My tax return is done!

I finally finished the tax return I had been putting off.
2022 was a year where I both retired and dealt with an inheritance, so it was tough. I kept putting it off, thinking I didn't want to do it, but I finally bit the bullet and spent a whole day finishing it!

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Since I earned employment income as a company employee, I don't actually need to file a tax return, but I do it every year.

The reason I file a tax return is that the four securities companies I primarily use manage my accounts as 'specified accounts without tax withholding.' It's not that I should do it, but rather that I am in a situation where I must calculate my income tax because there is no withholding.

By doing this, I can offset gains and losses across the four securities companies. Also, I can offset losses from previous years against this year's profits.

There are countless benefits to filing a tax return, but the only downside is that it's a hassle.

It's a real waste that even company employees don't do it.

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To build financial assets, you either increase your income or save money.
To increase income, since my main job doesn't offer raises, I earn money through a side hustle. It's perfect for a second stable income, but it has various hurdles, and it seems many people can't bring themselves to take action.

Taking action to save money seems easy, and many people seem to be doing it. But saving money often leads to a boring life. Even if you struggle and cut costs, it doesn't actually amount to a large sum.

Filing a tax return is a form of saving. Saving is about cutting unnecessary expenses, right? Filing a tax return allows you to cut down on taxes you are paying unnecessarily. In fact, it's about getting back taxes you've already overpaid.

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Tax returns used to be a hassle and difficult, but in recent years, they have become very easy. The number of supporting documents required has decreased, and you can even input data using XML files.

The National Tax Agency's website is also becoming easier to use.

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Now, having said that, this year was tough.
I have to do all the deductions that the company usually handles for me on my own. I don't think I'll ever retire again, but I'll write this down as a memo for future reference for tax returns from this year onwards.

Items to remember to deduct as comprehensive taxation
・National Pension
・Voluntary continuation of health insurance
・Personal pension
・Medical expenses
・Donations
・Social insurance premiums
・Elderly dependent
・Confirmation of dependents (my sons)
・Earthquake insurance
(・Life insurance ← I don't have this, though)

Items to handle as separate taxation
・Capital gains from employee stock ownership plan shares in a general account
・Refund of foreign income tax in a specified account
・Annual transaction report for specified accounts
・Payment notice for dividends on listed stocks, etc.

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This year, happily?? I ended up having to pay tax rather than getting a refund. Some of you might be thinking, 'Doesn't filing a tax return mean you get back the taxes you overpaid?'

When you file a tax return, there are times when you get a refund (pronounced 'kanpu'), and times when you have to pay taxes, known as self-assessed tax payment.

You might be happy to get a refund, but since you get it back by applying for deductions, you are just reclaiming money that you didn't need to pay in the first place. It's not really about being happy; it's just correcting things to how they should be.

Self-assessed tax payment might feel unpleasant because you have to transfer money, but in reality, you are just paying what you are obligated to pay every March, so this is also how things should be. In fact, from an investor's perspective, it's actually a beneficial system because you can invest those funds in the meantime.

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Saying that you are happy to pay taxes means that you have made capital gains. Therefore, filing a tax return and paying taxes is a very good thing.

Since I am paying my taxes as a duty of a citizen, please use the tax money correctly, dear politicians.