PSA: how to save a few thousand bucks¹ in taxes, 2023 edition.

You have 3 weeks left - don't miss the boat.

For the 5th year running, I have updated and reposted my annual guide on how to save on personal income tax. And this is not just a copy and paste job - every year, I spend hours checking how the rules have changed, and updating the guide accordingly.

No, I am neither a financial blogger nor a tax consultant. Neither do I desire to switch professions. But having spent so much time doing a deep dive into the various tax-saving options, I figured that the insights were too good to keep to myself.

For those who have seen previous iterations of this guide, you may find value in having a read nonetheless, especially since I have added a clarification on withdrawals from CPF accounts for those who have met the Full Retirement Sum.²

In particular, for the self-employed amongst us (which likely includes but is not limited to business owners, sole proprietors, law firm partners / consultants, real estate agents, and financial advisors), do seriously consider making voluntary top-ups to your own CPF account. You save on taxes now, you receive income upon retirement, and your nominated beneficiaries (such as your children, if you have any) will receive what is left of your CPF monies when you pass on - in cold hard cash.

That being said, don't bother with voluntary CPF contributions if you plan to go out in a blaze of glory by your early 50s, on a superyacht surrounded by illegal substances and companions of negotiable affection.³

https://www.linkedin.com/pulse/how-pay-less-income-tax-singapore-dec-2023-edition-now-khelvin-xu-zfrpc/?trackingId=oVulrC3Hr8WAzGdYkET2eA%3D%3D