It’s the most, wonderful time, of the year… for the tax collector, that is.
For the rest of us, it’s mostly a big hassle to gather all our tax documents, receipts and various statements. I hope you’ve kept them all in a safe place so you don’t have to hunt high and low for them.
Since it’s tax season, I have some tips for those of us who are supposed to submit our income tax declaration forms:
1. Keep all tax related documents together in a file.
Throughout the year, we will collect receipts or receive statements that will be used for income tax relief. Keep these together, so it is all accessible when you need them.
2. Don’t listen to rumours
There are emails going around advising you how you can save on income tax. Some of the tips are quite dubious, for example using pharmacy receipts to claim parents medical expenses.
3. Remember, it is year 2009 assessment
Some of the announcements in the 2009 budget regarding income tax will only take effect starting from year 2010 assessment.
4. Do it now
Many will wait for the last minute to submit their taxes, then complain that the website is down. There is no point in waiting. Just spend a few hours to get it done.
As I am writing this post, the e-filing website is already experiencing slow loads, probably due to heavy traffic.
It can only get worse.