Tax returns are an annual menace for many. If the obligation to file a personal income tax return applies to you, be sure to keep an eye on the filing deadline to avoid unnecessary penalties. Although the basic deadline for filing your personal income tax return has already passed on 2 April 2024, you still have the option to file your return within the extended deadline of 4 months, i.e. by 2 May 2024. You can take advantage of this deadline if you file electronically. Entrepreneurial natural persons (self-employed persons) with an accessible data box are even obliged to file electronically in the correct format (XML), not, for example, PDF.

The postponement of the deadline does not only apply to the filing deadline itself, but also to the tax due, if the tax return results in an underpayment of tax. On the other hand, if your return results in an overpayment of income tax, its refund will also be delayed. The tax overpayment is paid by the Financial Office within 30 days of its occurrence (i.e. from the last day of the period, in which the tax return was filed).

In addition to the deadline, it is advisable to avoid basic mistakes when completing the form in order to ensure a smooth procedure with the Financial Office. The most common error is right at the beginning of the return, in the address. The address of your place of residence is your permanent address, not your current place of residence. The local jurisdiction of the Financial Office is based on the permanent address and an incorrect address may result in the return being filed at the wrong territorial office and may not be delivered on time.

Discounts and tax credits are often claimed incorrectly. The condition for claiming the spouse discount is the spouse’s own income, which does not exceed CZK 68,000 for the tax year. However, exempt income such as income from inheritance, gifts, maternity allowance or temporary disability is also included in this limit. On the other hand, state social support benefits such as parental allowance or child benefit are not included. The child tax credit can only be claimed by one parent at a time. The tax administrator is able to verify the claim by the child’s birth registration number.

In addition to the return itself, do not forget the required attachments. For example, deductions in the form of interest paid on a mortgage loan for housing needs, confirmation of contributions paid for private life insurance or pension insurance, etc. must be documented. At the time of the first application, it is also necessary to attach the relevant contracts made, in order for the Financial Office to verify the entitlement to claim the related deductions.

If you do not know how to fill in your tax return, we will be happy to help you with it. The deadline for filing with a tax advisor is extended to six months after the end of the tax year (i.e., July 1, 2024), provided that tax return has not already been filed. The tax return is then filed directly by the tax advisor, together with the power of attorney. The power of attorney may be exercised with the tax administrator at any time, that is even after 2 April. If you are interested in our assistance, please do not hesitate to contact us.