Personal Tax Planning with Tax Consultancy Vienna: Preparing for the New Financial Year

As we approach the end of the current financial year, it’s crucial to start thinking about the next. One key aspect of this preparation is personal tax planning, a task that can be both daunting and complex. However, with the assistance of Tax Consultancy Vienna , navigating this process can become significantly smoother and more efficient. In this blog, we’ll explore the various strategies and tips to effectively prepare for the new financial year. Understanding Your Tax Liability Before delving into planning, it’s essential to understand what tax liability is and how it affects you. Your tax liability is the total amount of tax you owe to the government. Calculating this accurately is the first step in effective tax planning. Assess Your Income Sources: Begin by listing all your income sources, including your primary job, any side businesses, rental incomes, investments, or inheritances. Remember, some incomes might be tax-exempt, while others could be taxed at diff...