Year-End Guide: Tax Benefits and Checks to Make Before December 31

In depth

The end of the tax year is approaching, and the benefits on deposits to pension funds, study funds and investment provident funds expire on December 31. Ahead of the year's end, it is worth checking which benefits have already been used and which can still be claimed. Deposit ceilings, tax benefits, pension contributions and fees are the topics worth reviewing before the year ends, and not every recommendation suits every saver.

Salaried employees, self-employed people, workers approaching retirement and retirees may benefit from reviewing the benefits that expire on December 31, and the benefits could amount to thousands of shekels. Self-employed people and business owners can check grants and compensation that have not yet been claimed, and whether they are entitled to additional tax benefits. It is also recommended to check the terms of insurance policies.

One in every seven employees pays excess tax due to an outdated report on Form 101, so it is recommended to check the sections of the form before the end of the tax year. In addition, following the sale of assets at a profit, it is possible to examine offsetting losses in a portfolio, a dividend from the company, a deposit to a study fund or pension fund, and donations, which by the end of December can save part of the tax.