March 31st is the most important date in the Nigerian tax calendar. It's the deadline for filing your annual tax return, and missing it can be costly. The good news? With proper preparation starting now, you'll breeze through tax season stress-free.

This guide gives you a practical week-by-week plan to get ready, whether you're an employee, freelancer, or business owner.

Why March 31 Matters

Every year, Nigerian taxpayers must file their annual return with the Federal Inland Revenue Service (FIRS) by March 31st. This deadline applies to:

• Self-employed individuals and freelancers
• Business owners
• Employees with additional income sources
• Anyone who needs to claim deductions or reliefs

Note for employees: If you only earn a salary and your employer handles all tax deductions, you may not need to file separately. However, if you want to claim rent relief or other deductions, you'll need to file.

Penalties for Late Filing

Miss the deadline, and you'll face consequences:

• Initial penalty: ₦50,000 for individuals
• Additional penalty: ₦25,000 for each month of continued default
• Interest: On any unpaid tax at prevailing CBN rates
• Prosecution risk: In extreme cases, willful non-compliance can lead to prosecution

Don't risk it: The penalties alone can exceed what you actually owe in taxes. Filing on time, even if you can't pay immediately, is always better than not filing at all.

Week-by-Week Preparation Checklist

8 Weeks Before (Late January)

• ☐ Gather all income statements from employers (if applicable)
• ☐ Download platform earning reports (YouTube, TikTok, etc.)
• ☐ Request bank statements for all accounts
• ☐ Check if your TIN is up to date

6 Weeks Before (Early February)

• ☐ Organize all receipts and invoices for deductions
• ☐ Calculate total income from all sources
• ☐ Compile rent payment records (for rent relief)
• ☐ Verify pension contribution statements

4 Weeks Before (Late February)

• ☐ Calculate your taxable income after deductions
• ☐ Estimate your tax liability
• ☐ Identify any missing documents
• ☐ Set aside funds for tax payment

2 Weeks Before (Mid-March)

• ☐ Complete your tax return form
• ☐ Double-check all calculations
• ☐ Prepare payment if tax is due
• ☐ Have a backup plan if you need an accountant's help

1 Week Before (Late March)

• ☐ Submit your return through official channels
• ☐ Make payment if required
• ☐ Get and save your acknowledgment receipt
• ☐ Store all documents safely for 6 years

Pro tip: File early! There's no penalty for filing before the deadline. The earlier you file, the sooner you can stop worrying about it.

Documents You'll Need

Income Documents

• Salary statements or Form H1 from employer
• Bank statements showing income deposits
• Invoices for services rendered (freelancers)
• Platform earning reports (content creators)
• Rental income records (property owners)
• Dividend statements (investors)

Deduction Documents

• Rent receipts and tenancy agreements
• Pension contribution statements
• Business expense receipts
• Professional development receipts
• NHF contribution statements
• NHIS contribution statements

Personal Information

• Valid Tax Identification Number (TIN)
• National ID or passport
• Current address information
• Bank account details for refunds (if applicable)

Common Issues to Avoid

❌ Waiting until the last week
Systems get overloaded, documents go missing, and stress levels spike. Start early.

❌ Not keeping digital backups
Physical receipts fade and get lost. Photograph or scan everything.

❌ Forgetting income sources
That freelance gig in June? The affiliate commission in August? Include everything.

❌ Missing deductions
Many people forget to claim rent relief, pension contributions, or business expenses.

❌ Mathematical errors
Simple addition mistakes can trigger audits. Double-check or use a tool like KeepAm.

How to File Your Return

You have several options for filing:

Option 1: FIRS e-Filing

File directly through the FIRS electronic platform at tax.firs.gov.ng

Option 2: State Tax Authority

Visit your state's Internal Revenue Service for in-person filing

Option 3: Through a Tax Consultant

Hire a professional if your situation is complex

Option 4: Use KeepAm

Our platform organizes your data and generates filing-ready reports

The Bottom Line

March 31st doesn't have to be stressful. With this preparation checklist and a few hours of organization, you'll be ready well ahead of the deadline.

Key takeaways:

• Start preparing at least 8 weeks before
• Gather all income and expense documents
• Don't forget to claim your deductions
• File early to avoid last-minute stress
• Keep copies of everything for 6 years

Ready to get organized? Create your free KeepAm account and start tracking today.