5 Tax Moves to Boost Your Refunds Before 2024 Ends

What’s scarier than dari alam angker haunted house? Missing out on year-end tax savings. Yup, we’re already inching towards the final countdown of 2024, and it’s time to flex those tax-planning muscles. If you’re all about boosting your refunds and trimming that taxable income like a pro, here are some power moves to make before the clock strikes midnight on December 31.

1. Planning for Retirement = Duit in Your Pocket

Want to kill two birds with one stone? Start prepping for your golden years AND lower your tax bill. Here’s the deal;

• EPF Contributions: Max out your Employee Provident Fund (EPF) contributions and claim up to RM4,000 in tax relief. Tapi jangan last minute! EPF needs advance notice for extra contributions.
• Private Retirement Scheme (PRS): PRS contributions let you claim another RM3,000 in tax relief. Bonus point? This relief is extended till 2030! Kalau tak grab, rugi besar.

“Future you” will thank you for this one. Trust me.

2. Hold That Bonus, Boss!

Can you tahan sikit? Here’s the tea: Income tax is charged when the moolah hits your account. So if your boss plans to drop that juicy bonus in December, why not ask for it to be paid in January instead? Lower taxable income this year, less tax to fork out. Smart, kan?

3. Donations = Double Win ❤️

“Sedekah itu amalan mulia.” Plus, it’s tax-deductible! But here’s the catch — only donations to approved institutions under Subsection 44(6) of the Income Tax Act qualify. So jangan simply donate, okay?

Don’t forget to:

• Check the list of approved charities.
• Get your tax exemption receipt. (No receipt, no relief. Simple.)

4. Max Out Your Lifestyle Tax Reliefs 🚀

Lifestyle tax reliefs are the OG hack for reducing taxable income. But how many of us actually fully utilise them? Jangan buat tak tahu! Here’s what’s deductible for up to RM2,500:

• Books, magazines, and journals (no naughty stuff, ya!).
• Personal computer, smartphone, or tablet (as long as it’s not for work).
• Gym membership or sports equipment (for approved activities under the Sports Development Act 1997).
• Internet subscription (bill must be under your name).

Also, ada tambahan RM1,000 relief for sports equipment, entry fees, or registration for competitions. Kalau belum claim, cepat-cepat shopping sekarang.

5. Education Relief: Because Knowledge = Tax Savings 🔬

Education is priceless, but tax reliefs make it a little sweeter:

Category	Maximum Relief
Skim Simpanan Pendidikan Nasional (SSPN)	RM8,000
Postgraduate education (self)	RM7,000
Child’s tertiary education	RM8,000
Child’s preparatory courses	RM2,000
Childcare (6 years and below)	RM3,000

Attention Ibu-Ibu dan Ayah-Ayah; that’s a whopping RM28,000 in potential reliefs. And hey, if you’ve gone green with an EV at home, there’s another RM2,500 for charging facilities (extended until 2027). Ka-ching!

Time is money, and December is not the month to procrastinate. The earlier you tackle these, the smoother your tax filing will be. And let’s be honest, siapa tak suka bigger refunds? Tapi kalau awak ada duit berlebihan pun okay, sebab: anda adalah wira negara.

Taxes don’t have to be scary; they can be downright rewarding if you play your cards right. Jadi, get on it and make 2024 the year you bossed your finances bagaikan juara! Tibber. 😉