[For beginners] What is tax return filing? A simple and easy-to-understand explanation!
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Hello, this is Sakashita from Beyond
January is almost over, which means it's tax return season!
For some of you, this may be your first time filing a tax return
「What exactly is a tax return?」
「When is the filing period for tax returns?」
I'm sure there are many people who have various questions, such as the above, and are worried about filing their tax returns
So, this time, I'd like to explain the basics of filing your tax return in an easy-to-understand way!
*We have compiled an easy-to-understand list of deductions you can claim when filing your year-end tax adjustment or tax return.Please see here!
*For a clear summary of the application period and changes for the 2021 fiscal year,please see this article!
What is tax return?
Simply put, a tax return is
In order to determine the amount of tax that a person must pay for the previous year,
involves reporting your income and other financial information from the previous year to the tax office.
The amount of tax you pay is not decided automatically, but is determined by you reporting it to the tax office
If you work for a company, they will deduct the tax amount and pay it to the government instead of you having to pay it to them
(Previous article:Easy to understand! What is the purpose of year-end tax adjustment?)
Who is subject to tax returns?
So who is required to file a tax return?
A typical example is a "sole proprietor," who is required to file a tax return.
Even if you are employed, you will need to file a tax return in the following cases:
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This is just a representative example
If you're unsure whether you need to file a tax return, please contact the tax office
What is the filing period for tax returns?
The reporting periodfrom January 1st to December 31st.
The filing periodfrom February 16thto March 15th of the year following the relevant period.
You will need to file your tax return within this period to determine your income tax amount
In other words,you calculate the tax amount for your income from January to December of last year and file your tax return between February 15th and March 15th of this year.
Your tax return will determine your national health insurance premiums and resident tax for next year
Unlike year-end tax adjustments, your company will not do your tax return for you
Please note that you will need to decide for yourself whether or not to file a tax return!
Where should I submit my tax return?
Income tax returns are submitted to the tax office that has jurisdiction over the address where you reside at the time of filing
If you don't know which tax office is in charge of your area, please check the National Tax Agency website
National Tax Agency website:Find a Regional Taxation Bureau or Tax Office
summary
Tax filing is the process of calculating the taxes on your income for the year from January 1st to December 31st
The declaration must be submitted to the government between February 16th and March 15th of the following year
If you work for the same company throughout the year and have no other source of income,
You do not need to file a tax return; your company will handle the year-end tax adjustment .
Even for those employed by a company, if you have worked at multiple locations within a year , or if there have been gaps between jobs ,
You will need to file your own tax return
When filing your tax return, you submit the tax return form to the tax office in your area of residence
Filing tax returns is often seen as a hassle,
Once you understand it, it will be easy the next time you file your tax return!
First, check now to see if you are subject to filing a tax return!
Read on to find out how you can easily create one online!
Don't panic even if it's just before the deadline! Easily prepare your tax return online
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