Got Tax?

The tax season is here again. Have you prepared yourself for it? In Singapore the cut-off date for filing it online will be on the 18th of April 2011. Normally, people will wait until the last minute to make sure they are all done properly. I can be considered one of those because I just filed it yesterday! Hey, it’s not my fault. The government sent me a letter and said I don’t need to file tax but alas … as there’s an income limit being set for that, I decided that I’d better file it. You wouldn’t want to mess with Mr. Tax Man (wherever you are). Evasion is a very serious business. You can get to know all about it here.

Punishments aside, there are a few reliefs and rebates for law abiding citizens who are diligently filing their tax on time. I just found out that there is such thing called “Life Insurance Relief”. All these while since 2004, I didn’t know hence I didn’t report it. URGH! Knowledge has its power only when you are able to apply it. Now I know and I am so going to remember this! Imagine the savings I would have got to buy more books I don’t read! That’s so heavenly :p

I am just a small fish with simple income and expense structure. And yet I missed out on the relief that I was legally entitled to due to my not knowing. Now I know why companies or high net worth individuals need a professional or even a team of professional to handle their tax. For the lazy few, there’s always tax software to assist in filing your tax or even filing tax extension (if you are so busy). Alas, they are only applicable for US tax. May be one day Singapore will have one too.

Update: I am not eligible for the life insurance relief as my CPF contribution has exceeded. Aaaa...aaaa... So I don't really lose out much then ... *sob sob still*