[ITEM 4] QUESTION: Personal income tax (NDFL) and deductions: how to apply for a deduction through your employer?

Applying for a tax deduction through your employer is a convenient way to get back excessively withheld personal income tax without waiting for the end of the calendar year. This method allows you to receive a salary increase monthly until the deduction amount is completely exhausted. For the process to go successfully, you need to clearly understand your goals, calculate the expected amount in figures and deadlines, and then break the entire process down into sequential steps.

First of all, it is recommended to start by setting a financial goal and calculating the exact refund amount. For example, if you spent money on paid treatment or education, the maximum amount of expenses for calculating the social deduction has limits established by law. Based on these data, you determine the amount of tax that the employer will stop withholding from your salary.

To keep the process running smoothly, record the results achieved in your budget and review your financial plan once a month. This will help control the receipt of funds and competently distribute the family budget taking into account regular tax refunds.