Every Bit Counts
Since tax season is around the corner, we’ll take your thank-you’s in advance.
According to independent tax consultant Noraini Isa, keeping a tab on your spending and checking to see if it qualifies you for a tax relief is a lucrative habit. If you’re the forgetful type, get Toshl, a personal finance manager app that reminds you to key in your daily expenditure.
Keep It Safe
Every receipt or proof of purchase needs to be kept for at least seven years for documentation purposes. “Your receipt is the only proof that you’ve spent on whatever it is that you’re claiming. So instead of tucking away in your purse or handbag, file in a docket,” says Noraini.
Checking It Twice
“Whoever’s doing your monthly tax deduction (MTD) is just another person and to err is human so don’t throw a fit if the calculations have gone awry. Instead, check out the tabular tax deduction table on the Inland Revenue Board’s website to see if your MTD is being deducted properly,” advises Noraini.
Got married recently or just gave birth to a little one? Be sure to update your HR personnel on personal matters that will have an effect on your tax matters.