Have a good and sweet new year

A year of family unity, of trips, of smiles

A year of good experiences and accumulating memories

Thank you to our customers who chose us again this year, we appreciate each and every one of you!!!

Сообщение Happy New Year появились сначала на FinCo.

Dad, will we go to the hotel this year? I want a hotel with a water park!!

🏄‍♀️🤼 Mom, I want a summer camp !!!

😩🤬😭 The big holiday is here and with it endless expenses!

Do you have free money?

😊 Don’t worry, this time the income tax will finance your vacation

You have already made tax returns??

Suitable for you are a few thousand shekels for the bank account?

Vacation with the family? Or maybe cover the minus?

You can check up to 6 years back

Changing a job? There was a work stoppage for any reason? 👈

Do you have life insurance?

Donations?👈

A child diagnosed with attention deficit hyperactivity disorder 👈

A divorced person pays alimony? 👈

Join tens of thousands of satisfied customers and the Pinko company will make sure that you get your money from the income tax

Checking your eligibility is free of charge for the years 2016-2021

Finco always at your disposal

03-6012403

Сообщение This time the income tax will finance your vacation появились сначала на FinCo.

Сообщение Happy Passover появились сначала на FinCo.

Like any tax refund if we don’t claim the tax refund they will be lost

There is a statute of limitations 6 years back

We need to make a tax return for a deceased person

Will / decree of existence An application for a decree of existence or a will can be ordered through a website – it is good that the income tax will release the funds to you heirs, without this the income tax will not release your refund.

Temporary disability before death – depending on the percentage of disability, it is necessary to check whether the deceased was tax-exempt and taxed.

The refund money will be transferred directly to the bank account of the survivors and/or heirs. These funds are not taxed and include linkage differences and interest at a rate of 4%

If there is no clear heir – the right belongs to all the heirs together

Finco has a professional and skilled team that is at your disposal and accompanies you until you receive the money from the income tax

All you have to do is contact us and we will do the work for you

Checking your eligibility is free of charge for the years 2016-2021

Pinko, always at your disposal

03-6012403

Сообщение Tax refund for a deceased person появились сначала на FinCo.

Today I want to talk to you about reports submitted to the Income Tax and what happens when a material error is discovered that was made in good faith in the report submitted to the Income Tax.
Is it even repairable? The reports you have submitted can be corrected provided there are circumstances and situations that allow it. Not for any mistake, you can submit a corrective report and not for any reason.
You have to come to the conclusions that the specific case you are discussing fulfills the right to a corrective report.

How do you submit a correction report to the income tax?

You must go over the received assessment and compare it to the assessment you reported to the income tax when submitting the report.
Now that you have gone through all the years and discovered the mistake, you must write a letter to the assessor and explain the mistake and of course ask to correct the incorrect data in the report, attach relevant documents for which you are entitled to a tax refund.
It is advisable to make an assessment correction. The correction should be sent through the Tax Authority’s website or through an experienced professional

When do mistakes happen?

When the report is submitted without the assistance of a professional. Or by mistake in good faith and an oversight of a previous representative.
Even if a mistake was made in the report, it is not the end of the world since the tax authorities understand that mistakes happen and allow a corrected report to be submitted.

The question arises, do I have to submit the report when I discovered the mistake?

Certainly when you discovered that you did not receive an income or expense by mistake and you recognized it after the fact, you are required to submit the corrective report.

Is there a statute of limitations on income tax?

Section 145 of the Income Tax Ordinance lists a limited number of cases in which a report can be amended
It is not possible to amend a report after the limitation period, which is currently three years from the end of the tax year in which the report was submitted (4 years with the approval of the director). Of course, the correction will be made after the assessor receives an explanation that will form his opinion regarding the necessity or correctness of the correction.
Until what year should the paperwork be kept?
The obligation to keep paperwork is 7 years according to the law

In conclusion, before seeking to amend a report, it is advisable to examine all aspects and take into account all possible results – it is highly advisable to consult with an experienced professional

Checking your eligibility is free of charge for the years 2016-2022.

Сообщение Assessment correction – how to correct a mistake submitted to the income tax появились сначала на FinCo.

Why should tax coordination be carried out?

Tax liability is calculated on the basis of a citizen’s income, according to marginal tax rates and offsetting credit points according to the personal rights of that citizen (for this purpose, employers request to fill out form 101 at the beginning of each tax year again).

The calculation will be correct if an employee is employed at one workplace. But it will be wrong if the employee has several incomes from different sources that are not coordinated in terms of tax rates and credits.

for example:

An employee earns NIS 6,290 a month, which is NIS 75,480 a year at one workplace, and therefore the gross tax that will be owed according to the 10% marginal tax rate is NIS 7,548, offsetting a resident credit of 5,805 NIS, he will be liable for tax of NIS 1,743. The tax will be deducted through the slip. This tax payment method Called withholding tax, it is designed so that at the end of the year an employee will not have an income tax debt.

And in the second place, the same employee earns 2,690 NIS, which is 32,280 NIS per year, this amount is also obligated according to the lowest tax rates of only 10%. which comes out to NIS 3,228 gross. Since the employer without tax coordination does not know about the other employer, he will deduct from the obligation of 3,228 resident credit for the amount of 5,805 again, and will not charge the income of 32,280 NIS in tax at all.

The correct calculation that is carried out with the help of tax coordination is simply the consolidation of two incomes

75,480 NIS + 32,280 NIS = 107,760 NIS The gross tax charge will jump to 14% marginal tax

And the annual calculated gross tax will amount to 12,151 NIS after reducing the resident credit (one time only) Tax payable 6,346 NIS

Without tax coordination, an employee will pay much less tax (NIS 1,743 compared to NIS 6,346) and create income tax liabilities for himself.

In order to prevent this, the Income Tax instructed employers if an employee indicates that he works at 2 jobs to require tax coordination and if not to charge the second income at 47%. The gray area is created because not all employers ask about additional jobs.

When must the tax adjustment be made?

At the beginning of each year or immediately after starting the new job, this is to avoid lowering tax at a higher rate or creating tax debts as explained before.

Also, the tax coordination is valid for one tax year only. This means that those who performed a tax adjustment for 2021 will have to perform a renewed adjustment for 2022. However, the taxation authority allows the validity of the adjustment to be kept until February-March of the new tax year, in order to allow the employee to perform the renewed tax adjustment.

Who is responsible for tax coordination?

Employees working in more than one workplace – this includes 2 or more jobs, even if the income in each of them separately does not require paying tax.
In the meantime, even employees who changed their jobs during the tax year need to coordinate, since the tax is calculated per year and therefore it is possible that they will pay a larger amount due to a higher income in the previous job.
Retirees who receive a salary in addition to their pension.
Self-employed who have another source of income besides the income from their own business. This includes salary from working as an employee or any other taxable income.

How do you do tax coordination?

The process itself is very simple and there are several options for how to perform the operation (including a simple and digital option).

The most accessible option is through the Internet, with this method after a short registration, you can submit all the documents and receive the tax coordination. With this method, tax coordination can only be done once a year.

Another possibility is through the referral system of the Tax Authority website, the process there is quite similar in terms of necessary documents. The request is forwarded to the assessor and he determines the tax rate to be deducted for each of the jobs, the confirmation for this will be ready within 5 business days and will appear on the Tax Authority’s website.

A third option is to apply to the tax authority, this can be done by applying in writing to an assessor in the area of ​​residence. In such a case, form 116 must be filled out (also available online), if you do not fill out the above form, you will have to provide a number of important details (the employer’s name, the supplier’s deductions file – appears on the payslip, expected gross annual salary and number of months of work during the tax year). In addition, a recent pay slip from each of the workplaces must be attached (if there is no slip, it is necessary to give an explanation as to why the slip does not exist).

It is important to know and remember that since the tax is calculated annually, at the end of the tax year there is a recalculation of the tax and sometimes a corresponding refund for the entire last tax year if this is justified (for example if we did not submit the tax reconciliation on time).

If you forgot to do it or didn’t know it was necessary?

It is not possible to make a tax adjustment for a past year, for such situations you can request a tax refund. In this process, you submit forms and data regarding the salary and taxation you paid last year and the tax authority checks whether according to this data you are indeed entitled to a tax refund. If you know that you have not carried out the necessary processes throughout the year, hurry up and carry out the tax coordination now so that you will have a new reconciliation done before the end of the current tax year. If you don’t have enough, remember to ask for a tax refund.

Checking your eligibility is free of charge for the years 2016-2021.

Сообщение Coordination no появились сначала на FinCo.

The holiday symbolizes for us the heroism and the miracles that accompany us in our lives and teaches us to enjoy even the things that we cannot fully understand.
It is important that we remember that all the holidays and holidays are intended to remind us that each of us has a hidden power and light, which helps us to overcome the impossible, the good against the bad, and to keep hope in the face of despair, regardless of the name of the holiday and the culture from which it came.
We witness every day that miracles exist and even if sometimes it seems there is no chance, we do not give up and manage to locate the funds in the most unexpected place.
We are here with you, fighting, supporting, advising, helping and believing in the power and miracle possible for each and every one of you.

Сообщение Dear customers, we would like to wish you a happy Hanukkah! появились сначала на FinCo.

These days we receive a lot of inquiries from you regarding tax refunds for 2020.
We take care of all our customers for refunds and the full exploitation of the year 2020!
In order to carry out the inspection and submit an application and tax refund, it is necessary to receive from the employer a form called “Form 106” in which the employer indicates the employee’s income, the taxes he paid, and the social contributions. The employer submits the form but only after closing the employer report.

Below is a brief explanation about Form 106 and some tips for achieving it:
Form 106 centralizes and summarizes the data and components of all salaries received by an employee from the employer during the tax year.
An employee who has more than one employer will receive form 106 from each employer.
Form 106 is a basic document for calculating a tax refund and without it the application cannot be submitted.

But do you get the form independently?
Every employer is obliged to provide the employee with the form at the end of the tax year by the month of April, whether the employee is still employed or no longer.
If you did not receive this form, you may contact the employer and demand it from him.

Some tips on how to get 106:
At the bottom of the pay slip, there is the name and phone number of the office that prepared the slip, you can contact them directly and get the form through them, if the employer is less available
You can contact us and ask for details of all the employers that are in your social security report.
You can contact us for help at 03-6012403 and of course we will be happy to help in anything.

What do you do if you can’t get the form?
As representatives, we get access to the taxpayer’s form 106 after the employer reports deductions to the tax authority. This year the IRS has officially approved delaying the reporting of deductions until 5/31/21, which will result in a delay in our ability to receive the form. At the same time, if you can’t get it before, we’ll just wait and get the form after the employer report is closed.

Сообщение Update regarding Forms 106 for reports for 2020 появились сначала на FinCo.

Сообщение Dear customers, happy Passover появились сначала на FinCo.

Thank you very much and have a nice vacation.

Сообщение Holiday activity появились сначала на FinCo.