May 07

How our savings are taxed

When we think of the taxes we pay to the IRS, usually we come to a head on labor income and capital gains. However, when calculating what we will pay in respect of income tax, we must not, among the latter, also include those obtained by our savings, and depending on the amount, may pose a greater or lesser amount to pay.

Since the income tax season is just around the corner, you should start making numbers and get an idea of ​​what we’re going to pay for this item, to take no surprises when it comes time to pay taxes to the Treasury.
tax brackets

We produce yields interest we have received from interest-bearing accounts and deposits are distributed in the following sections:

– Between 0 and 6,000 euros, will pay 21%.

– Between 6000.01 and € 24,000 spent 25%

– Finally, if the amount is greater than 24,000 euros, will pay 27%.

This retention is practiced Treasury when we receive the interest, and is done automatically. Therefore, if we have given our savings, for example, $ 1,000, 210 will go to spoil to state coffers and 790 will be credited to our account.

Fiscally interesting options

With this in mind, not all savings products are as interesting as they might seem at first, since the interest we earn, we subtract the retention of Finance.

Currently, from the fiscal point of view, one of the most attractive options are mutual funds because they do not pay taxes towards them until they are redeemed. In addition, such funds will allow us to transfer capital to other funds without paying anything to the Treasury, which makes the product even more interesting.