It’s March, so it’s that time of the year again to file your taxes. If you are currently employed, your income tax information is likely to have already been filed by your employer. All you need to do is check through the form B1 on IRAS myTax Portal and make any adjustments necessary (personal tax reliefs, non-employee income, etc). If you are in a tax paying position, thank you for your contribution to nation building!
This year is my first time paying a nominal amount of taxes as I didn’t actively perform tax planning to mitigate my taxes to zero last year. This was because I’m not currently in a high income tax bracket and I wanted to retain more flexibility over my funds, something I’ll explain in future posts.
In the spirit of tax season, I’ll be mixing in some tax related posts for this month on top of my usual investment related posts. These posts will cover some of the things you can consider to mitigate your taxes going forward as well as some of their related topics (CPF voluntary contributions, SRS contributions, for example). So stay tuned!
Tax planning resources
Personal Tax Planning 1: Personal Reliefs
Personal Tax Planning 2: CPF Cash Top Up
Personal Tax Planning 3: SRS
Personal Tax Planning 4: Bringing it all together