Ultimate Personal Income Tax Guide 2024 | Easy Step By Step Tutorial

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0:00 - Intro
0:52 - How Singapore income tax works
1:53 - Do you need to file?
4:46 - What to file?
8:06 - How to file?
10:55 - Best way to pay for income tax
None of this is meant to be construed as investment advice. It's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites.

[@KelvinLearnsInvesting]

Sponsor: moomoo Futu SG (free stock) kvli.link/moomoo TAX PAYMENT ► CardUp ($30 off) CODE "KELINVEST" kvli.link/cardup ► HSBC Everyday Global Account kvli.link/hsbcega INVESTING ► Interactive Brokers kvli.link/ibkr ► Webull (free stock) kvli.link/webull ► moomoo Futu SG (free stock) kvli.link/moomoo ► Tiger Brokers (free stock) kvli.link/tiger ► uSMART (free stock) kvli.link/usmart ► POEMS Cash Plus kvli.link/poems ► Saxo kvli.link/saxo ►‌ FSMOne CODE "P0425931" kvli.link/fsmone ► moomoo US (free stocks) kvli.link/moomoous ► Syfe kvli.link/syfe ► StocksCafe kvli.link/stockscafe ► Seeking Alpha (offer price) kvli.link/seekingalpha ► Simply Wall St kvli.link/simplywallst ROBOADVISORS ► Endowus (free $20) kvli.link/endowus ► Syfe kvli.link/syfe ► MoneyOwl (free $20) kvli.link/moneyowl ► StashAway (50% off fees) kvli.link/stashaway ► AutoWealth (free $20) CODE "KelvinLearnsInvesting" kvli.link/autowealth ► UOBAM Invest kvli.link/uobaminvest CRYPTO ►‌ Gemini (free $10) kvli.link/gemini ► KuCoin kvli.link/kucoin ► Crypto.com app (free $25) CODE "kelvinlearnsinvest" kvli.link/cryptoapp ► Crypto.com exchange CODE "kelvinlearnsinvest" kvli.link/cryptoexchange ► Coinhako (20% discount) kvli.link/coinhako ►‌ Luno (free $5) kvli.link/luno ►‌ Coinbase (free $10) kvli.link/coinbase ►‌ Independent Reserve kvli.link/independentreserve ►‌ Tokenize Xchange kvli.link/tokenize ► Ledger kvli.link/ledger ► Trezor kvli.link/trezor PAYMENT ► Trust Bank (free $10) CODE "R2MQBA4S" kvli.link/trust ► Instarem Amaze CODE "plTefu" kvli.link/amaze ► CardUp ($30 off) CODE "KELINVEST" kvli.link/cardup ► ipaymy kvli.link/ipaymy ► GooglePay (free $3) CODE "eo13e2v" kvli.link/googlepay ► Revolut kvli.link/revolut ► YouTrip (free $5) kvli.link/youtrip ► BigPay (free $5) CODE "QBHVUHL7HU" kvli.link/bigpay ► Wise (free transfer) kvli.link/wise ► SIA Kris+ (free $5) CODE "T425139" kvli.link/krisplus ► DBS Paylah (free $5) CODE "AHVULE614" ► FavePay (free $1) CODE "FAVETANKEL" kvli.link/fave LIFESTYLE ‌► EverDesk Table (up to $145 off) CODE "22+KLI" kvli.link/everdesk ► ErgoTune Chairs (up to $30 off) CODE "22+KLI" kvli.link/ergotune ► Bokksu ($15 off) CODE "KELVINLEARNSINVESTING" kvli.link/bokksu ► Qoo10 kvli.link/qoo10 ► Shopback (free $5) kvli.link/shopback ► Planner Bee kvli.link/plannerbee ► Dare To Finance kvli.link/daretofinance ► Envato kvli.link/envato ►‌ ‌ExpressVPN kvli.link/expressvpn ►‌ ‌Ohmyhome kvli.link/ohmyhome BUSINESS ►‌ ‌Osome (16% OFF) kvli.link/osome ►‌ ‌AMEX Highflyer Card kvli.link/amexhf SOCIALS ► Instagram kvli.link/instagram ► Telegram kvli.link/telegram ► Twitter kvli.link/twitter

[@ralphou]

Question: if you own your Pte Ltd firm and do u need to file separately for your pte ltd co. and your personal tax? Cos your pte ltd firm profits may not be closing at this juncture

[@kitokid86400]

hey Kelvin.. really appreciate for the transparency. This easy step by step guide will be super useful for the people who just joined workforce or even for who have been working for so many years.

[@chrleliu]

Great video, clear and easy to understand. Do you have a video that shows the best cards or payment methods to pay for different life expenses? such as health life insurance, accident insurance, phone, water, electricity and internet bills, groceries, food, entertainment etc

[@mariatachi8398]

Great video and content once again. I love the part where you even thought of the the payment to iras

[@kannanragupathi4651]

Hi Kelvin, can you provide any guide for those who do option trade and how they can declare tax by using the tax form from the IBKR?

[@fongheenkitaloka2800]

Kelvin 3:17 Total income should be meant as take home $, instead of before deducted CPF.

[@Cardinalbeetle6335]

Great video! REIT stocks/ dividends like Capitamall integrated trust are taxable?

[@KelvinLearnsInvesting]

Not taxable

[@lsy97]

Is my compulsory CPF contribution (20% of my salary) taxable? Eg. If I'm earning 10k a month, the taxable income for the month will be 10k or 8k?

[@goforces]

There seems to be an incorrect entry for life insurance relief at 9:03, when cpf contribution is > $5K, which in this case is $14.4K, no life insurance relief can be claimed correct?

[@KelvinLearnsInvesting]

That’s right. U can add in, but if it exceeds a certain amount, it wont be counted for relief

[@phyuphyu780]

Hi Kelvin, I m your regular viewer. Will you do research and video on travel insurance. Buy per trip or per year then “uwu hua”. Which service provider. etc. Thanks

[@KelvinLearnsInvesting]

Uwu uwu ara ara! ps: let me look into this

[@apes2426]

Kelvin, thank you for this informational video, did you apply for business license to get monetized from KZbin videoe?

[@KelvinLearnsInvesting]

If the income is small, i just counted it as my personal income. But once the income grow to a good amount. I registered business license

[@KelvinLearnsInvesting]

@adam tay I registered private limited

[@apes2426]

@@KelvinLearnsInvesting Thank you Kelvin!

[@dog2067]

Can check you said we cant apply for GIRO with IRAS online but there is a page for Manage Future Requests can you just add the GIRO via that page?

[@KelvinLearnsInvesting]

Check this out www.iras.gov.sg/quick-links/payments/giro-individual-income-tax

[@Xamael666]

Kelvin, I noticed that your income tax payable is $2,002.92. If u did a Medisave top-up of $$2,002.92 b4 31 Dec, then u won't need to pay any taxes right? But how will u know how much taxes u need to pay b4 that if u want to top up accordingly? 🤔

[@KelvinLearnsInvesting]

It doesnt work that way. See my explanation at 6:05

[@Xamael666]

@@KelvinLearnsInvesting I get what u mean now after using the iRAS tax calculator....I have $1,288.50 net tax payable without CPF Cash Top-up Relief...after entering $8,000 into that field, my net tax payable became $728.50....so really cannot siam the "nation-building tax" 🤭

[@NaveenChandra163]

H Kelvin , is profit from Day trading in stocks or options considered taxable income in Singapore ?

[@KelvinLearnsInvesting]

Not taxable unless you are doing it as a business

[@yangshuozhang4447]

Is premium from selling call or put option taxable in Singapore?

[@KelvinLearnsInvesting]

No

[@chunyanrao5686]

Hi, if I am unemployed, have 0 income, how do I file income tax

[@Wulingqunxia]

I sign up cardup using your link. Where to see that $30 ?

[@KelvinLearnsInvesting]

U have to use the code KELINVEST when paying to offset $30 off the fees

[@edwinperla7813]

Hey kelvin Tiger trade give a loan for $50,000 Now they said have to pay income taxes for 65,890 But not sure how much money have to pay can you help me

[@KelvinLearnsInvesting]

Do you mean interest? You need to topup the account to make the balance non negative

[@edwinperla7813]

13:01 Dear customer: Hello, You just need to transfer your required personal income tax to your personal account in Tiger, after the transfer is successful, you contact the online customer service department to complete the declaration for you

[@ron2040]

But u left company long time leh...still need tax ar?

[@KelvinLearnsInvesting]

KZbin income lo

[@ron2040]

@@KelvinLearnsInvesting need give KZbin traffic report to them? 😂

[@KelvinLearnsInvesting]

Nola, just the income stuff

[@tanphengsoon]

@@KelvinLearnsInvesting yo. Is KZbin income considered as an employment income?

[@JD-kk8jz]

Why your wife claim Qualifying child relief? Instead of working mother child child?

[@KelvinLearnsInvesting]

She claiming both

[@ryanyoutube7315]

How about a video on things to do if you are retrenched? ie.. what programmes to sign up to get paid by G whilst upskilling in skillsfuture. etc. that will be a hot topic soon