IV www.jamaica-gleaner.com FRIDAY, FEBRUARY 27, 2026 FINANCIAL GLEANER | TAJ FILING YOUR TAXES FEATURE #TAXTIP4: COMPLETE FORM CORRECTLY All relevant sections of the forms and related schedules are to be completed. It is also important that accounting information, such as gross sales/income, total expenses, net profit and deductions be ALL filled in. #TAXTIP5: CLAIM CREDITS Eligible employers may claim Employment Tax Credit (ETC). This represents the lower of the monthly statutory (Education Tax, NIS, NHT and HEART) made, ON TIME and IN FULL, or 30% of the tax on trade, business, profession or vocation. Individuals (self-employed/employed) may claim the new Photovoltaic Solar System Tax Credit if they had acquired and installed a solar system at their primary residence on or after January 1, 2023 and qualified for the credit. #TAXTIP6: APPLY EXEMPTIONS Pensioners should apply the exemption of $250,000 to their 2025 income tax returns. Similarly, persons 65 and over should apply $250,000 to their 2025 income tax returns. Individuals who are both pensioner and over 65 should apply both exemptions where they were not given a determined rate by TAJ. NOTE: Exemptions are in addition to the income Tax Threshold. #TAXTIP7: FILE EARLY File early to avoid the last-minute rush. Even though returns must be filed online, traffic online will get heavier the closer it gets to the respective filing deadlines, so give yourself time to complete and submit. #TAXTIP8: AVOID LATE-FILING PENALTY Make sure to file tax returns on or before the respective deadlines, March 15 or April 15, as an automatic penalty of $5,000 per month, or part thereof, is applied to returns filed late... and one day late is still late. File early to avoid the last-minute rush. Even though returns must be filed online, traffic online will get heavier the closer it gets to the respective filing deadlines, so give yourself time to complete and submit.
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