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https://padlet.com/shlau1/PBF0014_OnlineDiscussion3
go here

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https://padlet.com/shlau1/PBF0014_OnlineDiscussion3

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Saving in long term better than short ,higher interest

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1151104436 ShiGie.        Saving for short term can earn interest also ? 

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1151104436 ShiGie.        Saving for short term can earn interest also ? 

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A savings account may be a good way to save for business, vacation, or new plan to pay.
However, where can I put savings for the short-term?

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As suggested in the video and article, I checked up on the mint.com and it is very awesome especially for uni students like us. You guys should the check them up

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Manage your money and track your credit score with Mint. Now that's being good with your money. Sign up today!

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Kotaro kanda

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good morning

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Chee Jian Foong

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10mins to go

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dicussion ended now. Thank you for your participation.

I have just received call from the adm office that there is no venue available for our replacement class on next Thursday between 10am and 1pm. Could you please give me another suitable slot so that the Adm. staff can help us to book a venue. TQVM

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I don't agree that Mizuki San

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If I claim the standard deduction, can I deduct charitable donation?

Mizuki,
In Malaysia, all approved charitable donation (with original receipt) are deductable, but the charitable organisation first must get the approval from the income tax department. or else it is not qualified as deductable item. More over, the donation can not be more that certain % of the income earned. This is to avoid people misuse the donation as deductable item in income tax.

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Is 401k a type of investment? What kind of investment is that? Stocks?

Reply from Lau,
401 account is one type of saving for retirement in US, which is quite similar to our EPF in malaysia. Saving in 401 account are tax deferable.

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If we are fine with 10% on top of tax payment and we still refuse to pay, does it keep on accumulating with no legal actions taken?
Or rather what are the consequences for doing

Dear Evan,
You can't avoid the tax payment. the income tax department has the right to take away your passport. without passport, you will not be allowed to go outside Malaysia.

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Dear 1151103544,
The young investor will look for a replacement. In the previous example, the investor who failed to buy the asset that rose from $25 to $50 may quickly try to identify the next asset that will double. As a result, the investor might purchase another asset quickly, without doing the proper work and research, in order to try to make up for the previous "missed opportunity."

Reply from Lau,
It is good to invest in property so that you earn when you are able to sell it at a higher value. But the location of the property but be strategic. At the same time, we need to pay property gain tax whenever we sell property and gain profit. In Malaysia practice, the property gain tax % vary according to year you possess that property, if you sell the property that you own for more than 5 years, then you will not be taxed on the property gain.

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Hello everyone

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Miss,
What you can control, though, is the timing of taxable income, and by being smart about when you do things to make your income taxable, you can sometimes reduce your overall tax liability.

based on the statement above, what do they meant by the timing of taxable income? and how to be smart about when we do things to make your income taxable???
could you explain futhermore?

Reply from Lau,
If you are able to split your income to different years, then your taxable income can be reduced because of the tax bracket is lower as one earn less in a particular year.

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Miss what will happen if we don't pay tax

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Miss what will happen if we don't pay tax

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Reply from Lau,
If you are taxed and not paid within the due date, you will be fine with 10% on top of the tax payable amount.
The due date to settle the tax payment yearly is as follows (for Malaysia):

1) for individual who are employed without business income: by 30 April for manual submission; by 15 May for online submission
2) for individual who has business income: by 30 June for manual submission; by 15 July for online submission

The 15 days is the grace period given to those using online submission.

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Madam,
Should we invest more in order to reduce our tax payment?

Reply from Lau,
Invest more doesn't means it will reduce your tax payment. for most of the returns gain from the investment will be taxed in Malaysia.

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Dear madam, is there tax bracket for different types of savings in Malaysia?

Reply form Lau,
sorry, I don't get your point.

According to the article, there is provisions that give tax bracket for certain types of savings in US. For example, there is tax breaks for retirement saving and college savings.

Rely from Lau,
In malaysia, the retirement insurance and education saving can be used as deduction from Taxable income.

Thank you, miss.

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we can control the portion of taxes is by chosing the right timing of income taxable~ besides, we should analyse on which taxes to pay because sometimes there are some incomes that are not considered as a tax. By these ways, you can reduce your pay to so-called Uncle Sam.
Reply from Lau,
Frankly speaking, most of the income earned will be taxed in Malaysia...

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Reply from lau,
expenses items that are allowed to be deducted from the taxable income.

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Morning!

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Good morning

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Good

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Miss can you further explain about this Provisions like tax-exempt municipal bond interest?

Reply from Lau,
That means for those investors who bought the municipal bond, they will receive the bond interest as returns, and this bond interest is non-taxed income.

Ohhh okok get it ! Thanks miss

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Madam, taxable income can be reduced by deductions. People with many deductions will itemise them on their tax returns to maximise their refund or lower the amount of taxes they must pay. Is that correct?

Reply from Lau,
Yes. But the deductions will be depent on the limited items which are announced and approved by the G

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yap wen ying

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Miss, is that we do the investment in foreign country will not be taxed? Or still want to pay taxes to foreign country?

Reply from Lau,
this is a bit complicated. actually all income earned will be taxed once, either in your own country or foreign country. It depends on your resident status whereby how many days you are reside in that country in a particular year.
For example: If you stay in country  A for more than 182 days in a year, then you will be taxed in country A.

Oh I see. Thank you miss

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Madam ,should we invest a big amount of money if we are stilll in a younger age?

Reply from Lau,
Investment is a good choice to increase an individual wealth, but has to use it wisely and carefully. or else you might be losing your money

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Risa tsuchida

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Kaname Akimoto

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Hikari Shimizu

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Mdm what is tax credit?

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A credit reduces actual bill directly

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1151104038 Wong Wei Sean

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More investment more taxes advantage??

Reply from Lau,
Not necessary, it depends on what kind of investment. Most of the time, the returns from the investment will be taxed. However, return from the saving will not be taxed in Malaysia

Thanks,madam , madam what kind interment will not be taxed？for example one company want to do some investment which will not be taxed InMalaysia ?

Reply from Lau
Most of the return from the investment will be taxed in Malaysia.

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Hi Madam, can you further explain about tax credit reduce? Thank you. ��Ym�9�
Reply from Lau,
Tax credit can reduce the total tax to be paid directly, regardless of the tax bracket. For example, after calculated, your total tax is amounted to RM2000, that means tax credit can be deducted directly from the RM2000 to be paid to the G. Normally this only applicable to those whose tax amount is less than certain amount.

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From the article I can see that nobody can predict the stock market. Doesn't matter if you're Warren buffett.

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Why foreign income from oversea jobs doesnt treated as taxable?

Reply from Lau,
This is because it will be taxed at the foreign country where you are working.

Thank you madam!

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Is it something like claiming income

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sharing of article 2:

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Sharing of article 1

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Good Day!
Thank you so much for your active participation online last Thursday.
For the preparation of second discussion, kindly refer to the following link: http://www.fool.com/knowledge-center/tax-how-you-can-pay-less-to-uncle-sam.aspx

We are going to discuss this article: How to pay less to Uncle Sam on 21/07/2016 between 10am and 11am.
Thanks and Regards
Lau