Sunday, April 10, 2011

Income tax savings

I am writing an article on income tax savings. Please help to identify some tax saving tips. What are the deduction that you should not forget and good habits, such as keeping receipts and other records on donation, expenses, etc.

Donations - the recipient organization (e.g. charities) submit your donation with NRIC and it is automatically reflected by IRAS
Property - keep a record of all your expenses, such as agent commission, repair bills, property tax and maintenance (for condos)
CPF top-up - top up the special account of family members and get tax relief
Education expenses - subscriptions to professional bodies - you can claim for deductions
SRS - supplementary retirement schemes. Amount allowed is quite small and the conditions are quite troublesome - so many people ignore this incentive.

Please correct the facts above and suggest other allowable deductions that I may have overlooked.