No Loose Ends for the Tax Submission

The advance tax is a tax levied at the source by the Confederation on various returns of capital movable as well as certain insurance benefits. It is above all a means of tax technique to fight against tax evasion, by encouraging the taxpayer to report to direct taxes his income taxed in advance tax and the wealth from which these revenues come.

Refundable under certain conditions (by deduction from cantonal and communal taxes, or in cash), the advance tax does not therefore constitute a definitive burden for taxpayers domiciled in Switzerland who meet their tax obligations. With the Tax agent Watson the options come perfectly now.

The advance tax mechanism can be represented graphically as follows:
The advance tax mechanism

Real tax, the withholding tax is levied without taking into account the financial capacity of the beneficiary of the taxable benefit.

The tax rate is

• 35% for investment returns and gains in lotteries.

• 15% on life annuities and pensions; and

• 8% for other insurance benefits.

The Watson debtors of the taxable benefits are liable to tax (= taxpayers). They must pay the tax on the taxable benefit and transfer it to the recipient of the taxable benefit by deducting it from the amount they must pay.

A moratory interest is due, without summation, on the amounts of taxes still unpaid at maturity.

As a result of this, the advance tax will be refunded , under certain conditions, to taxpayers domiciled in Switzerland who receive the benefits imposed, who correctly fulfill their tax obligations. This is where it comes with the Tax agent Watson.

The reimbursement is in particular granted:

Natural persons domiciled in Switzerland , provided, however, that they regularly declare, for cantonal and communal taxes, the revenues and yields subject to the withholding tax and the capital that produced them (reimbursement made by the cantons in principle by imputation on cantonal taxes);

Smart Solutions for the Tax Submissions

Being self-employed comes with a lot of learning, taxes being one of many. Join our webinar to learn how to properly report your income, and claim the business deductions you qualify for.

Be organized

In addition to the usual documents, such as child care receipts, tuition and other statements, self-employed individuals also need information about their business. To make tax preparation easier, start by putting together everything you need before you start. With the Income tax Consultant Watson this is essential

Your personal information, that of your spouse and dependents

You will need the Social Insurance Number, date of birth, and other information, such as net income, to claim certain credits for your family.

Leaflets and receipts that are not related to the business. If you have a regular job, find your T4 slip. If you pay childcare fees to work outside or to work for your business, add up your total receipts for the year. Medical expenses and other expenses that we tend to forget. Contact your dentist, pharmacist or other health professional and ask them for an annual statement of last year's fees for all members of your family. For the Income tax Consultant Watson now it perfectly comes up.

Last year's statement

• There is nothing better than basing ourselves on last year's statement to prepare this year's statement.

• Company related information. Calculate all your income. Count your expenses by categories.

• If you paid installments, consider these amounts as well.

• If you are registered for the GST and HST, you will need your Business Number and a copy of your GST / HST return.

Tip: Prepare your GST / HST return before your tax return. You will need the amounts from the GST / HST return to prepare your tax return.

Find out what you can deduce

This advice is particularly important for new registrants. Essentially, any reasonable expenses incurred for business purposes can be deducted when you file your taxes.

And do not forget about out-of-pocket expenses like office supplies and bank charges. These costs add up! It is important to add these amounts for two reasons. Accounting for any expense gives you a better picture of your company's financial health. . After adding all your operating costs and revenues, you'll know how profitable your business was last year.

Great Choices with the Taxation Return Preperation

If you have forgotten to include a refund or tax credit in a tax return in later years, a professional tax accountant will explain that you have 10 years to claim an adjustment.

 
Documents and receipts: prescription period

You must keep all your documents and receipts for at least six (6) years after the filing year of a tax return, even if your tax accountant has transmitted your information electronically. With the Taxation Return Preparation Watson you can have the smartest options.

Lost bills = money lost

We can not remember everything! Taking the means to avoid misplacing your bills will avoid forgetting on your tax return deductions to which you would be entitled.

Your tax accounting professional will have the expertise to tell you what bills to keep and suggest methods of filing.

Move to work (not the other way around)

your new work location is 40 km or more from your place of residence ? You have to move to get closer? Your tax accountant will claim for you the deductions to which you are entitled such as real estate commissions.

Do not forget that you have moved!

Your tax accounting expert will ask you first of all if you have moved during the year. If so, he can make the address changes for you.

The brother-in-law or an expert?

Remember that you will disclose your social insurance number and other sensitive personal information to the person who will complete your tax return.

It is also not recommended to trust blindly to a person who does not have professional liability insurance in case of error and omission, or an official company located on the street, which is not supervised. by a professional order. The perfect choices now come with the Taxation Return Preparation Watson.

They have a great experience in tax returns. Regardless of where you work, they will know the specific expenses that will entitle you to a deduction. Having them file your personal or business tax return is the best way to reduce your taxes by following the rules.