Top tax exemptions that almost everyone forgets to claim
Let us walk through some of the most common tax reliefs that taxpayers regularly forget to claim. What if you could add that extra bit of money as our savings? And yet, you fail to remember those!
Let us check out some of the significant tax relief options here.
Medical expenses tax relief
Most of us have been to the doctor at least once a year. If yes, it’s possible you’ll owe a tax refund of 20% of the costs. That is, if you have spent €300 on medical bills, you can claim back €60 easily.
Don’t raise your eyebrows! We understood your question.
So what happens if you can’t find those medical records?
You don’t have to worry about that because even though you have lost it, there is a good chance that they might be available in the hospital records.
Similarly, you can claim back 40% of the cost, if you are paying nursing home bills for your beloved ones.
In reality, this tax relief covers an extensive array of medical bills counting physio, non-routine dental expenses, IVF and a lot more.
Working from home tax relief
Due to the COVID 19 impact, we know that a lot of Irish employees have opted for work from home options. Still, most of us are not that familiar with its tax implications.
So for your information, being a work from home employee, you may be allowed to claim tax relief on different work-related supporting factors such as broadband, heating, electricity bills etc.
Also Read: Simple Guide To PAYE Tax
Marriage tax relief
If your marriage happened within the last four years and continues to be treated as single people for tax purposes in the year you get married.
Then there is a good chance that you may be permitted to tax relief if you paid extra tax as single individuals in the year you got married than you would have if you were taxed as a married couple.
Also Read: What is Marriage Tax Credit
Tax relief for looking after kids at home
The Home Carer’s Tax Credit is very much available to married couples or in a civil partnership and is jointly assessed for tax purposes. If you are someone who looks after a dependent at home you may be entitled to claim a tax credit worth €1,600.
It’s time to grab them back. So never hesitate to contact our tax experts. Refund Your Tax will help you by conducting a detailed review of your tax profile and make sure you are benefited to the best in terms of tax returns.
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