Who has to file a tax return? Financial expert explains it!

Who has to file a tax return? Financial expert explains it!

According to a report by www.wiwo.de, the normal deadline for filing a tax return only affects those who meet certain criteria, such as individual allowances on the income tax card, certain tax classes or receiving wage replacement benefits. Income from renting, leasing or self-employment can also give rise to a tax return requirement. These regulations should also apply to the 2024 tax years.

Tax return filing deadlines have a direct impact on taxpayers, especially those who are required to file a tax return. Anyone who fails to meet the deadlines risks late payment penalties and other consequences. In addition, this can lead to a greater workload for tax offices, which are faced with an increased workload if many taxpayers submit their documents late.

For financial experts and advisors, this means that they must inform their clients about the applicable deadlines in order to avoid late payment penalties. They should also point out that compliance with the deadlines also helps ensure that the tax refund is processed promptly. In addition, the annually changing exemption limits for income from self-employment or renting and leasing can have an impact on tax planning and optimization of income.

Overall, changes in tax filing deadlines and income exemption limits can have a direct impact on taxpayers and the financial industry as a whole, as they lead to changed work processes, information requirements and planning strategies. It is therefore important to always be informed about the current regulations and to include them in your financial advice and planning.