Income Tax Deduction for Self-Employed Individuals

Tax-Deduction for Self Employed

Discover ways you can reduce your tax bill as a self-employed person. If you play it smart you may be able to utilise the options available and save more of your money.

1. Expenses on Businesses

Based on the costs you incur while running your business, you can claim a tax deduction. However, you will be able to claim expenses only on allowable business expenses. Certain expenses won’t qualify for tax deduction based on the Income Tax Act. These expenses are generally not wholly or exclusively incurred while generating income.

Save More on Tax in Singapore

Get your money Saved from paying extra to IRAS with these
7 Ways to Reduce Income Tax in Singapore

2. Rental Expense Deductions

As a landlord, if you incurred expenses on property you own, you could be eligible for tax deduction. Your expenses should be incurred purely for the generation of income from the property. You also should have had tenants living at your premises while the expense occurred.

3. Tax Deductions for Donations

You could claim tax deductions of up to 3 times the value of your donation up to 2021. This deduction applies for donations of cash, computers, public art, buildings and land, shares, or artefacts.

4. Tax Relief on Central Provident Fund

If you’re self-employed and also are an employee, you could reduce your tax by claiming relief on your CPF contributions. You will be eligible if you voluntarily contribute to either Employee CPF contributions or Medisave contributions. You will only be able to claim CPF relief if your net trade income is assessable.

This Page is BLOCKED as it is using Iframes.