Actual Tax Relief Tips ✨

Hellus all! I am back.. to share some actual tips on saving on your taxes hurhur

I like to roughly group these areas for tax-savings into 5 areas:

1. Retirement-related 👵

You can top up a maximum of $15,300/year into your SRS account or $8,000/year into your CPF Special/Medisave accounts. And don’t forget – top up your loved ones’ accounts too! Then invest wisely to protect your hard-earned money from inflation.

2. Children-related 🍼

Tax rebates AND relief for parents—not unexpected given the govt's position on our birth rates. Big boon for couples who want or already have kids, so take note on how to maximize these benefits and reduce your tax burden as a parent.

3. Parents-related 👵👴

Get up to $14,000 in Parent Relief if you live with your elderly parents, and $10,000 if they live apart. Financial support can make a huge difference when caregiving – so don’t miss out on these tax reliefs!

4. Work-related 💼

Salaried or self-employed, there's relief for everyone! From course fees to employment expenses and rental deductions for side hustlers, you can claim significant savings.

5. Everything else 🎯

These are a few less noted ways to save on tax, mainly because they're already auto-credited, or they're harder to qualify for.

Hope this helps :-)

other important notes:

❗️ last day of qualifying SRS contribution: 31 Dec ❗️ tax filing period: starts 1 Mar

that's all for now :-) pls lmk if there's anything I missed out!

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🤍clara

#retirementplanning #singaporefinance #CPFtips #financialplanning #familytaxrelief #parenthoodtips #caregiving #parentrelief #elderlycare #MoneyTipsWithClara