- Plan your taxes in advance: Tax planning should be done in advance. To have time to study information and compare insurance products from various companies.
- Update insurance plans regularly: An individual’s financial situation and needs may change over time. It is important to update your insurance plan regularly. So that the insurance plan remains appropriate for the current situation.
Tax relief with insurance is an attractive financial strategy for those looking to plan for their taxes and secure their future. Choosing the right insurance will help you get adequate coverage and can effectively reduce your tax burden. However, those interested should study the information and consult with experts before making a decision. To get an insurance plan that meets your needs and financial goals
Source: www.siamphone.com
