The tax season is coming!
From March 1, you can file a tax return and see whether you may receive a refund or have to pay extra. Make sure you file your tax return before the deadline, which is May 1. If you need more time, you can request a postponement until September 1. Please note that tax interest will be charged if you owe an amount. Tax returns can be difficult, especially if it’s your first time. We are therefore happy to help you on your way with some useful tips.
What documents do you need?
You need various documents to complete your tax returns correctly. Consider, for example, annual statements, bank statements and investment information. Have this ready so you can access it quickly and easily.
How can you reduce taxable income?
Of course you hope that your taxable income is reasonably low, so that you have to pay less tax. There are many different deductions that can reduce this, but not every one is relevant to you. Check which ones apply to you. Examples of this are the deductible items for your own home, namely mortgage interest and financing costs. Medical costs and donations may also be deductible under certain conditions.
If you want to donate to a good cause, it is important that it is qualified. In other words, that it is officially recognized as a good cause. Don’t forget to keep the receipt for the donation, because you will need it for your tax return. Medical costs are deductible if they exceed your threshold income and the amounts are not covered by your health insurer.
A final important deduction item that has increased significantly in 2023 is using your annual space to save for your pension. If you pay contributions yourself to a recognized pension fund, these are tax-efficient if you do not contribute more than the annual margin and the remaining reserve margin from previous years.
Are your details correct?
It is very important to check your details before sending the declaration. Is the basic information correct and have you not forgotten any income or assets? Then you can send the declaration. It is possible that you have made a mistake in the submitted tax return. You can correct this yourself by resubmitting the tax return, as long as you have not yet received a final assessment. Do you deliberately leave information out of the tax return and does the tax authorities find out about this? Then you may receive a fine.
We are happy to help!
Tax returns can continue to be tricky. Hence, it’s important to remember that it’s okay to ask for help. Sometimes you can ask people around you, but we’re also at your service. Are you stuck somewhere or in doubt about a certain part of the tax return? Feel free to contact us and we can figure it out together!