Are you sure you have filed the right tax return? Experts have listed 10 major traps. Be careful and you may be fined in a matter of minutes!
post by Chloe Chan
by Chloe Chan
Mar 10, 2021 Posted at 12:30 PM
It’s tax season again! Whether you are a first-time tax novice or a senior who has filed countless taxes, beware of the 10 tax traps pointed out by tax experts. When making use of various tax deductions, make sure you “fill out the correct tax form” and “report the correct tax” to avoid making the wrong tax return or underreporting taxes!
Trap 1. Not reporting additional income
Many salaried workers earn more income from part-time jobs besides their main jobs, but they do not report these additional incomes such as rental income, commissions, referral fees, etc. So where should they fill it in?
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If you have rental income in your Thailand Phone Number List name, you should fill it in “B2” in Part B of Form BE, which is the statutory income from rental.
However, you only need to report your net income after deducting costs. For example, rental income can be deducted from property taxes, home insurance premiums, maintenance costs, etc., but you cannot deduct equipment expenses such as furniture or air conditioners.
If there is other income, fill it in “B3”, which is the column “Other from interest, discounts, premiums, other regular income…”
Trap 2. Filing the wrong income tax form
Taxpayers with multiple sources Belgium Phone Number List of income often cannot distinguish between the income tax forms they submit.
Simply put, salaried workers who do not run a business and have no business income should submit Form BE; if they run their own business in addition to working, such as opening a restaurant with friends, they have business income and should submit Form B.
