5 Golden Tips to Help You Handle Tax Issues Easily Like a Professional

This article provides five tips for handling tax issues effectively. The tips include mastering tax knowledge, utilizing tax incentives, making effective tax plans, resolving tax issues confidently, and seeking professional help when needed. It also emphasizes staying up-to-date on tax information, such as changes to personal income tax rates, deductions, and adjustments to VAT and corporate income tax. Various resources and methods for finding professional tax help are mentioned. This article shares five useful tips to help you handle tax issues easily and effectively. The tips are presented in a simple, easy to understand way and can be applied immediately in practice. By applying these tips, you can save time, money, and avoid legal risks related to taxes. 1. Master tax knowledge. Mastering tax knowledge helps you Comply with the law. Complying with tax laws helps you avoid legal risks, save costs, and enhance your personal-slash-business reputation. Effectively use tax incentives. Mastering tax knowledge helps you understand which incentives you can enjoy and how to apply them. Make effective tax plans. Tax planning helps you forecast the amount of tax you need to pay and prepare appropriate financial arrangements. Resolve tax issues. Mastering tax knowledge helps you confidently resolve tax issues efficiently, saving time and money. You can refer to the following resources. Tax laws and related guiding documents. You can find these documents on the website of the Ministry of Finance of Vietnam, https://www.mof.gov.vn, or reputable legal information websites. Tax textbooks and reference materials. There are many tax textbooks and reference materials available on the market. You can consult tax experts for advice on choosing the right materials. Tax courses. Taking tax courses is an effective way to stay up-to-date on the latest tax knowledge and learn from experts. 2. Seek professional help. Some common cases for seeking professional tax help. Difficulty understanding tax laws. Tax laws can be complex and change frequently. If you have difficulty understanding tax laws or how to apply them to your situation, you should seek help from a tax professional. Need help with tax filing. Tax filing can be a time-consuming and complex process. If you are unsure about how to file your taxes or are worried about making mistakes, you should seek help from a tax professional. Tax audit. If you are under tax audit, it is important to have tax professional representation. Tax professionals can help you understand your rights, protect your interests, and negotiate with the tax authority on your behalf. Have a complex business. If you have a complex business with multiple sources of income and deductions, you should seek help from a tax professional. Tax professionals can help you ensure that you are complying with all tax laws and are taking advantage of all the tax incentives you are entitled to. Have major tax plans. If you have major tax plans, such as selling real estate or starting a new business, you should seek help from a tax professional. Tax professionals can help you create an effective tax plan to save money and avoid tax risks. There are many ways to find professional tax help. You can ask family, friends, or colleagues. They may be able to refer you to a tax professional they trust. Search online. There are many websites and online directories that list tax professionals in your area. Contact the Vietnam Association of Accountants and Auditors. VACPA-VACPA can provide you with a list of tax professionals in your area. Contact your local tax authority. Your local tax authority can provide you with information about tax professionals in your area. Three, stay up to date on tax information. Here are some important tax changes in 2024 that you need to be aware of. Changes to personal income tax. Personal income tax rates remain the same as in 2023, with seven rates ranging from 5% to 35%. However, the taxable income threshold for each tax rate has been increased. The tax deduction for dependents has been increased. Specifically, children VND 4 million slash person slash month. Spouse VND 4 million slash person slash month. Parents VND 4 million slash person slash month. Some deductions for expenses have been adjusted, including health insurance. The maximum deduction for oneself and spouse is VND 2.4 million slash person slash month and for children is VND 1.2 million slash person slash month. Social insurance. The maximum deduction for oneself and spouse is VND 3 million slash person slash month and for children is VND 1.5 million slash person slash month. Education. The maximum deduction for children attending public schools is VND 20 million slash year slash child and for children attending colleges and universities is VND 40 million slash year slash child. Changes in value added tax VAT. VAT rates remain the same as in 2023 with three rates, 5%, 10%, and 18%. Some goods and services have been adjusted in or out of the list of goods and services subject to VAT. The application of e-invoices has been expanded to businesses with annual revenue of VND 200 billion or more. Changes in corporate income tax CIT. The CIT rate remains the same as in 2023 at 20%. Some deductible expenses have been adjusted, including depreciation expenses. The maximum depreciation rate for fixed assets is adjusted according to each type of asset. Interest expense deductions. The deduction for interest expenses is adjusted according to the debt to equity ratio.