What tax deductions and credits are available?
The Inland Revenue Department (IRD) offers various tax deductions and credits to eligible individuals and businesses. Personal deductions include expenses related to education, medical, charitable donations, and residential mortgage interest. Additionally, self-employed individuals can claim deductions for business-related expenses such as advertising, travel, and equipment. For businesses, tax credits can be claimed for research and development expenses and eligible investments. Families may also qualify for tax credits based on the number of children and their age. Furthermore, the IRD provides tax relief schemes for foreign income, retirement savings, and home renovations. It is crucial to review the specific criteria and documentation required for each deduction or credit, ensuring compliance with the IRD's guidelines and regulations.
Answered Nov 1, 2023
Need further help?
Type out your followup or related question and we will get you an answer right away.