Latest news with #Werth
The Citizen
10-07-2025
- Business
- The Citizen
Avoid costly tax mistakes by filing correctly and on time
Avoid costly tax mistakes by filing correctly and on time When it comes to tax season, people usually fall into three categories: The Proactive – prepared, informed, and early to submit; The Procrastinator – informed, but leaves it to the last minute; The Panicker – overwhelmed, unsure what to do, and likely to ignore it altogether That's the opinion of Johan Werth, Franchise Principal and Financial Adviser at Momentum, commenting on this year's tax filing season that opened in July, with auto assessments running from July 7- 20. Non-provisional taxpayers who are not auto-assessed can file between July 21 and October 20. Werth warned: 'Assuming SARS will auto-assess your return—or that you don't need to file at all—can be a costly mistake, especially if you earn below R500,000 per annum.' If you're unsure whether you must file, check the SARS website or speak to a tax practitioner. Who must file a return? You must file a return if you: Earn more than the annual threshold (R95,750 for under-65s in 2025). Earn income from multiple sources (e.g., salary and rental). Receive capital gains, foreign income, or dividends not subject to automatic withholding tax. Want to claim deductions such as medical expenses, retirement annuities, or travel costs. Are a provisional taxpayer (e.g., freelancers, small business owners, or rental income earners). Common tax season mistakes – and how to avoid them: Missing the deadline – Late submissions attract penalties. Set reminders and file as early as possible. Incorrect or incomplete submissions – Double-check all information and documents to avoid delays. Ignoring auto-assessments – Always review your SARS auto-assessment before accepting it. Not claiming deductions – Missed deductions mean lost savings. Keep proof for valid claims. Poor record-keeping – Failing to store tax documents may expose you during an audit. Keep them digitally for at least five years. What if you don't file? Failing to file your return when legally required can result in monthly penalties of up to R16,000, legal action, and restricted access to financial services, including home loans and emigration clearance. It's a criminal offence not to file if you're liable. Tips to stay on track: Store all supporting documents safely (digitally or in the cloud) for five years. Use a registered tax practitioner or financial adviser, especially if you have complex finances. Review your SARS auto-assessment carefully for missing deductions. Don't rush through the process—early, accurate filing is always best. 'Tax season doesn't have to be stressful, but neglecting it can lead to long-term trouble. Start early, stay organised, and seek professional help if needed,' Werth advised. HAVE YOUR SAY: Like our Facebook page, follow us on Twitter and Instagram or email us at [email protected]. Add us on WhatsApp 071 277 1394. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
08-07-2025
- Business
- The Citizen
Common pitfalls to avoid this tax season
It is the time of the year that most taxpayers dread: getting their income tax assessments done and get it done right. Tax season started on Monday, and the eFiling system at Sars is already slowing down due to high volumes as people try to get their assessments done. The tax filing season is the period when taxpayers must submit their income tax returns to Sars for the previous tax year, which runs from 1 March to the last day of February of the following year. For this year, it would be from 1 March 2024 to 28 February 2025. Johan Werth, franchise principal and financial adviser from Consult by Momentum, says when it comes to tax season, there are three types of people: The Proactive, who knows what to do and get it done fast The Procrastinator, who knows what to do but leaves it to the eleventh hour and The Panicker, who is not really sure what to do and hopes that if they ignore it, it might go away. Auto assessments run from 7 to 20 July 2025, and non-provisional taxpayers who were not auto assessed will be able to submit and file their income tax returns between 21 July and 20 October 2025. ALSO READ: Didn't receive Sars auto-assessment notice? You can now file for tax return Do not think you have no assessment to be done during tax season Werth says you are a 'Procrastinator' or 'Panicker', a common but dangerous mistake is assuming Sars will auto-assess you or that no filing is needed, especially if you earn under R500 000 per year. 'You can see if you are liable to submit a return by checking to see if you received any communication from Sars or by using the Sars website. You can also consult a tax practitioner to confirm if you are required to file.' People who must file an income tax return are South African residents and non-residents who earned income in South Africa during the tax year, as well as people who: have capital gains, foreign income, or receive dividends not subject to automatic withholding tax have multiple income sources, such as a salary and rental income earn more than the tax threshold for the year, such as over R95 750 for under-65s in the 2025 tax year want to claim deductions, such as medical expenses, retirement annuities and travel allowances are provisional taxpayers – usually people who earn income not subject to pay as you earn (PAYE), such as freelancers, sole proprietors, or rental income earners. ALSO READ: Are you making money with crypto assets? Sars is looking for you Other common mistakes tax payers make during tax season Werth says aside from not filing a return at all, people make these common mistakes during tax filing season: Missing the deadline' late or missed submissions can lead to penalties, and you should set reminders and file early, even if you are auto-assessed. Submitting incorrect or incomplete info: outdated details, missing certificates or source code errors can delay processing, and you should double-check all data and use Sars' eFiling guided tools. Ignoring your auto-assessment: do not just accept it blindly; review for missing deductions, such as retirement annuities or medical aid, and file manually if you need to. Not claiming eligible deductions: medical costs, travel, a home office and retirement contributions can reduce your tax, but only if you claim them with proof. Poor document management: if you fail to keep receipts, logs or tax certificates, it puts you at risk in an audit. Store everything digitally for at least 5 years. ALSO READ: Beware of these scams during tax season What happens if you do not file during tax season? And if you do not file? Werth says failing to file a return when required can come at a high cost, even if Sars owes you a refund. 'Sars may impose monthly administrative penalties of up to R16 000, initiate legal action and block access to essential services like home loans or emigration clearance.' 'It is a criminal offence not to file when you are legally required to. Even if you earned below the threshold, it is worth checking your status on eFiling or with a tax practitioner.' Werth shares these tax filing tips to keep you on track and make the process smoother and more financially beneficial: Keep all supporting documents for five years, whether digitally or in the cloud. Do not overlook key deductions like retirement annuities, home office expenses or out-of-pocket medical costs but, only claim what you are eligible for. Check your Sars auto-assessment, especially if you have income from multiple sources. Use a professional such as a financial adviser or tax practitioner if you struggle with the admin, especially if your situation is more complicated and includes things like freelancing, working overseas, or capital gains. Tax season does not have to be stressful, Werth says. 'But ignoring it, or rushing through it, can lead to bigger problems down the line.' There were many complaints the past two days from taxpayers trying to check their auto-assessments. Sars says on its website its system is currently experiencing unusually high traffic volumes. 'We value your experience and appreciate your patience as our dedicated teams work diligently to resolve the issue and restore full service as quickly as possible. We apologise for any inconvenience this may have caused.'
Daily Mirror
24-05-2025
- Sport
- Daily Mirror
'Rapid' Royal Ascot horse named after baseball's Jayson Werth impresses on debut
Werth set up Two Eight Racing as he wore number 28 during his playing days. He part-owns exciting new Wesley Ward-trained recruit Outfielder with Amo Racing, founded by football agent Kia Joorabchian A 'rapid' horse left his connections dreaming of Royal Ascot glory after a sparkling display on debut in America. Outfielder sprinted clear in a five-furlong maiden special weight event at Churchill Downs with champion rider John Velazquez steering. The six-and-a-quarter length romp on Friday evening saw bookmakers William Hill introduce the colt into the Norfolk Stakes betting at 7-1. His American trainer Wesley Ward has won the race twice, with No Nay Never setting the ball rolling in 2013 and Shang Shang Shang going in five years later. As well as impressing racing fans, the new recruit thrilled his part-owner and former baseball star Jayson Werth who he is named after. The sportsman played as an outfielder for many top teams, including the Toronto Blue Jays, Los Angeles Dodgers and Washington Nationals in a 15-year Major League Baseball career. Reacting to his thoroughbred's performance, Werth said on X: "That's how we do it. First time out by 7l!" During a three year spell with the Philadelphia Phillies, Werth played a big role in the team's defeat of the Tampa Bay Rays in the 2008 World Series. He called it a day in 2017 and got into racing when he watched the sport on TV after a round of golf. Werth has had runners in the Kentucky Derby including Flying Mohawk when it was last held on May 3. But now his team are setting their sights on Royal Ascot's five-day showpiece of the Flat season. In 2023, Amo Racing were responsible for one of the biggest shocks at the meeting in the race Outfielder could go for, when Valiant Force struck at 150-1. Founded by football agent Kia Joorabchian, who brokered the £142 million move of Philippe Coutinho to Barcelona from Liverpool, Amo are one of the leading names in the flat game. And Ward has built a reputation for bringing fast horses over from his base in California, ever since Strike The Tiger landed the Windsor Castle Stakes at 33-1 in 2009. However last year he told the Racing Post that a lot of his owners were finding it costly to send their horses to the event, which runs from June 17-21. "It's very expensive to get them over there and I don't want to be bringing over horses I'm not confident are going to run well," he said. Ward might find it hard to resist a trip over with Outfielder, who was cut to 5-1 for the Norfolk Stakes by the Hills odds compilers on Saturday after strong support.
USA Today
03-05-2025
- Entertainment
- USA Today
Jayson Werth had the wildest outfit at the 2025 Kentucky Derby
Jayson Werth had the wildest outfit at the 2025 Kentucky Derby Former baseball player Jayson Werth is no stranger to the festivities at Churchill Downs in Kentucky. The 2008 World Series champ had a horse in last year's race and is co-owner of Flying Mohawk in 2025's Kentucky Derby. His horse has relatively long odds to win on Saturday evening -- Flying Mohawk currently sits at 28-1 odds -- but Werth is dressed for the affair. Werth went bold with his look, pairing a black suit with bright green trim with bright green accessories and a top hat. He, of course, tied it all together with his signature beard and long hair. The lime green matched Flying Mohawk's jockey, Joe Ramos -- the youngest jockey in the field at 25 years old -- who also donned the bright color for his jersey. People both loved and had jokes about Werth's flamboyant look. The Kentucky Derby gets underway at 7 p.m. ET.
New York Times
02-05-2025
- Sport
- New York Times
Former MLBer Jayson Werth will run for the roses at Kentucky Derby 2025 with Flying Mohawk
LOUISVILLE, Ky. — Bored and with time on his hands between games against the Louisville Bats, Jayson Werth and a few of his Syracuse SkyChiefs teammates wandered over to Churchill Downs on a random day in May, 2002. A baseballer through and through, with genetic Major League lines tracing from his great-grandfather to his grandfather to his uncle to his stepfather, Werth knew two things about horse racing: They competed for something called the Triple Crown, and the Kentucky Derby was a big deal. Advertisement That May day, along with a trifecta, Werth hit the ninth race of the day when a horse by the name of U.S. Jets crossed first for the fifth win of what would eventually be a middling 12-win career. Werth left Churchill with $3,500 in winnings, a veritable king's ransom for a minor leaguer. Though he always remembered the horse's name, he promptly forgot about the sport for the next two decades as he roared into a 15-year career in the big leagues and won the 2008 World Series with the Phillies. Twenty-three years later, Werth stands outside Barn 21, recalling that happy May day, and hoping now for an even bigger win. On Saturday, Flying Mohawk, the resident of Barn 21, will be one of 20 horses to break from the gate for the 151st running of the Kentucky Derby. Werth is his owner. The road from casual bettor to a man who on Wednesday afternoon was handing out MHRGA (Make Horse Racing Great Again) hats en route to a crawfish boil at his barn is indeed a pivot, but to the man steering the journey, not terribly surprising. 'Anybody who knows me wouldn't be surprised,'' Werth tells The Athletic by phone while tossing out hats. 'My mom always says I only know how to go all in. I played baseball from the time I was five until I was 39, all day every day, and when it was over, there wasn't much to replace it. Just this huge void. 'But this sport that I knew nothing about, it's fascinating, it's addicting. The people are incredible, and the animals are majestic. I love it. I love everything about it.'' Werth wasn't sure what he was looking for when horse racing found him. Post-retirement, Werth was like a lot of athletes, searching for something but not quite sure what it was. He dabbled in organic farming, buying a 300-acre plot of land in Illinois, but he itched for something competitive. While visiting Florida, Werth teed up for a round of golf with his friend, Rich Averill. Averill got started in horse racing the same year that Werth was cashing in on U.S. Jets, partnering on a gelding named Fun n' Gun that year. He now has 725 starts and more than $4 million in earnings. Advertisement After their round of golf, Averill took Werth over to Tampa Downs, where some of his horses were running. As Werth watched the horses come around the final turn, he felt a very familiar surge building inside him. 'It's like playing a big game and you're sitting in the dugout, bases loaded, down two in the bottom of the ninth,'' he explains. 'Your teammate hits one into the gap, and you're cheering and screaming because that's all you can do. You're helpless. You're not on the field, but you're invested in what's happening. Those horses came around the stretch, that's exactly how I felt.'' Immediately hooked, he partnered with baseball agent Jeff Berry and Florida real estate developer Shawn Kaleta to form Two Eight Racing, a nod to the jersey number, 28, he wore with the Los Angeles Dodgers, Phillies and Washington Nationals. In 2023, he bought some fillies and quite literally went off to the races. Blessed with a sweet dose of beginner's luck, Werth made his first Derby appearance last year, as 10 percent owner of Dornoch. The horse finished 10th in that race, but went on to capture the Belmont Stakes, a moment Werth compares to his World Series victory in terms of its immediate euphoria. That victory not only gave Werth a new jolt of competitive fire, it provided him with a dose of something he says he never felt before: nerves. 'I never experienced nerves before. Never got butterflies,'' he says. 'I've played with a guy who would throw up before every game, and I'd look at him like, 'What the hell is wrong with you?' And now here I am, fighting back puking before every race. It doesn't make any sense to me, but I have all these crazy emotions with this sport.'' Post Dornoch, he doubled down on both his investment in horses — he is the front and center owner for Flying Mohawk — and his commitment to the sport. Advertisement 'Horse racing does a terrible job marketing itself,'' he says, noting more than a few friends and former teammates who are skeptical about his new passion. 'People think it's scummy. The gambling, the drinking, and they hear the bad stories. They don't see that there is more good than bad, and most of these horses are not only treated well, they're professional athletes. Watch them and you know they want to go.'' He has created a few converts on his own, bringing buddies to the track or to the barn to let them see for themselves the majesty of its athletes and the draw of a race day. Filled with the blush of first love for his new passion, Werth also feels compelled to spread the joy, turning himself into a self-appointed horse racing pied piper. While conducting this interview, he also yelled to passers by, 'Here! Have a hat!' He loves almost everything about horse racing — 'I was like the bubble boy, so I'm fairly certain I'm allergic to everything in the barn,'' he says — and wants people to feel what he feels. He's also savvy enough to understand his own personal draw. With his long hair hanging out from his fedora, he is immediately recognizable, and his MLB fame brings a different kind of attention to his horse and horse racing by extension. He knows that bringing more people with some celebrity cache will only raise the industry's profile. Werth did not expect Flying Mohawk to be a Derby contender, with good reason. The horse's first five races were all on turf, and the Derby is run on dirt. But trainer Whit Beckman had a plan for the $72,000, 3-year-old. He moved Flying Mohawk to the synthetic surface at Turfway Park for the Jeff Ruby Steaks, one of the Derby prep races. When Flying Mohawk finished second there in March, he earned enough points to make it into the Derby field, setting off a celebration so boisterous that people with the actual winner, Final Gambit, wondered what Werth and his team were doing down by the winners' circle. Werth knows that with no real experience yet on dirt, Flying Mohawk will be a long shot (he opened with 30-1 odds), but he doesn't care. 'Owning a horse that runs in the Kentucky Derby is literally the highest level of sports,'' he says. 'It's like getting your name called on Opening Day to run out on the field for a storied franchise like the Phillies or the Yankees or somebody like that.' He pauses for comedic effect. 'Not the Mets. Never the Mets.'' Then he's asked to do the impossible: Where might a Derby victory line up on his personal list of accomplishments? Werth first ranks his past achievements. The World Series, he says, is number one, with the bonkers Philadelphia parade as 1A. He slides Dornoch's win into second. Then he ruminates for a few minutes on his own athletic foundation — the great-grandfather, John Schofield, a shortstop, whose pro career was cut short by injury; the grandfather, Dick 'Ducky' Schofield, who spent 18 years in the Majors and won a World Series with the Pirates in 1960; the uncle, Dick Schofield, who spent 14 years in the bigs and also won a World Series, in 1993, with the Blue Jays; the stepfather, Dennis Werth, a former first baseman for the Yankees and the Royals; and his mom, Kim, a track star who competed in the 1976 Olympic Trials. Then he answers. Advertisement 'But that's all the foundation, what we've done, where we've been in life. This is the future,'' he says. 'To win a Kentucky Derby at this point would take over them all. This would be the highlight of my life. 'My mom raised me to be a winner, and that's what we're focused on. We're not here to do anything but that. I know we'll be a long shot. I don't care. Once those gates open, you believe in your teammates. We're here for a reason and we're going for it.' (Photo by Michael Reaves / Getty Images)
