Which documents do I need to prepare for the tax return as a startup founder?
February 22, 2022 | 40,00 EUR | answered by Fanni Siebert
Dear Tax Advisor,
I am Paula Bittner and I recently started my own business. I am now faced with the challenge of preparing a tax return for the first time as a new entrepreneur. Unfortunately, I lack the necessary experience and expertise to correctly compile all the required documents.
In my first year of business, I have generated income from my self-employment, but I have also incurred expenses for the purchase of work tools and office equipment. Additionally, I have taken business trips and would like to claim these expenses. Furthermore, I have made investments and would like to know how to account for them for tax purposes.
My concerns are that I may forget important receipts and documents that are relevant for the tax return. I also want to make sure that I take advantage of all opportunities for tax savings and avoid any mistakes when submitting the tax return.
Therefore, my question to you is: What documents do I need to prepare for the tax return as a new entrepreneur? Which receipts are important and what information is required to fulfill my tax obligations correctly? Are there any specific deadlines that I need to adhere to, and what tax optimization opportunities are available to me as a new entrepreneur?
Thank you in advance for your help and support.
Sincerely,
Paula Bittner
Dear Mrs. Bittner,
I am pleased that you have chosen my online consultation hours and thank you for your detailed questions. As a newly established entrepreneur, it is understandable that you may feel unsure when preparing your first tax return. I am happy to assist you with my expertise and help you gather all the necessary documents correctly.
First of all, I would like to reassure you: you have already taken the first step in the right direction by considering your tax obligations. As an entrepreneur, you must disclose your income and expenses to the tax office and declare your taxes properly.
For the preparation of your tax return as an entrepreneur, you should have the following documents ready:
1. Income-Expenditure Account (EÜR): In the EÜR, you record your income and expenses from self-employment. This serves as the basis for the income tax return and should be carefully maintained.
2. Receipts for Income: All income from your self-employment must be documented. This includes invoices, receipts, and payment receipts.
3. Receipts for Expenses: All expenses related to your self-employment should be documented. This includes, for example, acquisition costs for work equipment, office equipment, business trips, rent for business premises, insurance contributions, etc.
4. Receipts for Investments: If you have made significant investments, such as the purchase of machinery or vehicles, these receipts should also be kept for the tax return.
It is important to keep all relevant receipts and documents carefully stored and organized so that you can access them when needed. Additionally, make sure that your information in the tax return is complete and correct to avoid any errors.
Regarding tax optimization opportunities as an entrepreneur, there are various options, such as using depreciation for investments, claiming business expense lump sums, or considering business trips as business expenses. I am available for a personal consultation to determine individual tax saving potentials for your business.
Lastly, you should keep an eye on the deadlines for submitting your tax return. As an entrepreneur, you generally have until July 31 of the following year to submit your tax return. However, you can request an extension if necessary.
I hope that this information has been helpful, and I am available for any further questions. Thank you for your trust and inquiry.
Best regards,
Fanni Siebert, Tax Advisor
