Here are some simple but very effective Tax updates as Tax season approaches;
The most common credits and expenses that are unclaimed each year are:
- Home carer credit
- Medical insurance credit
- College fees
- Medical expenses
- Nursing home fees and employing a carer
- Personal Pension contributions
- Unclaimed tax credits / expenses can be significant when you are filing your returns.
A taxpayer can only go back 4 years to claim a tax refund, If you are due money back from Revenue you can claim for the last 4 tax years.
You can make tax refund claims for; 2021, 2022, 2023 & 2022
Who needs to make a tax return? …..Those of us who are,
- Self-employed – sole traders or partners in partnerships or
- Have investment income like rents, dividends, share options or
- Company Directors that own more than 15% of the company
Each of these groups must file an Income Tax return every year as you are in the self-assessment system.
While PAYE workers who do not have to file tax returns, they can submit one if they think they may be due a tax refund again take a look at some of the common credits and expenses that go unclaimed.