Tax credit. NDFL income tax refund. Tax discount
Tax credit (tax discount or deduction), income tax refund NDFL is the documented amount (cost) of expenses that you incurred to purchase goods (works, services) during the reporting year, and for which you are allowed to reduce your total annual taxable income for the same year.
Tax credit – the amount (value) of expenses incurred by the tax payer – resident in connection with the purchase of goods (works, services) from residents – individuals or entities during the reporting year (except for the cost of value-added tax and excise tax) for the amount of which is allowed to decrease the amount of his total annual taxable income received during such a reporting year, in cases defined by law.
If you draw up the documents correctly, within 60 days you will be transferred (tax credit) money, which you are owed.
The amount of your taxable income can be reduced by the amount of the tax rebate, and this will accordingly reduce the amount of your tax on the income of individuals. To do this, it is enough to file a tax return to the tax authority at the place of your registration, along with the calculation of the amount of the tax discount and supporting documents.
Filing a tax return in order to obtain a tax rebate is voluntary. That is, if you do not, no one will tell you about this possibility, and for the next periods the tax discount is not transferred.
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You can count on a tax discount if you
- Mortgage payment and your home, which you purchased as a result of mortgage registration, is your main residence.
- If you have purchased two properties on a mortgage loan, then the right to a tax discount will have only on the housing in which they are registered;
- Make donations or make charitable contributions to non-profit organizations registered in Ukraine, and at the same time spend 2 to 5% of salary per year;
- Paid for their education or the education of a member of their family first line of kinship;
- The cost of artificial insemination has been incurred;
- Had the costs associated with the adoption of the child;
- They made pension contributions to non-state pension funds;
- They made insurance payments under the contracts of life insurance savings;
- They used the services of rehabilitation centers and prosthetic and orthopedic services;
- The cost of converting the car and switching to gas or biofuels has been incurred;
- The costs of building (buying) affordable housing were incurred.
In these cases, the income tax refund of the NDFL may be made.
TAX SNPC (English tax allowance) – a type of tax benefit provided by the object of taxation. Aimed at reducing the tax base. As a rule, N.S. is not related to income, but to the expenses of the taxpayer. For example, on income and income taxes, the taxpayer has the right to reduce the profit subject to taxable (taxable profit) by the amount of expenses incurred by him per share. goals (transfers to charities. Depending on the impact on the results of taxation, the tax discount is divided into limited (the size of the discounts is limited directly or indirectly) and unlimited (the tax base may be reduced by the entire amount of the payer’s expenses). As well as tax exemptions, depending on the restrictions on subjects of taxation, the tax discount may be general (independent of the subjective characteristics of the taxpayer) and special, applied to certain groups and categories of taxpayers
Tax discount on tuition
Almost all students and their parents who pay for their children’s education are entitled to a tax discount.
According to section 14.1.170 of Article 14, the tax discount on education for an individual who is not an entity is the amount confirmed by the relevant documents on the expenses of the tax payer, which he incurred in the last reporting year to pay for education in secondary-special and higher education institutions.
This amount can be received by the student or his first-line relative, who receives an official salary and is a tax payer.
We will advise you, help you organize accounting support, choose a tax system, and if necessary – check the processes of organizing your business on legal, accounting, tax, as well as financial issues. And believe me, your money will certainly come back to you.
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