Being a parent can put a strain on the wallet, for both stay-at-home and working spouses. Thankfully, the government offers some financial relief for all the mums out there in the form of tax exemptions. If you pay income tax, you can get most of your money back if you have a child. Here’s a list of what you can claim exemption for as a parent now that tax season is officially upon us.
Dependents
A dependent is basically an individual who relies on you to take care of them, financially, medically, etc. Having a child automatically makes them your dependent, and all expenses for that child can be claimed as a tax exemption. If you have a child that’s under 18 years old you can claim a total of RM2000 in tax relief the next time you file your taxes.
Childcare and Kindergarten
School is a rite of passage for all children, but sometimes those annual fees can pile up without you realising. For parents who have already started sending their kids to kindergarten and daycare, more tax exemptions await you. You can claim up to RM3000 of tax relief for your children if they’re 6 years old and below. This can be a much-needed relief for parents who send their young kids to special or private schools.
Breastfeeding Equipment
Baby products can be expensive—this is a known fact. But here’s the good news for all breastfeeding mums out there: If you’re currently breastfeeding a child under 2 years old, you can claim tax relief of up to RM1000 for any breastfeeding equipment. This includes breast pumps, collection and storage bags, carry-ons and other similar or related items.
College Fund
Already saving up for your kids’ future college education? If you’ve contributed to the Skim Simpanan Pendidikan Nasional (SSPN), you can claim up to RM8,000 in tax exemptions. With this relief, you can contribute to your child’s college education without breaking your bank.
Disabled Child
My heart goes out to all the parents with disabled children. You are another level of superhero parents as you continuously care for your special needs child. Thankfully, the government is also understanding of your plight. If you have an unmarried disabled child you can claim tax relief up to RM6000, which will hopefully put your financial worries at rest.
Don’t Forget to File Your Taxes
Tax season can be stressful, but if you play your cards right, you can get a hefty tax return if you claim all the exemptions mentioned. Parents enjoy more benefits compared to an unmarried person, so it’s best that you take advantage of them. That said, remember to file your taxes at your earliest convenience. Be sure not to miss the deadline, mummies—you wouldn’t want to miss out on claiming the various tax exemptions offered to you either, right?
For more insightful stories and fun recipes, stay tuned to Motherhood Story!