5 Tax Savings That Office Workers Should Practice

If you are a company employee, you do not need to worry about calculating the tax you are paying because the company you work for usually handles the tax payment for you. However, in some cases, even company employees can get their extra tax refunded by filing their own tax return. There are also procedures to reduce the amount of tax to be paid without filing a final tax return.

You can hire a tax relief professional

The one who has knowledge of taxes, how to save tax and much of such kind

Hometown tax (donation deduction)

You can donate to any local government that you want to support. As part of what is called a deduction for donations, a portion of the amount donated is subject to deduction for income tax or inhabitant tax.

Furthermore, if you use the hometown tax payment, you may receive a gift in return from the local government that made the donation. In addition to the deduction, you can also receive a gift in return, so it can be said to be a great system.

Carry forward deficit

Carrying forward the deficit is also a tax saving measure for corporate tax. Sole proprietorships can carry forward deficits for three years if they file a blue return, but corporations can carry forward deficits for up to 10 years. If the deficit is carried forward, if it becomes profitable in the following year, it can be offset against the past deficit (loss), which leads to tax savings on corporate tax. You can even contact a tax relief professional.

Get rid of unwanted inventory

Disposal of assets such as unnecessary inventory eliminates the need to put them on the books, and the disposal cost can be recorded as a loss, which leads to tax savings. If the property is sold at a lower price than the cost, the loss on sale can be recorded as a loss, and if the property is disposed of, the loss on disposal (disposal loss) can be recorded as a deductible expense.

Make the homes of managers and employees company housing

When a company rents a rental property and rents it to a manager or employee as company housing, the difference between the rent paid by the company and the amount equivalent to the rent received from the tenant can be recorded as an expense of the company, leading to tax savings.