Sanaa:Many people wonder why some manage their taxes efficiently while others pay more than they should, even with similar incomes. The answer may not lie solely in the amount of income, but in understanding taxes and proper planning. Small, unnoticed mistakes can become significant expenses, leading to losses of hundreds of thousands of baht over time.

According to Thai News Agency, the program "Knowing How to Use and Understand Money" on FM 96.5 Thinking Radio highlighted five common tax mistakes. Pichayarat Niamboo, Director of iWS Wealth Advisory and financial advisor, known as "Kru Pichcha," explained how tax behaviors and misconceptions directly impact finances.

Tax issues often arise not from the complexity of the laws, but from a lack of knowledge, misunderstandings, or neglecting available benefits. Seemingly minor mistakes, when repeated annually, can lead to substantial financial losses.

For instance, mistakes include not utilizing available tax deductions, choosing inappropriate income management methods, not keeping evidence of expenses for tax calculations, misunderstanding income types that need to be included in tax calculations, and starting tax planning close to the filing deadline. These practices should be avoided, as early planning can help manage income, expenses, and benefits more effectively.

A common problem is that many people only start paying attention to taxes close to the filing period, limiting their options for managing taxes. Ideally, tax planning should begin at the start of the year and continue throughout. This preparation allows for a clearer picture of income, expenses, and benefits, enabling more effective financial planning in areas such as saving and investing.

"Taxes are a duty, but paying correctly is our right," emphasizes "Teacher Pichcha." Proper tax planning involves understanding the rules and utilizing the benefits provided by law, rather than avoiding taxes. Often, financial damage stems from ignorance of rights or planning strategies.

Studying tax information and preparing in advance is crucial for taxpayers. Understanding taxes today can help save money in the future. Managing to pay the correct amount legally and appropriately is a right everyone can exercise. Starting with understanding income types, checking deductions, keeping records of expenses, and early tax planning can help reduce overpayment risks. Money that isn't overpaid can be saved, invested, or used to build financial security for the future.