If you have been selected as a sincere declaration confirmation applicant, you should never take this matter lightly. The extended deadline for filing means that you should file your taxes correctly. It is essential for sincere declaration confirmation applicants to get help from tax agents. This process incurs costs. For example, if it costs 2 million won to file taxes, you can receive a deduction of 60% from the tax payable. In the case of 2 million won, 1.2 million won is deducted, and the actual cost is 800,000 won. For individual business owners, deductions are available up to 1.2 million won, and for corporate business owners, up to 1.5 million won in tax deductions is possible. In the case of a corporate business owner, if a cost of 2.5 million won is incurred, a deduction of 1.5 million won can be received, and the actual cost would be 1 million won. However, since the actual cost can also be handled as an expense, the tax can be reduced by the amount of the sincere declaration cost. Therefore, if you have been selected as a sincere declaration confirmation applicant, it is advisable to seek the help of a tax agent without hesitation.
When you make a sincere declaration, you can also receive deductions for medical and educational expenses, up to 15% for each. It is necessary to check the medical and educational expenses of dependents.
The biggest reason for being selected as a sincere declaration confirmation applicant is the amount of income. Depending on the nature of the business, if there are multiple industries mixed in the workplace, it may be a method to differentiate and report taxes by industry. For example, if a manufacturing company is also selling, then you can report taxes separately for these two industries. If you omit income to lower the standard amount and avoid being selected as a sincere declaration confirmation applicant, it is not an illegal method. However, it may lead to more significant negative results later on.
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