MOMENTUM: MYSMARTS – INCOME TAX CALCULATOR


Investing & Money
piece written on the 27th November 2014 by  

Last time I was chatting about Momentum’s financial wellness tools I wrote a blog post on 7 financial questions and their answers. The post was well received and that tells me that people are interested in these matters and have otherwise not had access to this sort of material. This week I want to elaborate a little on the topics of last time.

We’ve just been through income tax filing season and I’m fortunate enough to have an accountant who does it for me. However, we all know that when you deal with your own money that you’re inclined to be extra careful, whereas someone else might move swiftly and miss something. Not only that, be depending on someone else doesn’t teach you anything. Every year when my accountant does my income tax I request the calculations so I can go over it, not really to check their workings, but to understand which areas influence me positively or negatively so next year can be better.

One of Momentum’s financial wellness solutions is called Mysmarts and this solution offers an income tax calculator. It’s very straight forward in the sense that it is merely a form you complete and then the solution provides you with an answer:

Screen Shot 2014-11-26 at 2.49.22 PM

Once you’ve entered in your numbers and clicked Calculate, the solution provides you with a breakdown of the current tax year and previous tax year in terms of months and years, but then it also gives you an option to see the tax breakdown, which is the area that I feel is very important so you can understand and make comparisons:

Screen Shot 2014-11-26 at 2.54.49 PM

So next time it’s income tax time, you’ll have bookmarked this page and you’ll be able to use this financial solution.

If you want to get going, click here and sign up for free, no catches!