Frequently Asked Questions about the car tax
insurance premiums of automobile insurance (voluntary insurance) is subject to year-end adjustment?
In the case of company employee, you'll be applying for income deduction and submit the insurance premium deduction certificate at the time of the year-end adjustment to the company. In some cases, I think that it has received a refund of the tax paid by withholding. In, when adjusting car insurance is the end of the year, Will we be able to receive such a deduction.
Currently, has been recognized as a deduction on the Income Tax Act relating to insurance, social insurance premium deductions, such as public pension, life insurance premium deduction, are three of the earthquake insurance premium deduction. Car insurance will not be able to receive the basic deduction. In the past, there was a system of property and casualty insurance premiums deduction, you must be careful because the current is obsolete.
Insurance premiums paid by the company can be to write-offs
also, the tax on automobile insurance of handling, may be different in the company employee and a business executive, you must be careful.
If the business management, multiplied by the automobile insurance to car to be used as a company car, you will also be spending the insurance premium from the company. Such a premium is recorded as expenses related to the company business (write-offs), it can be deducted from corporate income.
This is also true at the individual employer. Insurance premiums of automobile insurance in the case of using the car for business can be deducted from business income as expenses on the income tax.
Tax treatment is certainly of insurance
premiums for car insurance, the effect of suppressing the tax is said to be limiting. However, if you can reduce the amount of income, it is properly what you want to leave the tax treatment. Year-end adjustment, or when the tax return, let's properly reported while checking the insurance company and the tax office.
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