Let's start with employees. Employees are not required to file an annual return, except in a few cases, for example, if your annual income in 2019 exceeded NIS 653,000. Thus, if you overpaid income tax and chose not to file an annual return (tax refund) for 6 years, then your money is gone. There are quite a few cases where an employee is likely to be entitled to a tax refund:
The employee worked part of the calendar year. - In a calendar year, the employee worked 2 or more jobs.
For some reason, information indicating that the employee is entitled to additional tax benefits, for example, as a new repatriate, was not submitted.
The employee has his or her own apartment and pays mashkanta.
Birth of a child, trading in securities, disability, etc.
That's why it is very important to check whether an employee is entitled to a tax refund.
An individual entrepreneur has many more opportunities for tax planning and, above all, writing off expenses. It is important to know that even if you do not pay income tax, write-offs affect payments to Bituah Leumi.
Therefore, it is important for an individual entrepreneur to check with a roe heshbon (auditor) before submitting the annual return to ensure that all qualifying expenses have been written off and that all statements and approvals for tax benefits have been received, such as:
Tax statement from the pension fund
Tax statement from keren hishtalmut
Tax statement regarding life insurance
Statement regarding receipt of a higher education, alimony payments, donation receipts, etc.
If you find it difficult to do this by yourself, welcome to the club! I'll be glad to help you.
コメント