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The fourth bank account of savvy savers
Taxes are a necessary part of life, and they can be a complex and confusing topic for many people
It remains crucial to understand the importance of budgeting for taxes, especially for those who are self-employed or have income from investments or rental properties. One of the biggest mistakes people make is failing to set aside money for taxes and treating their income as if it were entirely their own.
Changing your mindset and recognising that the money earned from these sources belongs, at least in part, to the tax office. To help manage finances effectively, it is recommended to have multiple bank accounts, including an everyday account, a bills account, and an emergency fund account.
Dr. Steven Enticott provides insight into how being proactive and diligent in managing finances, individuals can avoid the stress and financial strain that can come with tax time.
Money Matters is presented by CIA tax
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