Filing Your Annual Tax Return - Benefits and Advantages

Filing an annual tax return is only mandatory for certain categories of residents, but it often makes sense to file even if you are not obligated.

Because there is a likelihood that you overpaid taxes last year, meaning you are entitled to a partial refund.

Whether you receive this pleasant bonus by filing a return is most likely in the following cases:

• if you lived in the country for only part of the calendar year and need to complete the so-called M-form.
• if your employment contract changed, or you worked for only part of the year, or had a low income.
• if you had expenses that qualify for reimbursement (certain medical expenses, education costs (under certain conditions), charitable donations).

There is also a chance that the tax credits and deductions you are entitled to were not automatically applied. It is worth completing a return to ensure everything has been correctly accounted for.

And finally, an important reason to file an annual return is purchasing property or owning one with a mortgage. In this situation, you are entitled to deduct mortgage interest from your tax base. At least for now, although there are active political discussions about abolishing this deduction.