TriniTuner.com  |  Latest Event:  

Forums

Income Tax Refunds

this is how we do it.......

Moderator: 3ne2nr Mods

Premchand1976
Riding on 16's
Posts: 1284
Joined: April 14th, 2014, 12:56 pm

Re: Income Tax Refunds

Postby Premchand1976 » October 7th, 2021, 6:36 pm

d.d.s. wrote:Filed in June; collected it in the mail today.
Was the refund amounts under 10k? Could be the reason y'all getting thru this quick

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 7th, 2021, 7:08 pm

You are doing something wrong if you are filing returns for refunds of 10k and more.
I personally never want the govt to owe me a cent.

User avatar
viedcht
Riding on 18's
Posts: 1885
Joined: November 27th, 2014, 4:50 pm

Re: Income Tax Refunds

Postby viedcht » October 7th, 2021, 7:35 pm

Dave wrote:You are doing something wrong if you are filing returns for refunds of 10k and more.
I personally never want the govt to owe me a cent.
It not improbable. Your td4 td1 may not reflect any personal deductibles like deferred annuity of your choosing, or CNG kit, solar power systems etc.

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 7th, 2021, 7:39 pm

It is your right to update your TD4 to have the appropriate amount of tax deducted at the source thus reducing and eliminating any possible refunds.

User avatar
viedcht
Riding on 18's
Posts: 1885
Joined: November 27th, 2014, 4:50 pm

Re: Income Tax Refunds

Postby viedcht » October 7th, 2021, 9:38 pm

Dave wrote:It is your right to update your TD4 to have the appropriate amount of tax deducted at the source thus reducing and eliminating any possible refunds.
You mean I suppose to disclose my personal business to my place of work that issuing my td4? I expect them to only deal with direct salary allowances and deductions. After that, onus is on me to do my own tax return, deduct my CNG kit solar power stuff, TISP etc, therefore lowering my tax obligation to the state, therefore refunding me more or less than 10k of already deducted (from salary) income tax.
I mean, that's how alot of us end up with refunds; we have deductions after salary.

Premchand1976
Riding on 16's
Posts: 1284
Joined: April 14th, 2014, 12:56 pm

Re: Income Tax Refunds

Postby Premchand1976 » October 7th, 2021, 10:24 pm

Dave wrote:You are doing something wrong if you are filing returns for refunds of 10k and more.
I personally never want the govt to owe me a cent.
. I'm lost here.....but I know if it crosses 10k, you are audited and therein lies the delays in payment of refunds

User avatar
d.d.s.
Sweet on this forum
Posts: 366
Joined: May 30th, 2009, 1:13 pm

Re: Income Tax Refunds

Postby d.d.s. » October 7th, 2021, 11:07 pm

Premchand1976 wrote:
d.d.s. wrote:Filed in June; collected it in the mail today.
Was the refund amounts under 10k? Could be the reason y'all getting thru this quick
Yep. This time was my "longest'' wait. Usually, I get through within a two month time frame.

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 8th, 2021, 8:03 am

The only deductions that are allowed to be filed with your employer is your NIS and company's pension plan.

All other deductions are supposed to be filed with the BIR.
Hence the last box on the bottom right hand side allows you to declare and input who you are filing the TD4 with.

There is no reason why you are supposed to be filing for refunds unless of course your employer isn't calculatng the correct PAYE that supposed to be deducted from your remunerations.
viedcht wrote:
Dave wrote:It is your right to update your TD1 to have the appropriate amount of tax deducted at the source thus reducing and eliminating any possible refunds.
You mean I suppose to disclose my personal business to my place of work that issuing my td4? I expect them to only deal with direct salary allowances and deductions. After that, onus is on me to do my own tax return, deduct my CNG kit solar power stuff, TISP etc, therefore lowering my tax obligation to the state, therefore refunding me more or less than 10k of already deducted (from salary) income tax.
I mean, that's how alot of us end up with refunds; we have deductions after salary.

User avatar
viedcht
Riding on 18's
Posts: 1885
Joined: November 27th, 2014, 4:50 pm

Re: Income Tax Refunds

Postby viedcht » October 8th, 2021, 9:21 pm

I think one of us not understanding the other... If the employer deduct PAYE, health surcharge, company pension plan, as per the td4, send it to you the employee, you have to do your income tax return Form 400 440 etc. Using the figures from the td4, AND your personal allowed deductions like mortgage, alimony, TISP etc, that the employer has no idea about and could not consider because they only calculate PAYE on the figures they working with, you now have lowered your income tax obligation that was already paid thru your salary. This gives you a REFUND.


You are wrong to suggest that taxpayers shouldn't be having large sums as refunds from the IRD. The Employer only handles your gross salary. What you invest in with your net salary is your personal business.

Premchand1976
Riding on 16's
Posts: 1284
Joined: April 14th, 2014, 12:56 pm

Re: Income Tax Refunds

Postby Premchand1976 » October 8th, 2021, 9:34 pm

Dave wrote:The only deductions that are allowed to be filed with your employer is your NIS and company's pension plan.

All other deductions are supposed to be filed with the BIR.
Hence the last box on the bottom right hand side allows you to declare and input who you are filing the TD4 with.

There is no reason why you are supposed to be filing for refunds unless of course your employer isn't calculatng the correct PAYE that supposed to be deducted from your remunerations.
viedcht wrote:
Dave wrote:It is your right to update your TD4 to have the appropriate amount of tax deducted at the source thus reducing and eliminating any possible refunds.
You mean I suppose to disclose my personal business to my place of work that issuing my td4? I expect them to only deal with direct salary allowances and deductions. After that, onus is on me to do my own tax return, deduct my CNG kit solar power stuff, TISP etc, therefore lowering my tax obligation to the state, therefore refunding me more or less than 10k of already deducted (from salary) income tax.
I mean, that's how alot of us end up with refunds; we have deductions after salary.
Or, if you are a sales rep and similar jobs that allow for 2/3 of your vehicle expenses to be treated as work related ( as in my case ).

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 9th, 2021, 6:58 am

Let's try this again.
A TD1 with only your person allowance and nis and company owned pension plan can be filed with the company.
If you have an annuity, first time home owner, alimony, solar heating and cng when those comes around, then the TD1 must be filed and approved with the BIR and that approval taken back to your employer for them to deduct the appropriate amount of tax from your remunerations.
In the case of a salesman, are you self employed or working for someone?
I did err on saying TD4 above, it is your TD1 I meant to say and post edited to reflect such.

User avatar
viedcht
Riding on 18's
Posts: 1885
Joined: November 27th, 2014, 4:50 pm

Re: Income Tax Refunds

Postby viedcht » October 9th, 2021, 6:29 pm

Okay, the thing is, I've had seven different jobs, at different companies, including one State company, one commercial bank, one Public Service post... I have never been asked or instructed to follow up with employer, by BIR/IRD when it came to deductions outside of direct salary related. And I've had a TISP for five of those seven jobs. Though I also have other sources of income when I file, so I don't know if that is why I never encountered that issue before...

Apologies to you Dave, I wasn't aware I can consolidate deductions with employer thru BIR.

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 9th, 2021, 7:00 pm

So it is yours so technically they won't know what personal deductions you are bringing to the table. However good people would advise you and have the conversation with you but many ppl themselves don't know better irrespective of organisation.
This is my qualification and background and what I do everyday.
It's all about informing ppl to let them know their rights.
No worries!

User avatar
viedcht
Riding on 18's
Posts: 1885
Joined: November 27th, 2014, 4:50 pm

Re: Income Tax Refunds

Postby viedcht » October 10th, 2021, 8:14 am

Dave wrote:So it is yours so technically they won't know what personal deductions you are bringing to the table. However good people would advise you and have the conversation with you but many ppl themselves don't know better irrespective of organisation.
This is my qualification and background and what I do everyday.
It's all about informing ppl to let them know their rights.
No worries!
Thank you for this info. I will look into it

ttphilip
Street 2NR
Posts: 67
Joined: February 23rd, 2012, 2:31 pm

Re: Income Tax Refunds

Postby ttphilip » October 10th, 2021, 6:46 pm

viedcht wrote:Okay, the thing is, I've had seven different jobs, at different companies, including one State company, one commercial bank, one Public Service post... I have never been asked or instructed to follow up with employer, by BIR/IRD when it came to deductions outside of direct salary related. And I've had a TISP for five of those seven jobs. Though I also have other sources of income when I file, so I don't know if that is why I never encountered that issue before...

Apologies to you Dave, I wasn't aware I can consolidate deductions with employer thru BIR.


The filing of an accurate (BIR stamped )TD1 with your employer, is the responsibility of the employee and is somewhat optional.
That is, if you do it accurately, the company will deduct the correct tax and your refund will be minimal. If you don’t do it, or if you do it but don’t put all you deductions accurately, then incorrect tax will be deducted each month by your employer and your refund will be large (and probably late).

Kenjo
punchin NOS
Posts: 3580
Joined: March 19th, 2009, 10:31 pm
Location: Home

Re: Income Tax Refunds

Postby Kenjo » October 10th, 2021, 9:20 pm

ttphilip wrote:
viedcht wrote:Okay, the thing is, I've had seven different jobs, at different companies, including one State company, one commercial bank, one Public Service post... I have never been asked or instructed to follow up with employer, by BIR/IRD when it came to deductions outside of direct salary related. And I've had a TISP for five of those seven jobs. Though I also have other sources of income when I file, so I don't know if that is why I never encountered that issue before...

Apologies to you Dave, I wasn't aware I can consolidate deductions with employer thru BIR.


The filing of an accurate (BIR stamped )TD1 with your employer, is the responsibility of the employee and is somewhat optional.
That is, if you do it accurately, the company will deduct the correct tax and your refund will be minimal. If you don’t do it, or if you do it but don’t put all you deductions accurately, then incorrect tax will be deducted each month by your employer and your refund will be large (and probably late).

I believe someone in here mentioned any refunds over $10000 is pressure

daxt0r
3NE2NR is my LIFE
Posts: 854
Joined: November 5th, 2009, 2:44 pm

Re: Income Tax Refunds

Postby daxt0r » October 11th, 2021, 6:34 am

well my word no wonder i waitin so long! Do you get it eventually or does it stay forever processing?
It's been 2 years now an salt :/

Premchand1976
Riding on 16's
Posts: 1284
Joined: April 14th, 2014, 12:56 pm

Re: Income Tax Refunds

Postby Premchand1976 » October 13th, 2021, 1:48 am

daxt0r wrote:well my word no wonder i waitin so long! Do you get it eventually or does it stay forever processing?
It's been 2 years now an salt :/
Call the BIR refunds department and see if you get thru with them . 2 years is too long . Normally when it's over 10k it's sent for audit, an officer contacts you to discuss / review and question you on the reason(s) your refund is that high and may even ask for supporting bills, receipts etc. If not, they reduce your refund in line with what they deem as reasonable expenses incurred and recalculate your refund and then it's approved and paid a few months later. Talking from experience here

daxt0r
3NE2NR is my LIFE
Posts: 854
Joined: November 5th, 2009, 2:44 pm

Re: Income Tax Refunds

Postby daxt0r » October 13th, 2021, 12:56 pm

i would have provided said bills and other supporting evidence way back when i went in, i don't even have that stuff anymore. I will call them an see what's up IF someone answer d phone is ah nex question

User avatar
viedcht
Riding on 18's
Posts: 1885
Joined: November 27th, 2014, 4:50 pm

Re: Income Tax Refunds

Postby viedcht » October 13th, 2021, 6:06 pm

daxt0r wrote:i would have provided said bills and other supporting evidence way back when i went in, i don't even have that stuff anymore. I will call them an see what's up IF someone answer d phone is ah nex question


Inland Revenue Division says they can collect back-taxes from the past 6yrs/ you can be audited on the past 6yrs *(anyone knows more on this please correct me or add to it)* so keep digital copies and even hard copies of bills as well as originals of all within the six year period.
Last edited by viedcht on October 13th, 2021, 6:06 pm, edited 1 time in total.

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 13th, 2021, 6:18 pm

For taxes, you are required to keep 6 years as that is what you can be asked to represent.
For payroll records, you are required to keep 7 years.

User avatar
widdyphuck
18 pounds of Boost
Posts: 2458
Joined: July 23rd, 2017, 2:24 pm

Re: Income Tax Refunds

Postby widdyphuck » October 13th, 2021, 6:56 pm

Is there any alternative way to collect your TD4 if your employer doesn't want to give you it?

User avatar
Dave
3NE 2NR Moderator
Posts: 17976
Joined: April 22nd, 2003, 8:07 am
Location: playing with above and below
Contact:

Re: Income Tax Refunds

Postby Dave » October 13th, 2021, 7:08 pm

By law TD4s are supposed to be prepared and once they are prepared 4 copies are prepared. One for employer, one for the BIR and two for the employee.
There is a penalty for not preparing TD4 but it isn't enforced.

Kenjo
punchin NOS
Posts: 3580
Joined: March 19th, 2009, 10:31 pm
Location: Home

Re: Income Tax Refunds

Postby Kenjo » October 13th, 2021, 7:40 pm

wtf wrote:Is there any alternative way to collect your TD4 if your employer doesn't want to give you it?

Are they late or it’s a former employer you mean ?

Kenjo
punchin NOS
Posts: 3580
Joined: March 19th, 2009, 10:31 pm
Location: Home

Re: Income Tax Refunds

Postby Kenjo » October 13th, 2021, 7:41 pm

Now with online tax submission they can email or scan it to you

User avatar
Dizzy28
TriniTuner 24-7
Posts: 16672
Joined: February 8th, 2010, 8:54 am
Location: People's Republic of Bananas

Re: Income Tax Refunds

Postby Dizzy28 » October 14th, 2021, 2:12 pm

Finally was able to have my econnect access restored.

Just finished filed and submitted my 2020 return. Now to wait and see. It's actually the smallest sum I have to get a refund for since I started filing online so hoping it comes through in a reasonable time and not like two of my last three years which took two years for the refund to process and the cheque to come (thanks to COVID)

Kenjo
punchin NOS
Posts: 3580
Joined: March 19th, 2009, 10:31 pm
Location: Home

Re: Income Tax Refunds

Postby Kenjo » November 9th, 2021, 5:18 am

Mine reached in the mail yesterday. It’s dated early last month. Initially submitted mid July for my 2020 taxes . Next year we should a minimal decrease in taxes although it will be eaten up in higher commodity prices

User avatar
timelapse
TriniTuner 24-7
Posts: 8113
Joined: June 20th, 2012, 7:13 pm

Re: Income Tax Refunds

Postby timelapse » November 9th, 2021, 6:52 am

Kenjo wrote:Mine reached in the mail yesterday. It’s dated early last month. Initially submitted mid July for my 2020 taxes . Next year we should a minimal decrease in taxes although it will be eaten up in higher commodity prices
Not trying to be an arse early this morning:

I don't know you guys and your circumstances,but I will say the same thing I encourage my younger friends to do.Build your portfolio in a way that taxes and prices become more of a petty nuisance than a threat.Play the system like how the 1% does it.
Only 2 ways to do this.Cut your costs,or raise your income, or better yet, both

User avatar
eitech
punchin NOS
Posts: 3572
Joined: November 11th, 2006, 10:03 am

Re: Income Tax Refunds

Postby eitech » November 9th, 2021, 6:55 am

timelapse wrote:
Kenjo wrote:Mine reached in the mail yesterday. It’s dated early last month. Initially submitted mid July for my 2020 taxes . Next year we should a minimal decrease in taxes although it will be eaten up in higher commodity prices
Not trying to be an arse early this morning:

I don't know you guys and your circumstances,but I will say the same thing I encourage my younger friends to do.Build your portfolio in a way that taxes and prices become more of a petty nuisance than a threat.Play the system like how the 1% does it.
Only 2 ways to do this.Cut your costs,or raise your income, or better yet, both


Raise your untaxed income

User avatar
Dizzy28
TriniTuner 24-7
Posts: 16672
Joined: February 8th, 2010, 8:54 am
Location: People's Republic of Bananas

Re: Income Tax Refunds

Postby Dizzy28 » November 9th, 2021, 9:23 am

Almost 1 month later and status is still Refund Processing.

Advertisement

Return to “Ole talk and more Ole talk”

Who is online

Users browsing this forum: Google Adsense [Bot], venom21 and 104 guests