Hey there, Youth! Don't let tax season stress you out!

Tax season is approaching, and while it might not be the most exciting time, it's definitely an important one.

But before you start worrying about filing your income tax, let's talk about maximizing your income tax relief (for the assessment year 2023) and getting some money back in your pocket!

Think of it like a reward for being a responsible taxpayer.

You contributed throughout the year, and now it's time to claim what you deserve!

Here are 8 ways to boost your tax refund and make the most of this opportunity:

1. Take care of yourself (and your wallet):

• Get a checkup! Feeling under the weather or need a COVID-19 test? Claim up to RM1,000 for your full medical checkup, including the swab test.

• Serious illness? Don't worry, you're not alone. Claim up to RM8,000 for medical costs related to serious illnesses and fertility treatment. Remember to check the LHDN list to ensure your condition qualifies.

2. Remember that old laptop receipt? Don't toss it!

• You can claim tax relief of up to RM2,500 for various lifestyle purchases, including laptops, books, magazines, smartphones, tablets, gym memberships, and even internet subscriptions! This is especially helpful for all those IPTA students attending online classes or working remotely.

3. Double dip on your EPF and life insurance contributions:

• You already contribute to your EPF, and that's great! Claim tax relief for the amount deducted, along with your life insurance premiums, for a combined RM7,000.

• Did you know you can claim 60% of your life insurance premium with a critical illness rider under the medical insurance tax relief category (up to RM3,000)?

Here's a quick tip:

Let's say your EPF deduction maxed out the relief amount, and your life insurance premium is RM800, and your medical insurance premium is RM2,600:

• You can't claim the full life insurance premium under the EPF & life insurance category anymore.

• BUT, you can claim 60% of your critical illness rider if your life insurance has one (check your policy!). This translates to RM480.

• Combine this with your medical insurance premium: RM480 + RM2,600 = RM3,080.

• While you can only claim a maximum of RM3,000, it's still a significant saving!

4. Medical and education insurance? Claim even more!

• Don't neglect your health and education! Claim up to RM3,000 for medical and education insurance premiums (not deducted from your salary). Remember, having your own insurance is crucial - you never know when you might need it.

5. Take care of your parents, and get rewarded:

• You're a great kid! Did you know you can claim up to RM6,000 for your parents' medical expenses, including special needs and caregivers?

• Additionally, if your parents are disabled, you can claim another RM6,000 (limited) for basic support equipment.

6. Married couples, listen up!

• You can claim tax relief for your spouse's income (up to RM4,000) if they don't work or earn less than RM34,000 annually. This also applies to alimony payments to your ex-wife.

• If your spouse is disabled and registered under JKM, you can claim an increased tax relief of RM5,000.

7. Got unmarried children? More tax relief for you!

• Unmarried children are a blessing, and they can also bring tax benefits! Claim tax relief depending on their age, education status, and disability:

  • Under 18: RM2,000

  • Over 18 and studying: RM8,000

  • Disabled children: RM6,000

  • Disabled children over 18 and pursuing higher education: RM8,000

Bonus tip:

• For children aged 2 and under who are still breastfeeding, claim RM1,000 for breastfeeding equipment.

• Sending your kids to daycare or kindergarten? Claim up to RM3,000 to ease the financial burden.

Remember:

• The more tax relief you claim, the bigger your refund next year! Keep all

Feeling the tax season blues?

Don't sweat it! Maximize your 2023 income tax relief with these 8 genius hacks. From medical checkups to childcare expenses, claim what you deserve and get money back in your pocket!

#taxseason #malaysia #taxtips #getyourmoneyback