How to file income tax online in singapore

This article explains US tax benefits for Americans living in Singapore, US tax when running a business in Singapore, bank account reporting requirements, Social Security implications, and Singapore taxes.

Singapore and the US do not have a tax treaty. Therefore, US expats must pay taxes in both countries. However, by using US tax credits and exclusions you can significantly reduce or even eliminate your tax burden. We have helped many US Americans living in Singapore with their tax filings. You can schedule a consultation with one of our experts here. To qualify for the Foreign Earned Income Exclusion, you must either meet the physical presence test or the bona fide resident test.

To meet the physical presence test , you must be physically in another country or countries for at least full days during any period of consecutive 12 months. The rules for what constitutes a day outside of the United States are somewhat intricate. Meeting the bona fide residence test is more subjective. There is no limit to the number of days you can spend in the US. Singapore is one of the most expensive housing markets for expats. Luckily, some of those expenses are deductible.

The amount you can deduct varies based on the country. The FTC provides a dollar-for-dollar tax credit for taxes paid in your country of residence. You cannot apply the tax credit against income excluded under the FEIE.

However, for any income that exceeds the FEIE, you can use the portion of foreign tax paid on the non-excluded earned income. You can use income tax paid in a foreign country to offset income tax in the US. Likewise, the foreign tax you paid on passive income, such as investment or rental income, can be used to offset US taxes on passive income. A key benefit of the FTC is that any unused tax credit carries over into future years.

For example, if you live in a high tax jurisdiction currently such as the UK you can build up your tax credit. Then, if you move to Singapore, which is a low tax jurisdiction, you can apply the unused tax credit to any non-excluded income.

Regardless of which exclusions or credits you use, you will most likely also need to report your bank account in Singapore or other countries and other financial assets.

However, there is an automatic extension to October 15 for those who cannot file before April As a US citizen abroad, you must also report certain financial assets on Form Assets such as mutual funds, stocks, and bonds are reported on this form.

What you will need to report varies based on how you file your taxes, where you reside, and the value of your assets. If you prefer paper filing, you will have to submit your completed tax form to the IRAS headquarters by 15 April. There are two ways to file taxes — electronic filing and paper filing. Most taxpayers file their taxes online. Filing for income tax electronically is relatively easy:. Key in details such as your income, deductions and reliefs.

If your organisation participates in the Auto-Inclusion Scheme, these details will be pre-filled. You will simply need to verify the information. If you qualify for additional or new tax reliefs e.

If you previously claimed any reliefs that you no longer qualify for e. You will see an acknowledgement page after successfully e-filing. Save or print a copy if you can. For example, making a donation at a registered charity is eligible for tax relief. The reliefs under this section for individuals include:. These tax reliefs on your income tax, assessed in YA , has to be undertaken during the year in which you earned your income in this case. This is something you can keep in mind before arrives.

You can find the full list and information on deductions for individuals reliefs, expenses, donations here. When you receive a copy of your tax bill Notice of Assessment for YA sometime after the end of April , you will have to pay the amount indicated in the tax bill. Here are all the details on the tax payment modes available for individuals. You get one month from the date of the Notice of Assessment NOA to pay your taxes even if you have filed an objection and are awaiting the outcome.

If you are planning to use a credit card to pay for your taxes, do note that for most credit cards exclude tax payments from earning credit card rewards.

However, there are still ways to work around that limitation, by paying an administrative fee as a percentage of your tax deduction amount or applying for a payment facility to use your credit card for tax payments. This fee ranges from 0. Similar to a credit card bill or monthly repayment for loans, you will incur late charges. Thereafter, you will have to make the payment before the due date stated on the letter to avoid further penalties. If the income tax continues to remain unpaid, further enforcement actions could be performed for IRAS to recover the taxes, such as:.

By Ching Sue Mae A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence. Already signed up? Sign in now to claim your free savings guide. Personalised, bite-sized reads, money hacks and product recommendations.

Your personal and financial data stays safe through 2-factor authentication. Best Credit Cards. All Credit Cards. Cashback Credit Cards. Airmiles Credit Cards - Fee Waiver. Airmiles Credit Cards - Fee Paying. Dining Credit Cards. Groceries Credit Cards. Rewards Credit Cards. Shopping Credit Cards. Premium Credit Cards. If you're the guardian for your spouse who is mentally incompetent, you may sign the return for your spouse as "guardian.

You should attach the document granting you power of attorney to the return. If you're filing a return for a minor child who cannot sign the return, sign the child's name followed by the word "by," your signature, and your relationship, such as "parent" or "guardian for minor child.

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