Year-end tax settlement: An essential process for organizing income and expenses and receiving tax refunds

 

📝 Year - end tax settlement: Essential process for organizing income and expenses and receiving tax refunds

As the end of the year approaches, many people begin preparing their year-end tax settlements. Year-end tax settlement is the process of organizing income and expenses and receiving a tax refund, and is an essential task for many people. In this blog, we will learn about the essential processes for year-end tax settlement.

💰 Organize your income and expenses

To do year - end tax settlement, you must first organize your income and expenses. Income can occur in various forms such as earned income, business income, and interest income, and expenses consist of various items such as living expenses, housing expenses, and education expenses. Organizing and clearly understanding your income and expenses is a very important step in receiving a tax refund.

When organizing your income and expenses, you should consider the following:

> Earned Income: Earned income includes wages and allowances received as an employee. To accurately determine earned income, you must check earned income withholding receipts and pay stubs.
> Business Income: If you run a business or work as a freelancer, you may earn business income. Business income must be calculated by considering sales and expenses.
> Interest income: Interest income such as deposit interest and bond interest is subject to tax. Interest income must be accurately identified by checking the interest income certificate issued by a bank or securities company.
> Living expenses: Living expenses refer to expenses that occur on a daily basis, such as housing expenses, food expenses, transportation expenses, and communication expenses. You need to accurately figure out your living expenses and compare them to your income.
> Educational expenses: Educational expenses include tuition, textbooks, academy fees, etc. Education expenses must also be accurately identified by comparing them with income.
When organizing your income and expenses, you must do so based on accurate information. You can collect necessary documents and receipts and organize them conveniently using a spreadsheet or app that records income and expenses.

💼 Essential process for tax refund

After organizing your income and expenses, you must go through the required process for a tax refund. To receive a tax refund, you must follow the following procedures:

1. Income Report: After organizing your income and expenses, you must report your income. Income reports can be submitted through the National Tax Service website or electronic reports. You must complete your return based on your accurate income and expenses.
2. Issuance of tax invoice: After reporting income, you must receive a tax invoice. Tax invoices can be issued by the National Tax Service, and taxes must be calculated and issued based on reported income and expenses.
3. Tax refund application: After receiving a tax invoice, you must apply for a tax refund. You can apply for a tax refund by visiting the National Tax Service website or tax office. You must fill out the application form, attach the required documents, and submit it.
4. Confirmation of tax refund: After applying for a tax refund, the National Tax Service verifies the application details and issues a tax refund. Tax refunds may take a certain period of time, and tax refunds are issued according to the amount requested.

To receive a tax refund, you must submit accurate information and be careful when filling out reports and applications. You must prepare the necessary documents and information in advance and be careful not to miss the tax refund application period.

🔚 Conclusion

Year - end tax settlement is an essential process to organize your income and expenses and receive a tax refund. You must accurately identify your income and expenses and follow the procedures for tax refunds. You must submit accurate information and fill it out carefully to ensure you receive a tax refund. If you efficiently process your year-end tax settlement and receive a tax refund, you will be able to welcome the new year more cheerfully.