Tax Return Season
Tax Season – Think it doesn’t apply to you?
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.