How I Saved $4,000 in Revenue Tax

It’s earnings tax season once more, and like each good Singaporean, I’ve been my tax reliefs intently. This yr, I managed to shave off round $4,000 in taxes by making sensible use of government-approved aid schemes, all whereas rising my financial savings.

Right here’s a fast breakdown of how I did it.

1. Youngster Reduction – $12,000

All my 3 youngsters (Sure I’ve 3 youngsters….) are underneath 16 years previous, which qualifies me for the Qualifying Youngster Reduction (QCR). For QCR, I’m entitled to $4,000 per baby, in order that’s $12,000 off my taxable earnings right away. 

That is completely a bitter candy tax aid to have for a mother or father. I perceive that the Youngster Reduction just isn’t one thing anybody can simply select to have. Its okay, there’s nonetheless choice 2 and three under.

2. CPF High-Ups – $11,000

I made two voluntary CPF top-ups final

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