Declare income to IRAs for freelancer

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Proton4051

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Need advice. I earned 20k last year for 2024. How should I go about to declare my income to IRAS?
 
reddevil0728

reddevil0728

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Proton4051 said:
Alamak..declare also must pay and pay
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Proton4051 said:
Alamak declare also need pay medisave..my interest i get from cpf already they out some in my medisave and still want some more
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Well you are paying yourself and is for your own good. Your health not infallible

but I mean technically, if you aren’t intending to take out any loans? By left maybe can don’t need?
 
BBCWatcher

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reddevil0728 said:
Well you are paying yourself and is for your own good. Your health not infallible
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Yes, and typically there are at least MediShield Life and CareShield Life premiums to pay. You might as well pay those premiums with tax relief and 4% interest (or even 5%, with bonus interest) benefits along the way.

Moreover, a self-employed individual has the option to make ”all 3 account” CPF contributions with tax relief. This can be a very smart thing to do instead of just the compulsory MA part. If for example you’re effectively recirculating dollars from your left pocket via your CPF OA back into your right pocket to pay your mortgage, that’s a great deal. The government basically waives income tax on the income you use for your mortgage in this scenario. And you’ll have a little going toward retirement in your Special Account too.
 
reddevil0728

reddevil0728

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BBCWatcher said:
Yes, and typically there are at least MediShield Life and CareShield Life premiums to pay. You might as well pay those premiums with tax relief and 4% interest (or even 5%, with bonus interest) benefits along the way.

Moreover, a self-employed individual has the option to make ”all 3 account” CPF contributions with tax relief. This can be a very smart thing to do instead of just the compulsory MA part. If for example you’re effectively recirculating dollars from your left pocket via your CPF OA back into your right pocket to pay your mortgage, that’s a great deal. The government basically waives income tax on the income you use for your mortgage in this scenario. And you’ll have a little going toward retirement in your Special Account too.
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I mean TS currently just earning 20k so wouldn’t have to pay any taxes currently at least…
 
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ahnyaahnya

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When I was doing freelance work, I declared my income, and paid into my Medisave. Iirc, government also gave me money into my Medisave . I didn't have to pay IT cos I wasn't earning enough.
BEST of all , when Covid came, they gave me $$$$ for not being able to work cos of it.
 
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