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Its almost Christmas....and the closing of a Fiscal year!

05-11-2010
Soon we will be bombarded with the usual correspondance of banks and insurance companies with the objective of getting us to invest in Pension Plans to save us some money in taxes.

Since you already know and its nothing new, you must consider the idea of whether it is worth contributing to your existing pension plan (or setting one up this year is right for you), examen carefully the fiscal consequences and if it really saves you money or not in the amount you will have to pay in your next Personal Income Tax Return. It´s not a bad idea to save money but you cannot use the money deposited until your retirement, therefore you should be a least compensated by a clear and visible fiscal savings. Otherwise, it is obvious that there are other means more profitable and worthwhile, even without a fiscal deduction, will allow your money to be at your disposal when necessary.

For this reason we welcome you to visit us at CYCLO so we can discuss your personal situation and we can advise you whether it is feesible for you to contribute or not to a Pension Plan this year.

We take this opportunity to remind you that this is the last year the famous deduction for adquiring a property for the first time and primary home is coming to an end. If you are thinking about purchasing a home, if you haven´t already done so, this would mean a considerable discount when preparing your Personal Income Tax Return in the next year. Since the end of this applicable deduction will not be backdated this means that those who purchase a home before the 31st of december 2010, will be able to continue using deduction for the adquision of primary dwelling in the next years to come.

We can also help you reach a decision with regards to this subject.

It goes without saying that any client that wished to discuss or plan for their fiscal future whether changes to their Personal Income Tax or Business Tax, please do not hesitate to contact our Fiscal Department at CYCLO ABOGADOS-ASESORES.

Cristobal Ruiz
Tax Advisor

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