Tips tax return 2020!
It is March again, which means that from now on, you can file your income tax return for 2020. An important aspect is that you must submit your income tax return completely and correctly. This way, you won’t encounter any unpleasant surprises afterward. In this article, we have compiled several tips that might come in handy when completing your 2020 tax return!
Complete your tax return before the 1st of May.
You do have the possibility to ask for an extension. However, we advise you to only do this when it is really needed. This way, you prevent paying 4% tax interest in addition to the payable amount.
Always check the pre-completed tax return from the tax authorities!
The reason for this is that the Dutch tax authorities don’t have all information about you, so always check this!
Always check if you are eligible for deductible items!
You can find the most frequent deductibles here!
Do you pay partner alimony? Usually, this is deductible!
If there is no joint household, the partner alimony to be paid is deductible. Do you receive partner alimony? This is therefore taxed. On the other hand, child support is neither deductible nor taxed.
Bought a house? There are additional deductibles.
You can think of financing costs, taxation costs, notary costs, and penalty interest. Take a look at our eBook for all the things you need to know when buying or selling a house. Did you finance your house through the family bank? The interest paid on this loan is also deductible!
Tax partners? Always file your tax return together.
Filing your tax return together is never disadvantageous. On the contrary, it can even save you taxes!
Divide the deductibles and assets!
As fiscal partners, you can decide how you divide it, and this can be beneficial!
Also, personal allowances may be divided among you.
This includes partner alimony, healthcare costs, education expenses, and deductible donations.
First or last years tax return
Have to file the M-form? Read this eBook!
When you lived in the Netherlands for only a part of the year, you have to file the complicated M-form. Download our eBook for everything you need to know when filing the M-form!
We are happy to help!
In some cases, it is wise to engage a tax advisor. The TaxSavers is happy to help you file a complete and correct tax return. Please contact us for a free introduction using our information mentioned below!
Fill in our contact form and we will get in touch!