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Ten tips for entrepreneurs filling out tax returns

All self-employed (self-employed), whose income in 2014 exceeded CZK 15 000, must file a tax return for the year 2014. Let's look at ten important things with which all self-employed should count and which should be careful.

How many self-employed pay for 2014 income tax individuals depend on achieving a gross profit (revenue - expenses) and applied to the amount of tax credits and tax deductions. What you should know about calculating tax on personal income for 2014?

1) Electronic filing of tax returns

All persons who have established a data box must file for the 2014 tax return income individuals through electronic data messages. When submitting a paper tax return, the Tax Office grants an automatic fine of CZK 2 000. If causing serious complicating the tax administration, and may be fined up to 50 000 CZK. The data report must be in the specified format and structure, which together with the procedure described in detail on the website of financial management.

2) Income tax is not always

Contributions to social security and health insurance must be self-employed, whose main activity is to always pay at least the minimum amount, even if it has a low profit or loss. For the payment of tax on personal income there shall be no minimum. All self-employed persons are entitled to a basic tax payer in the amount of CZK 24 840 for the year 2014. "self a gross profit of CZK 600 to 165 per 2014 do not pay income tax on individuals anything. Tax returns must be filed, however, is also at zero tax liability, "says Gabriela Ivanco Mazars. When using other tax credits (for example, to the wife or školkovné) or tax deductions (such as interest on home loan) may be zero tax liability even at higher gross profit.

3) The basic tax payer is not reduced

Some self-employed self-employed only part of the year, then, for example, have retired or on parental leave. All self-employed, however, eligible to apply basic tax rebate per taxpayer in full CZK 24 840, whether self-employed throughout the year, or maybe just two months.

4) The discount does not apply to all self-employed wife

If the wife had a self-employed during 2014, own revenues to CZK 68,000, then the tradesman in a tax return to claim a tax rebate on his wife in the amount of CZK 24 840. The limit of the income is not counted parental allowance, in practice it is most often applied a discount on those traders wife, whose wife is on maternity leave. Discount on wife can not exercise self defining expense allowance. "During the course of the marriage tax allowance will apply pro rata. The first applies for the month when the condition is fulfilled marriage of the 1st day of the month. In marriage, for example, in April and tradesman keeping tax records apply a discount to the wife in the amount of CZK 16,560, ie for the months of May to December, "says Gabriela Ivanco.

5) Who applied child tax credits?

The child tax benefit amounts for each month of the year 2014 1 117 CZK. This advantage in its tax return can not apply again self defining expense allowance. Also, it can apply only one of the parents. If the tax advantages apply wife, so this restriction affect the family budget. "The first time it is possible to apply the tax benefits already a month when the child was born. Childbirth September 15 tradesman thus keeping tax records apply a tax benefit of $ 4,468 CZK, that is, for the months of September to December, "says Gabriela Ivanco.

6) By self-employment does not affect discounts

Employees who self-employment only přivydělávají a tax base of employment are higher than half of the tax base can apply expense allowance and are subject to statutory conditions are entitled to a tax deduction for wife and child tax credits. The accidental self-employment is generally determine the expenditure lump sum right choice.

7) When can draw a tax bonus?

When the tax benefit is higher than the calculated income tax on individuals, then the tradesman entitled to a tax bonus. In this case, do not pay anything to the tax on personal income and still receive money from the tax office. Self-employed may claim a tax bonus only if it was in 2014 income from self-employment of at least 51 000 CZK. At lower income tax bonus get.

8) is not limited Školkovné

For parents with small children is favorable tax news for 2014 will enjoy discounts for placing a child in kindergarten, called školkovné. For these purposes, the tax return for the year 2014 established a new box. Školkovné for each child can be a maximum of 8500 CZK. The discount must be accompanied by a certificate from a nursery and can be applied only one of the parents. "Školkovné can use, unlike the tax relief, self setting expense allowance," says Gabriela Ivanco.

9) can be counted as withheld tax agreement

Some traders also during the year přivydělávají work on contract for work. For employers do not sign the tax declaration and monthly remuneration to 10 000 CZK them during the year of remuneration withheld 15% withholding tax. Here it is possible (but not necessary), together with the proceeds from the agreement, state tax return for the year 2014. This is especially helpful for those who were in low income in 2014, as the offsetting of the agreement will allow them to be used more widely tax rebates and tax-free items after filing a tax return them to the tax office probably part or even the whole withheld income tax from the remuneration of the DPP returns in the form of a tax overpayment.

10) Insurance returns

Self-employed, who joined the II. pillars, must surrender not only tax return income individuals, but also premium returns. It is also given to the tax office.

Basic deadline for tax return for personal income and premium returns for the year 2014 to 1 April 2015. In the case of income tax returns tax advisor deadline extended by three months, until the first července 2015. In such a case, the Tax Office to deliver a request for an extension along with the power of attorney granted tax advisors before 1 April 2015.

Source: tz Lesenský.cz

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