April 1, 2013 – Are you ready for the onslaught of taxes?

Teri Ann Renee Paisley, Gleaner Online Writer

As April 1st draws nearer I started thinking about how much deeper I was going to have to dig in my pockets. Some tax measures such as increased tax on phone cards were put into effect earlier on March 1, 2013. However, a number of new tax measures will be effective on April 1, 2013.

So how will you be affected?

The changes to the taxes will affect everyone from the employed to the semi employed as well as retired persons. There will be increases in the education and income tax deductions so that means less money in your pocket from the salary that you earn each month.

Consumers will also have to brace for increases in the taxes they pay when they buy property and those who import items under certain situations such as car dealers.

Well if you think you won’t be affected if you own property then the new amendments means you will have to pay more in taxes than you did last year.
Click here for the complete list http://jamaica-gleaner.com/latest/article.php?id=42832

The inevitable question is, how will we survive?

How can you cope with the increased taxes?

First don’t panic! It will mean a tightening of your budget and maybe putting off of any major purchases such as a new home or car but you can survive. It might also mean that you will have to cut back on any purchases that are considered luxury items.

There is no hiding our collective heads in the sand. There must be preparation for the constraints which must follow after a period of increased taxes. Regardless of how you deal with the new taxes it is vital that you continue to spend your money wisely.

How do you plan to cope with the planned increase in taxes? Let me hear from you!

Tags: increase, taxes