2019 is coming to a close and the window to manage your tax bill is closing. This is usually the time of the year where I do a rough tax computation to check my tax exposure for this year. I was pleasantly surprised to see that my income has almost crossed over to the next tax bracket. Apparently, my blog and side hustle income had put me over the top. However, due my … [Read more...] about Annual Personal Tax Housekeeping
Personal Income Tax
4 tax planning tips to consider when filing your taxes
Tax season is upon us again. For the first time since I started working, I was informed by IRAS that I was not eligible for No Filing Service and had to e-File my taxes this year. I blame this on my honesty for declaring my P2P lending interest in my taxes last year ? I've written extensively on tax planning during tax season last year, so I thought I'll give you some … [Read more...] about 4 tax planning tips to consider when filing your taxes
Last chance to plan your taxes for 2018
As 2018 draws to a close, it's that time of the year again where I access my tax position and decide if I wish to use any of the limited tools to manage my tax bill. I'll encourage you to do so as well as efficient tax planning can help you save on unnecessary taxes. To help you get through this quickly, here's a guide to access your tax position and what you need to do … [Read more...] about Last chance to plan your taxes for 2018
Tax Filing Reminder!
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/B1Check 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 … [Read more...] about Tax Filing Reminder!
Personal tax planning 4 – bringing it all together
Welcome to the final part of my basic personal income tax planning series! In this series of posts I hope to cover the following topics: Tax reliefsCPF Cash Top UpSupplementary Retirement Scheme (SRS)Bringing it all together - How to best utilise these reliefs to your advantage In this part, I will cover the considerations and general strategy I use to mitigate my … [Read more...] about Personal tax planning 4 – bringing it all together
Personal tax planning 3: Supplementary Retirement Scheme
Welcome to part 3 of my basic personal income tax planning series! In this series of posts I hope to cover the following topics: Tax reliefsCPF Cash Top UpSupplementary Retirement Scheme (SRS)Bringing it all together - How to best utilise these reliefs to your advantage In this part, I will cover how contributing to your SRS account can be used as a tool to mitigate your … [Read more...] about Personal tax planning 3: Supplementary Retirement Scheme
Personal tax planning 1: Tax reliefs
Welcome to my basic personal income tax planning series! In this series of posts I hope to cover the following topics: Tax reliefsCPF Cash Top UpSupplementary Retirement SchemeBringing it all together - How to best utilise these reliefs to your advantage This series of posts assumes that you understand the basic concepts of income tax and personal reliefs as well as the … [Read more...] about Personal tax planning 1: Tax reliefs
It’s tax season!
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 … [Read more...] about It’s tax season!