You may not need to pay personal income tax in September! Teach you how to enjoy personal income tax deductions

Release time:Apr 16, 2024 02:50 AM

After the State Council issued a document raising the three special additional deduction standards, the State Administration of Taxation issued a notice on implementing the policy of raising the relevant special additional deduction standards for personal income tax, and gave an interpretation, telling the people how to fully enjoy this personal income tax preferential treatment.

According to the announcement, the special additional deduction standards for the care and education of infants and young children under the age of 3 have been increased from 1000 yuan per month to 2000 yuan per child. The special additional deduction standard for supporting the elderly has been increased from 2000 yuan per month to 3000 yuan. And these three deduction standards will be implemented retroactively from January 1st of this year.

So how can we fully enjoy this preferential policy?

According to the announcement, taxpayers who have not yet reported special additional deductions for the care of infants and young children under 3 years old, children's education, and elderly care can report and enjoy them on the mobile personal income tax app or through withholding agents. The system will calculate the personal income tax payable according to the increased special additional deduction standards.

Taxpayers who have already reported special additional deductions for the care of infants and young children under 3 years old, children's education, and elderly care in 2023 do not need to re report. The system will automatically calculate the personal income tax payable based on the increased special additional deduction standards. The relevant person in charge of the State Administration of Taxation explained that starting from September, the system will calculate the personal income tax payable according to the increased special additional deduction standards. Previously overpaid taxes can be automatically offset against the tax payable for subsequent months of the current year. If the deduction is not complete, it can continue to be enjoyed when processing the comprehensive income settlement and payment for the year 2023.

This means that for workers who can enjoy the three special additional deductions mentioned above, when paying personal income tax on their wages in September, you can supplement the dividend of reducing taxable income brought about by the increase in deduction standards in the first eight months at once. This will allow many taxpayers to not pay a penny of personal income tax in September and increase their income.

For a family to truly enjoy this preferential policy, it is necessary to consider how to scientifically allocate between spouses and siblings under the new quota, in order to achieve maximum reasonable tax avoidance.

According to the announcement, the special additional deduction for the care and education of infants and young children under the age of 3 is 2000 yuan per child per month. Parents can choose to deduct 100% of the deduction standard by one party, or choose to deduct 50% by both parties.

After this deduction standard is increased, in order to fully enjoy this preferential policy, both parents need to recalculate based on their respective incomes, whether one party will deduct the tax reduction in full or both parties will deduct half of the tax reduction in full. The higher the tax reduction amount, the more you choose the final solution.

According to the announcement, after the special additional deduction standard for supporting the elderly is raised to 3000 yuan per month, only children will be deducted 3000 yuan per month; Non only children and brothers and sisters share a deduction of 3000 yuan per month, with no more than 1500 yuan per person. If it is necessary to share the benefits, it can be shared by the caregivers or agreed upon by the agreement, or designated by the dependent. A written allocation agreement must be signed for agreed or designated allocation, with designated allocation taking priority over agreed allocation.

The relevant person in charge of the State Administration of Taxation stated that if taxpayers have adjusted the agreed or designated allocation of special additional deductions for elderly care, they can fill in the new allocation amount on the mobile personal income tax app or through the withholding agent.

Therefore, after the special additional deduction for supporting the elderly has been increased, the elder brothers and sisters should coordinate their respective deductions to fully enjoy the maximum tax reduction. From the perspective of tax reduction maximization, the higher the income of brothers and sisters, the more deductions can be given. At the same time, the income gained from tax reduction can be used to support the elderly.

For taxpayers who have not yet filled out the "one old, one small" deduction form, in order to enjoy this preferential policy earlier and realize the time value of funds, they can enjoy it through the mobile personal income tax app or by filling in special additional deduction information through their employment unit.

For taxpayers who have obtained operating income but have not usually obtained salary income, the relevant person in charge of the State Administration of Taxation stated that according to relevant regulations such as the Personal Income Tax Law, they can enjoy the increased special additional deduction standards when handling the final settlement and payment of operating income for the year 2023.

Of course, in order to enjoy the new policy of increasing the three deductions mentioned above, one must be clear about whether they meet the conditions for enjoying the deductions mentioned above. The State Administration of Taxation provides answers to common questions regarding this matter.

For example, supporting the elderly refers to parents who are over 60 years old, as well as grandparents and maternal grandparents whose children have all passed away, excluding the parents of their spouses. In short, individuals who support their parents in law or in laws cannot enjoy the special additional deduction for supporting the elderly.

If the master's or doctoral education received by the taxpayer's children belongs to full-time academic education, the taxpayer can report the special additional deduction for children's education. However, if it belongs to part-time continuing education, it cannot enjoy the special additional deduction for children's education, but it can be filled out by the children themselves.

The three special additional deduction standards have been raised, and some individuals may have falsely reported deduction items in order to pay less tax, which is illegal.

The above announcement states that taxpayers are responsible for the authenticity, accuracy, and completeness of the special additional deduction information. If the taxpayer's situation changes, they should promptly report new special additional deduction information to the withholding agent or tax authority. For those who enjoy special additional deductions for false reporting, the tax authorities will handle it in accordance with relevant provisions such as the Tax Collection and Administration Law of the People's Republic of China and the Personal Income Tax Law of the People's Republic of China.

Previously, the State Administration of Taxation publicly exposed some cases of individuals falsely reporting and falsely reporting special additional deductions when handling final settlement and payment. Individuals in serious cases were filed for inspection, and not only did they ultimately pay taxes and late fees, but they also faced fines. They were subsequently included in the list of key tax regulatory personnel.

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