After the season of love in February comes a season of dread in March — yup, it's tax season. While there's no way to avoid paying personal income taxes, there are ways you can reduce the amount of your precious earnings that you have to cough up. These include tax deductions or reliefs for retirement savings, having kids, taking care...
. Enter your claim amount and update the form.Unless you're the thick-skinned type whose catchphrase is, "Can claim or not?", most of us incur some costs at work. Some of these costs can be deducted from your chargeable income.Although you can't claim MRT fares or lunches, you might be able to subtract otheryou needed for work but that your employer did not reimburse. These include things like travel costs, entertaining clients and subscriptions you paid out of your own pocket.
to reduce your chargeable income. Examples include insurance policy premium for employees, employee salaries and bonuses, R&D costs, renovation costs, and even depreciation of fixed assets., the expenses are gauged to be 60 per cent of your driving income. If your expenses exceeded that, you can claim the actual amount., such as agent fees, maintenance costs and so on.
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