You can deduct travel expenses between home and work for tax purposes. If the expenses per year exceed the deductible of EUR 750, apply for a deduction for travel expenses. If the costs fall below that amount, the costs should not be reported. After the deductible, travel expenses may be reduced by a maximum of EUR 7,000, ie you will receive the maximum reduction if the total travel expenses are at least EUR 7,750. Always report travel expenses in full, ie do not deduct the deductible yourself.
You can get a household deduction for housework or care and nursing work that you do at home or in a holiday home. Examples of such work are cleaning, childcare, home renovation and the installation of IT equipment. The household allowance is a maximum of EUR 2,400 per person per year. The deductible for the deduction is one hundred euros.
Income acquisition costs refer to expenses incurred in obtaining salary income. Such expenses include, for example, the study, own tools and professional literature. Income acquisition costs are deducted from salary income and reduce the amount of taxable earned income. The deductible for the deduction is 750 euros. If you have paid income, you will automatically receive a deduction of € 750. If the income-generating expenses exceed EUR 750, declare the expenses on your tax return without deducting the deductible.
Rental income and related deductions
Rental income from the apartment is taxable income. This also applies to short-term rental activities, such as renting an apartment through Airbnb or another platform. You can deduct rental expenses from your income. In case of estimate tax return you will need the best deals presently.
- For those who like tax deductions, now is the time to take out a tax return and apply for tax deductions. The deadline for filing a tax return is clear from your own tax return and is either May 8th or 15th.
- Last week, we asked readers what kind of tax deductions they have successfully gone through.
- The tips picked from the answers are listed below, and each presentation is followed by an expert comment a tax expert at the Tax Administration is the tip from the right sources or not?
The Right Options for Notifications
Indeed, the notification may request that the reduction in tax solvency be taken into account. The general minimum criteria are that the medical expenses are at least EUR 700 and at least 10% of the applicant’s annual income. For example, if the costs are more than € 1,000 and the applicant’s annual income is less than € 10,000, then the criteria are met.