Tax season is ending soon so here’s a quick reminder to do the following by 18 April 2018:
- Access IRAS myTax portal and open your form B/B1
- Check your employment income and adjust if necessary. If your employer is on the Auto-Inclusion Scheme, your employment income data should already be updated in the system.
- Investors in Crowdlending platforms like Moolahsense should remember to include their interest income in the filing.
- Check your personal reliefs and other deductions like donations. If you need assistance on which reliefs you can claim, I refer you to part 1 and part 4 of my tax planning series.
- Reflect on your current tax position and consider if you need to perform further tax planning for 2018. For more information, I refer you to part 4 as well.
- Once happy, file and you’re done!
Being tax efficient is not evading tax. It’s about claiming and paying your dues accurately. I’ll leave you guys with the last infographic provided by IRAS regarding tax season 2018 for your reference.