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  1. File your Tax returns and CRO returns on time to avoid late filing penalties.  Pay your taxes on time to avoid interest charges.
  2. Check that you are receiving the correct annual tax credits and if your employment entitles you to Flat Rate Expenses.
  3. If you are an employee or a director you can reclaim business travel and subsistence expenses from your employer tax free.  You can refer to the Civil Service Rates.
  4. If you let a room in your home, the income you receive may be exempt from tax.  Since 1 January 2017 the annual limit on rent-a-room exempt income is €14,000.
  5. Retain all medical expense receipts for you, your spouse, your children and dependant relatives for tax relief. This applies to prescription charges, medical bills and non-routine dental work.
  6. Check with you health insurer if you can claim a refund for your medical expenses.
  7. Payments made to a nursing home on behalf of a relative qualify for tax relief at the marginal rate of 41%.
  8. Look at making an annual pension contribution.
  9. If you own a business look at availing of the 10% Capital Gains Tax Relief for Entrepreneurs.
  10. New business start-ups may qualify for the 3 year tax free holiday, depending on the type of business involved. The relief is linked to the amount of Employer PRSI paid.
  11. If you are currently running your business as a sole trader, consider changing to a limited liability company.  You can invest much higher amounts into your pension, which qualifies for tax relief. Tax on business profits is also lower at 12.5%.
  12. The annual small gift exemption of €3,000. This is the amount that you can receive tax free from anybody, in the calendar year, without any charge to gift tax.