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Save on 2020 Taxes

Published 15 Dec 2020

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By Fi Life Team
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One Thing To Do Before New Year’s Eve To Save You Taxes

If you normally pay income tax, you must do this before midnight on New Year’s Eve, to reduce your income tax.

Buy life insurance, if you haven’t already.

You can get a tax relief of up to RM3,000 if you buy life insurance. This means that every single dollar of any premium you pay can be offset against your income as tax relief.

This works out to a reduction of your tax bill of up to RM900.

The tax relief also applies to premiums you pay for a critical illness rider. The combined tax relief remains at RM3,000.

But the main reason for buying life insurance is not about reducing your tax bill. It’s about giving your loved ones financial security to carry on with their lives should anything happen to you.

Give your family this year-end present. On our side, allow us to nudge you by giving you a 20% rebate off your first-year premiums. Just enter the promo code “HELLO2021” when you purchase your policy.

P.S. Check out this Tax Relief summary created by MyPF.