With the advancement of technology, tax preparations get easier than before. But while talking about China Individual Income Tax, it’s not your cup of tea! Though the software reduces the risk of errors in tax preparations, that’s not a too easy nut to break as it sounds.
That’s why when it’s the season of tax filing and returns, be smart to hire our team of Certified Public Accountants (CPA). Otherwise, you end up missing a few details and make the ‘NO-NOs’ while preparing tax.
In today’s blog, we can guide you to ideate which things you miss in the tax preparations!
Things you miss while preparing tax on your own
Most individuals don’t understand the importance of hiring our team of tax experts for China Individual Income Tax. They don’t realize that they can make errors and miss several things even if using advanced technology.
In the passages below, you can ideate those mistakes! Such as:
No idea of the latest tax laws
Not only residents but Individual Income Tax (IIT) Rules for non-residents in China are no less complicated. It keeps changing that you must have an idea while preparing your tax on your own. When you don’t, you fail to determine the tax rates because the tax rates differ depending on your residency status. Yet, in the calculation and filing dates too!
Wrong tax return dates!
Do you know that the due dates of tax returns are different for residents and non-residents? That’s right! Domiciles in China pay annual taxes between March 1 and June 30, while foreigners have to make monthly tax returns due by the 15th of the following month. Without the help of the tax experts, people often assume the wrong due date and miss the deadline of tax returns.
Providing incorrect information!
Our CPAs of APAC Taxation Group always take care of all your financial details during tax preparations. In fact, they can advise you to provide the specific details required to show in tax returns. But while handling yourself, you get overwhelmed and make mistakes in giving information. For example:
- Retirement account numbers
- Bank account numbers
- Last name if recently got divorced or married and more
Your mistakes gain the attention of the State Administration of Taxation (SAT) that can be suspicious. Many frauds often make such mistakes intentionally to incase refund or reduce the tax commitment. Working with our tax experts may help you avoid these legal problems.
Forget to claim the tax credit!
The tax credit is something that can help you earn huge benefits while paying the tax returns. Your tax credit amount helps in the reduction of tax commitment. Apart from this, you can claim a refund as well.
People often skip or miss the tax credit mistakenly while preparing taxes themselves. But our tax specialists ensure that you provide all information correctly for tax filing and returns.
So, if you realize that you need some help with tax preparations, contact us! Our tax preparers will guide you throughout the process from start to finish. Stay in touch!