Maximize Your Tax Savings with Smart Banking Strategies
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Let’s clarify the 20% tax on your savings account. 💰📉 It’s not based on your principal amount—it’s based on the interest earned. Example: If a bank offers 5% interest per annum and you deposit ₱10,000, you’ll earn ₱500 interest after a year. The 20% withholding tax applies only to the ₱500, not the ₱10,000. So in the end, you’ll get ₱400 net and ₱100 goes to tax. | The Present
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Tax Day will be here before you know it. If you could use some advice, you’re not alone. Pause the video below to get a helpful tax tip, then visit #BetterMoneyHabits for more. https://bit.ly/3Kez8K2 | Bank of America
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