Singaporeans, Start Saving For Your Taxes

Every year, we give a portion of money back to the government through income taxes. This year, it isn’t going to be any different. However, let’s do things differently this time. Instead of waiting till the last minute to file your taxes and be confused about what’s going on, why not take a proactive approach in tax planning? By that, I don’t mean that you start to file your taxes now, but rather you can start to collate the figures which you will use for filing when the time comes. Well… to most people, they may find it troublesome, but there are many benefits to it.

1) By collating the figures early, you will not panic when you need to file taxes.
2) Income taxes are significant sums of money, so instead of getting a surprise over the amount of money you need to pay when the time comes, you can start getting a rough estimate of the figures and save for it. Planning our finances is one of the most important skills we can ever have in our life.

With all that said, how do you start calculating how much you need to pay in taxes? Well… I had wanted to do an excel sheet to help visitors to my blog actually, but realized that the IRAS offers an excel sheet already. So, I’m just taking their links and putting it for the benefit of visitors. Thank the folks at IRAS for their hard work in coming up with the excel sheet.

To download, right click and save target as.
For Salaried Employees
For Self Employed

Go ahead and try out their spreadsheet, it takes just a few minutes to fill up for salaried employees and probably much longer for self-employed. It may not be totally accurate though, since they may be having updates or so on, but I would say that it should be 90% accurate.

If you tried out the spreadsheet, you may want to leave a comment and declare how prepared you are to pay your income taxes now. If you aren’t prepared to pay that sum, how do you intend to? It’s interesting to share ideas, especially in a common topic that all Singaporeans have to face.