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Preparing your income tax return
Income Tax - FAQ
Frequently asked questions about income tax
Written by Hanna
When is the deadline for the income tax 2022?
The deadline for your 2022 income tax return is Oct. 2nd, 2023, if you file without a tax advisor.
What else do I have to file besides income tax (EÜR, trade tax, etc.)?
Before you file your income tax return, you must file your profit and loss statement, called Einnahmenüberschussrechnung or short EÜR. You also have to file an annual VAT return and, if you are a Gewerbetreibender (trades person), a Gewerbesteuer (trade tax return). Here you will find more detailed instructions.
Can I really file the income tax without the help of a tax advisor?
Yes! It is not required to work with a tax advisor and filing the income tax with Accountable is really easy. You can watch founder Tino explain how to prepare the income tax in this video (watch with subtitles:). Or check out our step-by guide here.
How do I know how much I have to pay?
The final amount is determined by your Finanzamt (tax office) after they receive your income tax return. You will receive the tax assessment and the amount you have to pay by mail from your Finanzamt. But even before that, you can already see a very accurate estimate of the amount due in your Accountable Account.
When do I have to pay?
After you have submitted your income tax return, you have to wait until the Finanzamt processed it. Then, they will send you the Steuerbescheid (tax assessment) notifying you of what to pay. The processing time can vary greatly depending on the Finanzamt. It is possible that the information how much you have to pay will not arrive before 9 weeks or so.
How can I be sure that I have not made a mistake?
If you submit your tax return and then realize that you have forgotten some information or that something is incorrect, don’t worry. The best thing to do is to contact your Finanzamt or, in the best case, your tax administrator there as soon as possible. This way, you can directly initiate a correction of the tax return and usually receive a deadline by which you can correct the error.
Checklist: What info and documents should I have ready for the income tax return?
To avoid wasting too much time preparing your income tax return, it's best to have the info and documents you need ready beforehand. These include:
Your tax number
Your income and expenses in your Accountable Account in order to create the profit & loss statement (EÜR). This tax document will be automatically produced in Accountable. Find out how here.
Insurance contributions. This concerns your health insurance, but also other insurances related to your self-employment. So, to save time when filling out your tax return, you should get an overview in advance of what costs you have incurred in the past year.
Other important information depends on your individual situation. For example, if you have children, you must declare the child benefit; if you are married, you must provide information about your partner and so on.
How do I submit the income tax to the Finanzamt?
You can fill in the income tax in Accountable and send it directly to your Finanzamt via our official ELSTER interface. It’s that simple. Keep in mind that you also need to submit the
profit & loss statement (EÜR)
annual VAT return
and, if applicable, the annual Gewerbesteuer (business tax return)
You can also submit all of these with Accountable. You can find a step by step guide here.
I don’t earn a lot. Starting from what amount of income do I have to pay income tax?
The tax-free amount is currently 10,347 euros for 2022. If you are married and you have chosen a joint assessment as a married couple, the basic tax-free amount is double, i.e. 20,694 euros. The basic tax-free amount adjusts annually to allow for the subsistence minimum (2020: 9,408 euros, 2021: 9,744 euros).
If your total income is below this tax-free amount, you pay no income tax. As a self-employed person, however, you still have to file an income tax return!
Do I have to pay Körperschaftsteuer (corporate income tax)?
If you run a company that is entered in the Handelsregister (commercial register in Germany) as a legal entity, you have to pay Körperschaftssteuer to the state and country. Basically, while individuals pay income tax, corporations, such as AGs or GmbHs, are subject to Körperschaftssteuer. This makes it the equivalent of income tax.
Do I have to pay Lohnsteuer?
Employees pay Lohnsteuer (wage tax). Self-employed persons pay Einkommensteuer (income tax). So, as a self-employed person, you file an income tax return and no Lohnsteuer. Unless you are also employed. In this case, the Lohnsteuer is a part of your income tax and can be included in your income tax that you file with Accountable.
How long does it take for the Finanzamt to process my tax return?
How long it takes to receive your tax assessment depends largely on your local Finanzamt. On average, it takes around 54 days until you receive the tax assessment letting you know how much you have to pay. Generally, Finanzämter in Germany take between 47 (in North Rhine-Westphalia) and 64 days (in Hesse).
Step by Step Guide - Income tax return with Accountable
You are still unsure how to exactly file your income tax and what you have to do exactly? Here we have created a step by step guide for you.
I have a life insurance (Kapitallebensversicherung or Risikolebensversicherung)
You can enter your insurances in your tax return under insurance in Accountable.
For clarification:
You might have a Kapitallebensversicherung (capital life insurance) as a retirement plan. Here, you can have the amount paid out at the end of the contract.
With Risikolebensversicherung (risk life insurance), if the insured person dies, the person/family of record will receive the money. The money is not paid out during life.
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