RetireJapan

Hi all,

Just joined this site which I found recently when researching Tax specifics. Great resource and people - so look forward to collaborating and contributing where I can.

Background
I was in the IT space and moved to Tokyo in 1997 and joined an American Financial Institution. Thought it would be short-term but ended up having a wonderful career there for 26 years. Left the firm last year on good terms after a long and hard decision. Grateful for that opportunity and it has I feel, set me up nicely.

In addition to corporate work all these years, I've also been involved in Real Estate - purchasing homes in Okinawa and Yokosuka for US Military rental. Around 2015 established a housing agency in Okinawa as well. The passive income while working full-time was a factor in deciding to leave the firm and going at it on my own.

Objectives
Reduce expenses and maximize tax benefits and reductions. I've always done my Japanese taxes myself - including a couple years early on where I was 'self-employed' and learned a lot that way. Later, with RSU's as a white filer and after purchasing houses, as a Blue filer. I used to visit that dark, damp Shiba tax office every March which was a pain but doing everything over e-Tax since COVID. While I've learned a lot and pretty confident, I know there are areas of opportunity to fine tune. I'm a US/Japan dual national and have an excellent person who handles my US side. On the Japanese taxes, I prefer to do it myself as I find that I can learn things much better going through the experience first hand.


Thanks for reading this far if you did and look forward to engaging.

Welcome!

I am full of admiration for you for doing your Japanese tax return by yourself. From day one, I have used an accountant. I have found it particularly useful when reporting foreign rental income.

Thanks, appreciate the comment. I'm sure I've missed on some 'saves' here and there by not having a dedicated accountant. I just write it down as the experience gained outweighs prior cost-avoidance's, assuming I had them.

I'm now paying local tax/health insurance based on last years salary income which ended in Q4. Next March I'll have these exorbitant health insurance premiums to write-off and so should see a truer baseline for the 2026 cycle.


So, we'll see - I may end up going with a professional in the future but judging from posts on this site, seems all the experts are here already. :-)

donner wrote: ↑Wed Jul 31, 2024 1:59 pm Thanks, appreciate the comment. I'm sure I've missed on some 'saves' here and there by not having a dedicated accountant. I just write it down as the experience gained outweighs prior cost-avoidance's, assuming I had them.

I'm now paying local tax/health insurance based on last years salary income which ended in Q4. Next March I'll have these exorbitant health insurance premiums to write-off and so should see a truer baseline for the 2026 cycle.


So, we'll see - I may end up going with a professional in the future but judging from posts on this site, seems all the experts are here already.

I have brought it up in a separate post recently, but health insurance premiums are very regressively calculated especially for anybody over 40 years old. I won't deny the Japanese health system is pretty comprehensive and does its job well. Income and municipal taxes are far simpler to get down.

Wales4rugbyWC23 wrote: ↑Wed Jul 31, 2024 10:21 pm
I have brought it up in a separate post recently, but health insurance premiums are very regressively calculated especially for anybody over 40 years old. I won't deny the Japanese health system is pretty comprehensive and does its job well. Income and municipal taxes are far simpler to get down.

Many thanks. I'm over 40 so it is what it is I guess. Been trying to forecast the normalized run-rate on where I'd land after this cycle. My City Office has a 健康保険spreadsheet calculator which I'm sure is accurate but haven't gotten to grips with the reasons behind the calculations so looking at it some more.

Thanks also to others who shared good information via PM.

Been browsing the Tax section of this forum for a while and in the next several days will post some questions there.