Annual Income Tax Report: Understanding the Costs for Self-Employed and Small Businesses

The cost of submitting an annual tax report

This article is intended for self-employed individuals and small business owners (SMBs) whose income in 2023 was not high or is not expected to be liable for tax, or who had no income at all.

exempt dealer's (osek patur) income tax report

 An exempt dealer is not required to report and pay Value-Added Tax (VAT), hence the term "exempt." When submitting an annual income tax report, an exempt dealer must provide a summary of their total income between January 1, 2023, and December 31, 2023. This information can be gathered from the receipts issued to customers. Similarly, expenses should also be summarized.

In cases where the business owner had no significant income during the tax year and the amount of documentation is minimal, the cost of submitting an annual income tax report for an exempt dealer may be equivalent to one hour of consulting time, which is approximately NIS 450. Typically, an exempt dealer's report requires around one hour of consultation. If additional time is needed, it can be purchased at an hourly rate.

 authorized dealer's (osek Mourshé) income tax report

The cost of an annual income tax report for an authorized dealer is not significantly different from that of an exempt dealer. If there was no substantial turnover during the tax year, the amount of documentation was minimal, or there was a loss (more income than expenses), the cost may range between one and two hours of consulting time, translating to approximately NIS 450 to NIS 900. As the complexity of the tax situation increases, more time may be required. An example of such complexity would be if the spouse is an employee with multiple Form 106s or if there is rental income.

Please note that all prices mentioned are exclusive of VAT.

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