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Each country has its own tax system, and to be aware of your countries Tax system is very important. You must be aware of different taxes you pay which in fact is used by government for providing public services.

You are required to file an Income tax return if you are earning taxable amount of money. If you have done your business in USA in the current business year, or if you have serviced in USA (as part of your job), you may be required to file income tax returns in USA even if you are living in India now. It is very important to file tax return on time and accurately to avoid any audits. And to file taxes on time, it is important that you are fully aware of Tax filing and tax saving procedure.

However as much important is to know about taxes, equally important is to know about Tax saving tips and tricks. You know many countries offers different Tax benefits like giving Tax credits.

Talking about Tax saving tips, different countries offer different tax rebates. For example, India government offer you to save taxes under section 80C. You can invest upto Rs 1 lakh and save tax upto Rs 30000. Similarly, for other countries you can save tax just following simple investment and tax saving tips.

As far as Tax credits are concerned Canadian, US, Singapore government offer different Tax credits and benefits. One of the latest one being “Health in Pregnancy Grant Tax”, under this new tax credit from April 2009, you may be able to get a one-off, tax-free payment if you’re a mum-to-be. If you are to be a Mum then you can make a claim for Health in Pregnancy Grant from 1st January if you are expected to give birth to a baby on or after 6th April 2009. Similarly if you are having a family and you have to raise your children then you are eligible to get Child tax benefits.

So, it is very important to know about Tax tips and benefits as it will help you save and receive lot of money. Remember in this time of recession, every penny saved is in turn Money earned.

As you may or may not know, Congress extended certain tax breaks late in 2006, but not in time for the IRS deadline for inclusion in 2006 tax forms. Thus, these deductions don’t appear on the IRS forms or in the instructions booklets. Here are the key changes:

Sales tax: You have the option of deducting state sales taxes you paid last year or the amount you shelled out in state and local income taxes. Congress re-instated this deduction for 2006 and 2007 after it had expired in 2005.

Classroom expenses: Teachers from kindergarten through high school may deduct the cost of school supplies they pay for with their own money. This deduction, worth as much as $250, has been revived for 2006 and 2007.

Higher education tuition and fees: This deduction, worth as much as $4,000 of tuition and fees paid to colleges or other post-secondary schools, is back for 2006 and 2007. The maximum deduction is available to single filers with adjusted gross income of $65,000 or less and joint filers with income of as much as $130,000.

While most tax prep software should be updated, people filing their returns on paper need to be extra careful not to miss out on these tax breaks. According to the IRS, they won’t start processing returns claiming these deductions until February 3rd.

Opening an account is generally a quick and simple process in Belgium. Banks usually require only your passport or other identification in order to open a current account (compte à vue/zichtrekening).

You can even open an account online without having to set foot in a bank. It will be anything from a few days to two weeks before you receive the various transfer forms, cards, code numbers and passwords necessary to manage your account.

You can receive statements as often as you like, e.g. monthly, weekly or even daily if you want to keep a close check on your account. There is, of course, a charge for this service and the more frequently you want statements, the more expensive it will be. If you don’t specify otherwise, you will normally receive one or two statements per month. You can also use your bank card or Internet connection to review your account balance and check recent transactions at any time.
Savings Accounts

In addition to a current account, you can open several different types of savings accounts with most banks. Your employer may also offer a form of tax protected savings account at your own or another local bank. Belgium exempts a certain amount of savings account interest from income taxes, and there’s a variety of savings plans available designed to permit you to save money for a deposit on a house.

With deposit accounts (term deposits) you must be prepared to invest for a period of up to 12 months, and some employer-related savings plans require you to invest for several years before you can make withdrawals. In general, the longer the term, the higher the return. You receive a pass book for a savings account, where all deposits and withdrawals are recorded. Under some employer savings plans, you must take your pass book to the bank every few months to have the balance updated, or wait until the end of the year to receive your tax documents, telling you how much interest has been added to your account.