Personal Finance
Demystifying Income Tax for Side Hustles: Your Simple IRAS Guide (2024)
By Turtle Investor  •  March 19, 2024
This is the time of the year when we find ourselves in the middle of tax season here in Singapore. And this means one thing: It is time to file for income tax with IRAS. Many of us are salaried employees and are used to not having to manually file for income tax due to the Auto-Inclusion Scheme (AIS) for Employment Income because employers will submit their employees’ employment income information to IRAS automatically. However, today’s focus is going to be on something a little bit different. The proliferation of side hustlers who have been creating alternative income (especially through online-based channels) has created a huge pool of self-employed citizens over the years. Are You A Side Hustler e.g. Freelancers, Self-Employed? If you think that you belong to this category, the most important question to ask yourself is this. Have you been engaging in online activities for a profit, such as providing online content? Income earned may include advertising, blogging,...
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By Turtle Investor
Hello there! I am Kevin and the author behind the Turtle Investor blog. At age 37, I hit CPF Full Retirement Sum (FRS) of $176,000 on the last day of 2019, twelve years after graduating from university. I am married and owns a 4-room apartment. I continue to be gainfully employed to build up my portfolio and provide my loved ones with better lives. Leaving everything behind and transitioning to a digital nomad life in Bali remains an option but not something that I’m actively pursuing now 🙂
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