Would you also prefer to pay fewer taxes? Be sure to check these ways to keep the final amount as limited as possible, especially for the self-employed and entrepreneurs. It’s that time of the year again. Companies and legal entities have until September 27 to file their taxes. So it is high time to sit down with your accountant or to get the calculator out yourself.
Did you know that there are many ways for entrepreneurs to optimize tax? Below is a summary of the main methods.
Save as much as possible for your pension
Pension savings and life insurance are interesting for a carefree old age. But even today you will benefit from them, because they are the first and best solutions for tax optimization. Ask your accountant, insurer or bank. Using the www.taxfyle.com/blog/independent-contractor-taxes is important there.
Know the deductible expenses
Expenses related to your profession and aimed at generating more income, you deduct from your income. These are the deductible costs for entrepreneurs , for example: the rent of an office, telephone and internet subscriptions, insurance, purchase of a computer, bicycle, and so on.
The more carefully you collect receipts for restaurant visits, bicycle repairs, small office expenses, the more costs you can bring in. The tax authorities require proof.
Consult with your accountant
Discuss your figures with your accountant at least every six months. Ask him or her about the most tax-efficient salary, the best expense allowances, investments, and so on. He or she unravels for you the complex taxation and advance payments that companies best pay.
Call the inspector
Do you have additional questions or have errors occurred? Then it is best to contact the tax inspector yourself. Call or visit a local tax office. The employees are happy to help you.
Optimize your personal taxes as well
Your accountant is the right person to complete the tax return for your professional activities. If he or she also arranges the declaration for your personal income tax, you will make a profit twice. Thanks to the complete overview of your finances, he or she will undoubtedly succeed in further optimizing.
Filing a personal income tax return remains a tedious task for many people. Moreover, this year there is no sitting days where you can get the job done with the help of a finance officer.
How do you best approach this?
Anyone who filed a paper declaration last year has already found the well-known brown envelope in the letterbox. You have until Tuesday 30 June to submit your tax return. Despite the fact that the administration already knows a lot of data for your declaration, these are not pre-filled on the paper declaration form.