[For beginners] What is a tax return? Easy and clear explanation!

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 would like to explain the basics of tax returns

 

*We have compiled a list of deductions that can be made during year-end tax adjustments and tax returns in an easy-to-understand format. Please see here!

[2021] List of income deductions that can be taken at the time of year-end adjustment and tax return [No loss]

*For a clear summary of the application period and changes for the 2021 application period, please see this article!

[2021 filing deadline extended! ] We have summarized the main points of final tax return in an easy-to-understand manner!

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,

the process of reporting your income for 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 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:

This is just a representative example

If you are unsure whether you need to file a tax return, please contact your local tax office

 

What is the filing period for tax returns?

The reporting period from January 1st to December 31st .

The reporting period from February 16th to March 15th of the following year.

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 .

The contents of your tax return will determine your national health insurance premiums and resident taxes for the 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 to be submitted to the tax office that has jurisdiction over the address where the taxpayer resides 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: Search for Regional Taxation Bureaus and Tax Offices

 

summary

A tax return is a process of calculating the tax on your income for the year from January 1st to December 31st

The tax return must be filed with the government between February 16th and March 15th of the following year

If you work for one company throughout the year

There is no need to file a tax return; the company will handle the year-end adjustment for you .

Even if you work for a company, if you have worked at multiple places in a year if there is a gap between job changes

You will need to file your own tax return

When filing your tax return, you must submit it 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 rush even at the last minute! Easily prepare your tax return online.