Pierre Poilievre’s Post

If you got a big tax refund that may not be cause for celebration. Here’s how you could have put your money to better use and what to do for next year instead.

Anything to reduce taxes? Did you know? In England during the late 1600’s, King William III imposed a tax based on a home’s number of windows? Windows were seen as a sign of wealth at the time. As a result, citizens started covering their windows with bricks to lower their taxes. Some things never change.. like people doing anything to reduce their taxes. It’s why there’s a need for an advisor to help you be creative to reduce your tax bill. That’s what I do at Legacy Wealth Management. Let’s share a window of time and talk!

Tax Season is upon us, so it's time to start thinking about setting aside money for taxes, if you expect to owe. However, for those who are expecting refund, we have some tips for you on ways to use that money wisely. After all, it was yours all along, you just let the government hold on to it for a few months. #TaxSeason #Refund #moneytips

Then don’t get one 💁🏼♀️ More for the rest of us! We are already taxed on everything. Why try to avoid taxes right? WRONG. At least in my opinion. I would rather pay taxes now instead of waiting for taxes to go up and keep my money when I need it most. #money #taxes #goverment #lifeinsurance #finance

As someone who navigates the delicate balance between earning and living, I must say, this tax regime really knows how to keep us on our toes! 💼😅 Here’s to the middle class – the backbone of the nation and the ultimate jugglers of finances. May our dreams be big, our taxes small, and our coffee cups always full! ☕💪 If you know you know #NewTaxRegime #MiddleClassMusings #TaxHumor

#ThrowbackThursday to a window into tax history! In 1691, England had a rather unique tax strategy: they taxed houses based on the number of windows they had. The result? A trend of homes with fewer windows and people sealing off existing ones to dodge the taxman! But here's where it gets interesting: as homes became darker and stuffier, health issues started to arise due to the lack of natural light and fresh air. It took a whopping 160 years, but in 1851, the window tax was finally repealed, giving people the relief, they needed and the freedom to enjoy well-lit, ventilated homes once again. A quirky tax tale reminding us of the ever-evolving relationship between taxes and society! #TaxHistory #WindowTax #FreshAirMatters #ThrowbackThursday #WayBackWhen #BusinessThrowback #TaxThrowback

If you frequently gift money to friends and family members, watch this video to ensure you’re staying within contribution limits. Otherwise, you may need to fill out separate tax forms. https://lnkd.in/ggRthYT9 #WarrenStreet #Fiduciary #FinancialAdvisor #Finance #TaxPlanning #Taxes #Gifting

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. That means the IRS can pursue either spouse to collect the entire tax, not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. In some cases, however, one spouse may be eligible for “innocent spouse relief.” This generally occurs when one spouse was unaware of a tax understatement that was attributable to the other spouse. Read more on our September newsletter: https://lnkd.in/gZJeKa4W

This might be my EASIEST tip to save tax...EVER! And it's as easy as just changing a name! 👇 You can retain more of your hard-earned money by ensuring your savings account is held in the name of the person in the lower tax bracket. Here's an example from a couple I saw earlier this week: The husband was earning an income that was taxed at 47%. His wife was not working and therefore did not earn an income. They had a savings account that generated interest — yet it was in the husband's name. Watch the video to see how this small detail affected them in a big way... Remember, when it comes to taxes, every dollar saved is a dollar earned. Need for tax minimising tips? Book a free 15 min chat, link in my bio! #TaxSavings #FinancialTips #SavingsStrategies #interestrates #savingsaccount #saving #savings #tax