What tax benefits can I claim as a startup founder?
September 14, 2023 | 40,00 EUR | answered by Fanni Siebert
Dear tax advisor,
my name is Oliver Dornbusch and I intend to start my own business in the near future. I have extensively researched the topic of starting a business and I am aware that there are many tax aspects that I need to consider as a founder. However, I am unsure about the specific tax benefits I can take advantage of as a startup entrepreneur and how to optimize them.
Currently, I am employed and therefore have little experience with tax matters related to self-employment. I am concerned that I may overlook or misinterpret tax advantages, which could lead to unnecessary costs. Therefore, I am seeking comprehensive advice to optimally prepare my business startup project from a tax perspective.
My question to you is: What specific tax benefits are available to me as a startup entrepreneur and how can I best utilize them to optimize my financial situation? Are there any special regulations or funding programs that I can benefit from as a founder? And are there any specific tax pitfalls that I should pay particular attention to?
I thank you in advance for your support and look forward to your professional advice on my tax concerns as a prospective business founder.
Sincerely,
Oliver Dornbusch
Dear Mr. Dornbusch,
Thank you for your inquiry and your interest in my consultation regarding the tax aspects of starting a business. I understand that as a prospective founder, you are unsure and seeking comprehensive advice to prepare your financial situation optimally. I am happy to provide you with an overview of the tax benefits available to you as a startup founder, as well as tips on how to make the best use of these advantages.
First and foremost, it is important to know that there are several tax benefits available to entrepreneurs. Some of the most important ones include the deduction of operating expenses such as rent, office supplies, marketing costs, etc., from your taxable income. This can significantly reduce your tax burden. Additionally, depreciation on business-related purchases is tax-deductible and reduces your profits.
Furthermore, as a startup founder, you can take advantage of the small business regulation if your turnover in the founding year is expected to be below 22,000 euros. This exempts you from sales tax and reduces administrative effort. Additionally, funding programs such as grants or tax relief for specific industries or regions may be of interest to you.
However, it is important to thoroughly inform yourself in advance and possibly seek professional help to ensure that you are making optimal use of all tax benefits. There are some tax pitfalls to watch out for, such as the correct accounting of travel expenses or compliance with deadlines for tax returns.
Overall, it is advisable to consult with a tax advisor early on to receive individual tax advice and ensure that you can make the most of all opportunities to optimize your financial situation as a startup founder.
I hope this information is helpful to you and I am available for any further questions. Good luck with your business venture!
Best regards,
Fanni Siebert
