With file and pay deadline of 31 October (10 November for online returns) fast approaching, trying to reduce your tax bill and maybe even claiming a tax refund is on the forefront of most people’s mind, the following five steps could maybe help you reduce your tax bills going forward;
1. Invest in a pension, certain payments made to revenue approved Retirement Annuity Contracts are eligible for relief at the marginal rate of tax.
2. Medical expense, you can claim 20% of any medical expenses not covered by health insurance by submitting a Med 1 to the revenue or including it in your tax return.
3. Dental Fees, get 20% back on certain non routine dental expenses not covered by health insurance, by submitting a Med 2 form, your dentist should be able to supply you with a MED 2 form confirming the amounts you can claim.
4. Tuition fees, you can claim up to 20% of tuition fees you paid in full for yourself or a family member for a revenue approved course.
5. Joint Assessment if you are married or in a civil partnership you could apply for joint assessment, you can allocate your tax credits based on your circumtances if your spouse or civil partner is not working it could create tax savings.
Please feel free to contact me if you need any help with the income tax deadline or to find out how you can reduce your tax.