Tax law is complicated, and many employees and self-employed individuals find themselves feeling uneasy and panicked when their annual tax returns are due. In many cases, filing tax returns is an opportunity to save money on your taxes by deducting certain expenses from the tax due on earnings – however, all too often there is uncertainty about what expenses are actually eligible and to what extent they can actually be deducted. In particular, individuals who try their hand at filing a tax return for the first time usually have more questions than answers: What, for example, falls into the category of income-related expenses? What private costs count as expenses? What documents need to be kept and for how long?
A simple way to avoid the tax return dilemma is to seek the assistance of a tax consultant familiar with the ins and outs of tax law. Your tax consultant will help you to correctly prepare a complete tax return and with any other tax related matters like an audit – although one should not forget that a tax consultant’s assistance comes at a price. To ensure that good advice is not too expensive in the end, you should take a closer look at tax consultancy fees in advance, before the fee and processing costs end up ultimately exceeding the possible tax savings.