Hey people, submitted your tax return yet? Deadline is approaching...

Well, i'm sure by now a lot of you would be grumbling argghhh i should've kept those receipts! Oh no i didn't know it's deductible...

Here's some tips for you guys who wanna slash some tax, and channel your expenses to more useful means: -

Save for your child's education - any amount that is deposited into a savings account for your child under National Education Savings Scheme ( Skim Simpanan Pendidikan Nasional ) allows you to claim tax deductions [Limit: RM3,000]

File separate tax returns - A separate assessment allow each spouse to claim personal tax relief of RM 8,000 while a joint tax return allows one spouse to claim a wife or husband relief of RM 3,000.

Ask your employer to increase your EPF contributions - Contributions to the employees Provident Fund (EPF) by employers are tax-exempt for the employees. To reduce your taxable income, ask your employer to reduce your EPF monthly salary but increase your EPF contributions by the same amount.

Change your cash remuneration to cash reimbursement - Fixed allowances given by your employer each month for entertainment and housing or parking fees are taxable at your tax bracket.
Change this to a “ reimbursement “ based on receipt and you are not taxed on the amount received.

Ask for a company car - A car given by your employer is regarded as a benefit-in-kind ( BIK ) and taxable.

Take up postgraduate studies - A relief of RM 5,000 per year for any course of study at the Master’s or doctorate level, the government announced in 2007 Budget the widening of the scope to all postgraduate studies.

Read , Read , Read - taxpayers can claim a personal tax deduction to RM 1,000 for purchase of books, journals , magazines and other publications.

Buy Life Insurance - The maximum tax relief is RM 6,000 a year for premiums paid to an insurance company for life insurance or deferred annuity plans.

Take out a Medical or Education policy - You can claim deductions of up to RM 3,000 a year for education and medical insurance ( combined limit for both )

Pay your parents’ medical bills - You are able to claim up to RM 5,000 for payments towards your parents’ medical bills.

Medical - Claim a deduction of up to RM 500 per tax year for a full medical examination and RM 5,000 for medical expenses for yourself, spouse or child for serious disease. If you have also spent money on full medical in the same year, your claim will be reduced to the RM 5,000 available for serious disease.

Pay Zakat - If you are a Muslim, paying any amount in Zakat , Fitrah or other obligation Islamic dues will entitle you to a tax rebate. [Tax deduction: The amount of Zakat that you pay]

Buy a Computer - A deduction of up to RM 3,000 can be claimed once every three years for the purchase of computers, printers and bundled software.

Well, there you go, if this message came too late, well there's always next year. To your tax planning early!