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Tax Return Season

You may have an excellent accountant that ensures your personal or corporate Income tax filing is up to date. You’re all clear if a Revenue audit comes; but what are you doing about using your allowances to reduce your tax bill?

Even if you are PAYE, it’s important to note the impeding tax deadline of October 31st (November 10th for those using ROS) for getting tax back on 2015 pension payments and/or making a last minute lump sum to reduce your tax bill.

There are number of different things you might be able to claw back tax on, including, but not limited to:

Investment into an EIIS scheme

Back-taxes for the last four years you might be owed, such as:

PHI (Income Protection) premium payments

Medical and certain Dental Expenses

Certain educational costs

Home renovation reliefs

Rent relief

Reduced rate of tax if jointly assessed with your spouse

Other tax credits you might be entitled to, but aren’t aware of

Regarding back taxes; don’t let the 31st of December pass or you’ll miss out on claiming for 2012.

30 minutes with your financial advisor will do the trick! Schedule in an appointment the same day you put aside time to do your accounts

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