With the start of the new fiscal year, it’s time to tackle one of the most important aspects of financial management: income tax declaration. In this article, as experts in tax consultancy for freelancers and small businesses, we are committed to providing you with a detailed guide to help you navigate this process effectively and efficiently.
Who should file the income tax declaration and what are the deadlines?
For freelancers and entrepreneurs, the obligation to file the income tax declaration is similar to that of individual taxpayers. However, there are some additional considerations to keep in mind:
- Business income: You must include all income earned through your business activities, including issued invoices and received payments.
- Deductible expenses: You can deduct a wide variety of expenses related to your business activities, such as office expenses, supplies, rent, production costs, among others.
- Asset depreciation: You can deduct the depreciation of assets used in your business, such as machinery, computer equipment, vehicles, etc.
- Withholdings and advance payments: You must take into account withholdings made on received invoices and make corresponding advance payments.
The deadline for filing the income tax and asset declaration for 2023 in Spain is from April 3rd to July 1st, 2024.
Ways to file the income tax declaration:
The income tax declaration can be filed in various ways, including:
- Electronically through the online platform provided by the tax authority.
- In person at the tax authority’s offices, if this option is available.
Specific aspects to consider for freelancers in the 2024 income tax declaration:
- Grants and subsidies received: You must report any grants or subsidies received during the fiscal year, as they may have tax implications.
- Deductions for job creation: You may benefit from tax deductions for hiring new employees or maintaining existing employment.
Municipal and regional taxes: You must consider local and regional taxes that may affect your business activities and ensure compliance with your tax obligations in this regard.
Need help with your tax declaration?
We understand that the income tax declaration process can be complex and overwhelming for many freelancers and entrepreneurs. That’s why our firm offers specialized tax advisory services to help you meet your tax obligations effectively and take full advantage of available deduction opportunities.
Our team of experts is here to provide you with the support and guidance needed to complete your 2024 income tax declaration accurately and efficiently, ensuring regulatory compliance and maximizing your tax benefits.
In summary, income tax declaration is a fundamental process that requires attention and care, especially for freelancers. With the right guidance and support from qualified professionals, you can face this process with confidence and peace of mind.
If you need assistance with your 2024 income tax declaration, don’t hesitate to contact us. We are here to help you navigate this process safely and smoothly.