Quote:
Originally Posted by Unregistered
Its income tax filing season again.
Here's the combined income tax we had to pay for the last 5 years
2013 - $29,000
2014 - $33,000
2015 - $35,000
2016 - $37,000
This year, we will have to pay $41,000. The increase comes about as we can no longer claim relief for our children as they are working now.
Each time when we see the tax we have to pay we cringed. Thats where a chunk of our passive income goes. Sigh.
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The income tax may seem high. But when you retire, there will be no more income tax to pay and all your passive income can go into daily expenses.