Tax return

by | Nov 29, 2023 | Definition | 0 comments

Tax return

The tax return is an essential part of any taxpayer’s life, whether an individual or a professional. It plays a central role in managing the company’s assets and activities, and in determining the amount of taxes due to the State. A mandatory and strategic act, the tax return deserves special attention.

What is the Tax Declaration?

A tax return is the set of documents submitted to the tax authorities to declare the income and expenses of a person or company. It is generally carried out once a year, and is used to calculate income tax, social security contributions and sometimes VAT for professionals. For all taxpayers, it’s crucial to meet deadlines and ensure the accuracy of information submitted to avoid any future inconvenience, such as a tax audit.

How to prepare your tax return

To prepare your tax return, you’ll need to gather together all the documents supporting your income for the previous year, as well as deductible charges and expenses, such as those listed on the deductible charges website. Once the data has been collected, the next step is to fill in the declaration forms according to your personal or professional situation.

Individuals: Income to be declared

Individuals must take into account different types of income: salaries, property income, pensions, income from financial investments, etc. It’s essential to keep a close eye on the latest Finance Acts, which may introduce changes to the income to be declared or the tax deductions and credits available.

Professionals : Profits to declare

For professionals, the declaration becomes more complex with the addition of industrial and commercial profits (BIC) or non-commercial profits (BNC). The distinction is an important one, and must be made with precision, as stipulated in the articles on profit declarations for self-employed professionals and merchants.

Mistakes to avoid

An inaccurate tax return can result in penalties ranging from a simple surcharge to a tax reassessment. That’s why it’s important to avoid common mistakes such as omitting income, miscalculating or ignoring available tax allowances and reductions.

Declaration deadline

Each year, the tax authorities set deadlines for filing tax returns. It is essential to respect them to avoid incurring penalties. Specialist tax lawyers, available in cities such as Lyon or Paris 16, can support you in this process.

Tax optimization and reporting

Tax optimization is the use of legal levers to reduce the amount of tax payable, without crossing legal boundaries. A detailed knowledge of the tax system, its niches and incentives, is essential to secure this approach. The advice of experts such as a tax lawyer can be of great help.

Frequently asked questions

Here is a list of frequently asked questions about the Tax Return:

What is the deadline for filing my tax return?

The deadline varies according to the calendar drawn up each year by the tax authorities. The deadline for online declarations is generally between the end of May and the beginning of June.

What income is exempt?

Some income is tax-free or has already been subject to withholding tax. However, most income must be declared, even if some benefits from specific tax allowances.

What happens if I forget to declare certain income?

Failure to declare certain income can result in a tax reassessment. In the event of an unintentional error or omission, you can rectify the situation by filing an amended declaration.

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