Finance

The Essential Tax Return Options In the Trading Process

Even if you make mistakes when filling out the tax return, nothing fatal will happen. It is much better to submit an incorrectly completed declaration on time than not to submit it at all. From 2020, it is possible once a year to adjust the tax due, declared to the NRA with the annual tax return. This is done by filing a one-time adjustment return after the deadline for filing the annual tax return. The corrective declaration shall be submitted by September 30 of the current year for changes related to the declared taxes from the previous year.

How can we be sure that we are in order with our taxes?

If you do not use the services of a specialist there is no way. Even if you use them, it’s still not entirely safe. Like all laws and regulations, tax laws are subject to interpretation for each individual case.

If you want to be completely sure, describe the specific case in great detail and send it to the NRA. This is most easily done with an electronic signature by e-mail. They will answer you in the same way. Do what you are told you should do. This answer is binding on the opinion of the NRA on the specific case and cannot be subsequently interpreted in any other way. Unless it turns out that you have not described exactly the specific case.

We do this when we have serious doubts, but be careful. Describe the case very precisely and in detail or do not waste your time asking at all. For cases that are not described in detail, you will receive only general answers, full of articles and paragraphs, as well as the clarification that there is not enough information for the NRA to rule on the case.

Declare your taxes

A practical tip

If you have any income beyond your salary and interest on bank deposits, it is best to declare them. If one day it turns out that you did not do it, but you should have your fine is up to $500. This is not small, especially if it turns out that the tax due was, for example, $100. Interest will also be charged on it (10% + the basic interest rate).  Along with that you will also need to estimate tax refund now.

Probably with a smaller amount of income, the main thing will be the fine for not filing a tax return. Even if you declare incorrectly, if it is not about income of 6 figures and more, it will not affect you so much. In the case of such amounts, the use of the services of specialists is mandatory.