When can I report income or deductions for my tax assessment?
You can report income and deductions at different stages. See the timeline below to see when you can file information for the tax assessment. The earlier you file, the more accurate the tax collected, and you will avoid back taxes and late-payment charges.
You can report income and deductions in the tax year when they are generated. If you do so, apply for a revised tax card, so that your tax rate can be adjusted as necessary. If you receive large rental income or capital gains, for example, request prepayment.
If you do not want to change your tax card or tax rate, you can also just report certain deductions for your tax return in advance during the tax year. In that case, the information will be included in your pre-completed tax return, which you will receive in the next spring.
You will receive your personal pre-completed tax return in MyTax in March. Check the tax return and file any missing income and deductions before the due date of the return.
Even if the due date of your tax return has passed, you can make additions to the tax return until your tax assessment is finished. You can see the date when your tax assessment ends on the tax decision. Note, however, that if you file information late, we may impose a late-filing penalty or a punitive tax increase on you.
If you notice anything to correct in the tax decision, you can claim adjustment within 3 years of the end date of your tax assessment. Please note that processing the claim will take time, so it is advisable to report all information in the tax return.
Why should I report information for my tax card?
If you file a credit for household expenses or large travel expenses for your tax card, your tax rate will be reduced and you will gain the tax benefit right away. Further, if you request prepayment on account of large rental income, you will pay the tax in the year when the income is generated and thereby avoid back taxes and late-payment interest.
Why should I report information for my tax return in advance?
If you do not want to change your tax rate, you can report certain deductions for your tax return in advance during the tax year. The credits and deductions you can report in advance include
- travel expenses
- credit for household expenses
- expenses for the production of income
- deduction for second home for work
- credit due to maintenance obligation.
When you report the credits and deductions in advance, the information is included in your pre-completed tax return, which you receive in the spring. Your tax assessment will be finished more quickly, and the tax refund date or the due date for back taxes will not be moved forward unless the Tax Administration receives information affecting your taxation from somewhere else. How to file deductions at different stages of taxation in MyTax.
Why is it important to file information for the tax return in time?
A pre-completed tax return is sent to you in March every year. The pre-completed tax return includes most of your income and deductions for the previous year. However, you must add some income and some deductions yourself. Submit the details by the due date of your tax return. When you file your tax return in time, you do not have to pay a late-filing penalty or punitive tax increase.
Even if the due date of your tax return has passed, you can make additions to the tax return until your tax assessment is finished. Note, however, that information filed late may lead to a late-filing penalty or punitive tax increase. Even so, it is more advisable to file the information late than to make a claim for adjustment, because the processing of the claim may take a long time.