With the year coming to an end, now might be a good time to take stock of your payable income tax. And more importantly, look at ways to reduce it.
For those unaware, tax reliefs have to be accounted for before the end of 31st December each year. Else, any tax reliefs would instead be applied on your upcoming year’s taxable income.
Now you might be asking, is it really necessary to reduce my income tax if it is currently negligible? My answer to that is no.However, as we continue advancing in our careers, our income tax would most likely increase to a point where it becomes a substantial figure. Thus, knowing how to reduce it now might be useful knowledge for the future.
Besides, some of the ways to reduce income tax can also contribute to your retirement goals.With that said, I would be sharing three ways
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