Why IRAS charged me 'Extra' Income Tax - My Costly Mistake

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Ever thought you were done with your taxes, only to get a surprise letter from IRAS asking for more? Yeah, it happened to me too. 😅

I received a Revised Notice of Assessment for YA 2023 with additional tax payable, and it turns out, it was my own mistake! Over-contributed to my CPF and now have to pay the price. 😬

🔍 Discover what led to this additional tax
🧮 How miscalculations can happen
💡 Tips for avoiding these tax pitfalls
📊 Self-employed vs. full-time job complexities
🏢 Should you consider converting to Pte Ltd?

Stick around to find out how this happened, how I sorted it out, and some tips to avoid making the same mistakes. Plus, I’ll share how you can earn some miles while paying your taxes! 💳✈️

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[HoneyMoneySG]

For existing users, use HMTAX24 for 1.75% fee

💳 Best Cards for CardUp/iPayMy

[zixuan]

Made a mistake filing 2 years back and until now I haven’t get back my money. 5 figure 😭

[eeyonglin]

hi chris thanks for sharing but i think abit confusing. at first u say u r self employed. then u say u pay urself a salary and no longer considered self employed. but company still under ur name what. u mean u dun need to pay corporate tax for the income of the company?

[fmy]

My rough calculation your income tax rate hit 15% so annual income around 120k to 160k in that year sia 😅