How can I optimize my income tax return?
January 29, 2022 | 40,00 EUR | answered by Zofia Schulz
Dear Sir/Madam,
Mrs. Hagedorn,
Thank you for your question. I am happy to provide you with my expertise and will try to explain all aspects of your concern in detail.
To answer your question: Yes, as a self-employed individual, you are generally required to prepare an income-statement (EÜR). The EÜR is used to transparently disclose your business income and expenses to the tax office. This includes all business income (e.g. revenues from your business operations) as well as business expenses (e.g. material costs, rent, insurances).
The EÜR is usually easier to prepare than a balance sheet, as it is less extensive and certain simplification rules can be applied. However, it is important to ensure that all relevant data is accurately recorded to avoid possible errors and discrepancies.
For the preparation of the EÜR, you can either use specialized software or consult a tax advisor. A tax advisor can not only assist you with preparing the EÜR, but also with optimizing your tax situation, reviewing tax assessments, and providing advice on tax matters.
It is important to prepare and submit the EÜR to the tax office on time. The deadline for submitting the EÜR depends on your tax year and may vary depending on your individual situation. Failure to meet the deadlines may result in penalties such as late filing fees or other consequences.
In conclusion, it is advisable to take care of preparing the EÜR early and seek professional help if necessary to minimize tax risks and fulfill your tax obligations properly.
I hope that my answer is helpful to you and I am available for further questions.
Best regards,
Zofia Schulz
