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In almost all countries, the governments give their citizens the tax advantages. The governments run various tax advantage schemes for the people to save money for their future. Some of these tax advantage schemes are pension schemes, provident fund schemes, insurance of various kinds, mutual funds, etc.

Today, most of the countries are facing the problem of an ever-increasing older population. This is because of the higher living standards and lower death rates. Due to this, there is a huge financial burden on the government to keep out huge amount of money for pension schemes for this large section of population.

Moreover, the pension schemes are run by the direct contribution from the working population. As the older and retired people are outnumbering the working people, more and more contribution is required from the working class.

To solve this problem, the governments promote various privately funded pension schemes. These schemes are exempted from taxes. The government encourages individuals to invest in these schemes to get tax advantage. These schemes certainly reduce the economic burden on the government and the working class and provide tax relief to the people.

You get a tax relief with your pension schemes investments and thereby save money for your future.  Although, it is your money in the pension schemes, but the government discourages you to withdraw from your pension account before you are retired.

Apart from pension schemes, there are other tax advantage schemes like Section 529 state college savings plan. When your child uses this plan for college and if your household income meets the specified requirements then you are allowed to claim for the new Hope tax credit on your tax return. You can only claim Hope credits against payments for tuition and related expenses (not room and board).  This scheme has an income limitation of $40--50,000 for individuals and $80-100,000 for couples with a joint account.

If your company offers an employee transportation program, you can also save money in terms of tax advantage by opting for the program.

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