The tax return is coming soon, here's how you can prepare for it.

With the turn of the year, a new tax year has also begun. This means that soon the tax return for 2020 will be arriving. In addition to countless invoices, the tax return is one reason why many people dread emptying their mailbox at the beginning of the year. But it doesn't have to be that way. With our tips, you are optimally prepared and can complete the tax return in no time.

Those who prepare early for the arrival of the tax return can not only save time, but also nerves and money.

Being prepared means having salary statements, bank statements, and Co. ready

Before the tax return can be filled out, a whole lot of documents usually need to be gathered. Whether physically or digitally, if you store the required documents centrally as soon as they are available, you can save a lot of effort when completing the tax return. If you have your tax return filled out by a fiduciary, they will be grateful if everything important is available from the start. Good preparation can not only save time but also money in this case. Among the documents that are available at the beginning of the year are for example the health insurance certificate or bank statements. Depending on how quickly your employer processes payroll, the salary statement might already be available.

Preparing the tax return means informing about deductions

Whether contributions to retirement provision, education, or meal costs: a lot of money can be saved with deductions in the tax return. However, this presupposes that you are aware of the possible deductions. A task that is not always easy. Not only are there a whole range of possible deductions, which vary from canton to canton, but you also have to determine which deductions you are entitled to. As a guide, laws and ordinances are particularly useful, as are compilations from the cantons and overviews from private companies. In some cases, for example if your financial circumstances are complex, it may be worthwhile to entrust a fiduciary with filling out the tax return. They ensure that you maximize your deductions.

Being prepared means knowing your own capacities

If you already know early on that you will not have all documents together in time or that you will not be able to submit the tax return in time for another reason, there is the option to apply for an extension. The respective application must be submitted in most cantons by March 31, 2021. Even if the extension is granted, you will ultimately have to submit the tax return and pay taxes. Therefore, make sure in good time that you have the funds available to settle the tax debt. Forward-looking planning that envisages monthly savings amounts can act preventively here.

Findea helps you to always be able to oversee the financial situation of your company.