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The tax return deadline will soon end: What you need to know now

2021-10-17T11:45:52.736Z


There are only a few days left before the 2020 tax return deadline. An overview of important questions.


There are only a few days left before the 2020 tax return deadline.

An overview of important questions.

Munich - No more excuses: The deadline for the 2020 tax return ends on November 1st.

Taxpayers who have not yet taken care of their tax return should do so as soon as possible - otherwise there is a risk of a late payment surcharge.

For 2020 there are some special features to consider due to the corona, but the basic rules for a tax return are not that complicated.

Why do a tax return at all?

The tax that is deducted from the salary each month is based on an estimate only.

It assumes that a standard employee works for the same wage all year round and has hardly any tax-related expenses.

With the income tax return, the work and living situation of the taxpayer should be better taken into account.

Most taxpayers get money back because they can deduct expenses - the average is 1,051 euros.

What can I take off?

In principle, there are four groups of expenses that are tax-relevant: Advertising expenses are all work-related expenses, including the commuter allowance for commuting to work, specialist books or work computers.

The second group are the so-called special expenses - for example for retirement provisions, donations or church taxes and childcare.

The third group consists of extraordinary burdens, such as expenses for illness or divorce.

Finally, there is a tax bonus for expenses for craftsmen or household help.

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The deadline for the 2020 tax return will end soon (symbol image).

© Bernd Leitner / Shotshop / Imago

What are the special features of the corona pandemic?

This time, the tax burden not only takes into account a separate study, but also the kitchen table: The tax office recognizes five euros per day in the home office as income-related expenses, up to a maximum of 600 euros per year.

However, because of their work away from the office, many may be able to claim less commuting expenses.

In addition, more people have to file a tax return: For example, anyone who has received short-time work benefits or other wage compensation in excess of EUR 410 must submit this.

Couples can be rewarded differently than usual, this time to be settled separately if, for example, a partner has received a severance payment or a wage replacement such as short-time work allowance.

The child bonus paid in autumn must be stated and will be offset against the child allowance.

What digital help offers are there?

In principle, the tax return can be done on the Internet - after registration, the tax office provides free online access to the “Mein Elster” portal.

There are also a number of fee-based computer programs that can help with tax returns.

It is important to always use the latest version of the software - this is the only way to ensure that all current control regulations are taken into account.

At the beginning personal data must be given: name, address, number of children, tax number and responsible tax office.

Then the program selects the required forms.

Most fee-based utility programs offer various options for specifying your own information: If you already have experience, you can choose to simply enter the form.

In interview mode, the programs query the necessary data step by step.

Most programs have tax-saving tips and explanations on the screen, and there are also links to reference works or explanatory videos.

The quality of the tips usually differentiates the inexpensive from the more expensive programs.

What applies to the self-employed?

The self-employed generally have to submit a tax return.

The central component is the so-called income-surplus-account, to be found in the "Mein Elster" portal under Appendix S. All operating income and operating expenses are listed and offset against each other.

All costs that the self-employed person incurs as a result of their activity, for example office supplies, telephone or travel costs, are tax-deductible as business expenses.

Costs for training and retirement provision can also be offset against company income in order to reduce the tax burden.

Contributions to health and long-term care insurance, donations and membership fees as well as the costs of childcare and maintenance also count as special expenses.

(AFP) * Merkur.de is an offer from IPPEN.MEDIA.

List of rubric lists: © Bernd Leitner via www.imago-images.de

Source: merkur

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