Infinity Talk Podcast Sharell Thomas

Hi guys, welcome to the first episode of the Infinity Talk podcast. Today we talk about filing tax returns, who is required to file and some key considerations or things you might wanna think about when deciding whether or not to file.

For more information on income tax regulations in Trinidad and Tobago, check out the following website:
http://www.ird.gov.tt

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Confused about Tax Deductions?

Tax Deductions help to reduce our taxable income. They are very useful in reducing your tax burden and you should utilise as many as you possibly can! In today's episode I provide a simple guide to understanding deductions and some of the deductions available to us in T&T citizens!

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Every year, the government allows you to have a certain amount of your income TAX FREE!!! We call it a Personal Allowance!
In Today's short episode we'll talk about this allowance and what it does for you and your income!

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Deductions reduce your taxable income! In this episode, we explore two of the most common types of deductions, contributions and tertiary education expenses. 
We'll discuss:
 The three (3) types of contributions and the documents you need to claim them.The expenses that qualify for a tertiary education expenses3 Documents you need to successfully claim the tertiary education expense.Check on your NIS Deductions at:
https://www.nibtt.net/OCRS/Form_Request.html

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Today we switch things up a bit with a bonus episode! 

In this Bonus Feature, we'll talk about retirement planning and how important it is to start early to reap the most benefits! We get deep into the reasons why you should not rely solely on National Insurance Contributions and Government pensions as your only source of retirement income and how you can benefit in the long-run from starting a retirement fund in your 20's.


Check on your NIS Deductions at:
https://www.nibtt.net/OCRS/Form_Request.html

Link to article written in the Guardian:
https://www.guardian.co.tt/business/imbert-worries-about-sustainability-of-national-insurance-fund-6.2.1340588.59ae92c133

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Being a sole trader and a self-employed person can be quite  tough especially having to navigate all the tax rules and regulations to remain in compliance with the law. 
In today's episode I hope to break down and make clear some of the  important taxes and some guidelines that you should follow as a self-employed individual or sole-trader. We'll chat about:
Income Taxes for Self-EmployedBusiness LevyStatutory Deductions such as National Insurance /PAYE/Health Surcharge
To view NIS Contribution Rates:
https://www.nibtt.net/Contribution_Rates/cont_Sept05_2016.htm

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