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Income Tax Filing Checklist to Help You Cut Your Taxes! As a Certified tax accountant who has filed hundreds of income tax returns over the last six years, I've noticed that taxpayers often overlook certain tax-deductible items. To help you save money on your taxes, here's a list of items you should consider: 1.Health insurance There are two types of health insurance: 1)company health insurance that you pay for while working for a company(this compan.. 더보기
Who is Required to File an Income Tax Return in Korea? As we approach the month of May, it is important to note that it is the season for individuals to file their personal taxes. According to Korean tax law, any resident (regardless of nationality) who earned an income during the previous year (between January 1st and December 31st) is required to file their income tax return and pay any applicable taxes by the end of May, provided they have not me.. 더보기
Essential steps to follow when you change your office address in Korea As a business owner, there may come a time when you need to change your office location. Perhaps your business has outgrown your current space and you need a larger one, or maybe your landlord is increasing the rent. Regardless of the reason, once you find a new office space and sign a lease, it's important to update your business registration as well. This is because the address on file with th.. 더보기
[VAT]Have you heard of Tax invoice? I assure You would know ‘invoice’ but have you heard of Tax invoice? 1.Almost every transaction require Tax invoice In Korea In Korea there is a unique system called the tax invoice. and it is required for every transaction that occurs between business owners. This means that both the seller and the buyer should issue and receive a tax invoice for every transaction. The value-added tax (VAT) in .. 더보기
Stay on Top of Your Tax Obligations: Important Deadlines to Meet in April! 1.Withholding tax filing(4/10) When you pay your employees a salary, it is your responsibility to deduct taxes from their salary before paying them. For example, if your employee has a contracted salary of 2,000,000 KRW, you must deduct 100,000 KRW for taxes, and pay your employee 1,900,000 KRW. The 100,000 KRW you deducted must be reported on a withhold tax return and paid to the tax office on .. 더보기
Don't miss out : Crucial things many business owners overlook in their Corporate Income Tax filing March has been quite the hectic season for us corporate and tax accountants. Amidst the busy days, I've noticed that many companies are missing out on some fantastic benefits or risking hefty penalties. So, I wanted to share this post with you all and urge you to take a look at your CIT return if you're a business owner. 1.Hiring Employees? Get Tax Credits! Did you hire more employees this year .. 더보기
Simplify Your Business Expense Management: Register Your Credit Card on Hometax and Wave Goodbye to Receipts! Registering your credit card on Hometax can save you the hassle of collecting receipts. Follow the steps below to get started 1.Search ‘Hometax’​2.Click '계산서, 영수증, 카드 -> Click '신용카드매입 -> 사업용 신용카드 등록 및 조회3.Verify your business registration number and enter your credit card and phone numbers. Then click on '등록접수하기' to complete the registration process.(*If you have only one business, the registr.. 더보기
[VAT]Learn How to Get VAT Deductions for Your Fuel Expenses - Are You Eligible? You may use your car for visiting clients or commuting. and by running a car, expense such as fuel,engine oil changes and car inspections are unavoidable. If you are using your car for your business, these expenses are considered business-related costs, which can help reduce your overall business expenses. However the situation for VAT is not always same. As you may know, the price of every purc.. 더보기

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