How do I keep track of my tax obligations as a founder?
June 17, 2024 | 50,00 EUR | answered by Karl Albrecht
Dear tax advisor,
My name is Renate Witzelmann and I am about to start my own business. I have big plans and I am looking forward to the challenges that await me as a founder. However, I am very concerned about the tax side of self-employment. As a newcomer in the business world, I feel overwhelmed and do not know how to keep track of my tax obligations.
I have heard that there are many different types of taxes that can be relevant for founders, such as sales tax, trade tax, income tax, and more. I wonder how I will be able to keep track of all these taxes and pay them on time to avoid any issues with the tax authorities.
I am afraid that as a founder, I might easily lose track and end up facing high back payments or penalties. That is why it is very important to me to do everything right from the beginning and fulfill my tax obligations correctly.
Can you give me tips on how as a founder I can keep track of my tax obligations? Are there specific tools or software that can help me with this? How can I ensure that I meet all tax deadlines and do not miss any important dates?
Thank you in advance for your support and valuable advice.
Sincerely,
Renate Witzelmann
Dear Mrs. Witzelmann,
As a prospective entrepreneur, it is understandable that you are thinking about the tax aspects of your self-employment. It is important to handle your tax obligations correctly and properly from the beginning to avoid problems with the tax office. In fact, there are various types of taxes that may be relevant for founders, such as the value-added tax, trade tax, and income tax mentioned by you.
To keep track of your tax obligations, it is advisable to get in touch early on with an experienced tax advisor, like myself. A tax advisor can not only provide advice during the founding of your business but also support you in organizing and complying with your tax duties.
An important first step is registering with the tax office and clarifying which taxes are relevant for your business. Your tax advisor can help you identify the right types of taxes and inform you about the respective deadlines.
To organize your tax matters, you can use helpful tools and software. There are special programs that can assist you in recording your income and expenses, creating invoices, and preparing your tax returns. These tools can help you keep track of your finances and fulfill all tax obligations on time.
Another important point is meeting tax deadlines. It is advisable to create a calendar where all relevant dates for submitting tax returns or paying taxes are noted. Your tax advisor can also support you in this and ensure that you do not miss any important deadlines.
Overall, it is important to seek professional help early on to ensure that you as a founder do everything correctly and fulfill your tax obligations accurately. Do not hesitate to contact me with any further questions.
Best regards,
Karl Albrecht
