Those who optimize their finances this year will save money on their next tax return. “Finanztest” gives some tips on how commuters, couples and families can secure a cash gift from the tax office.
All expenses incurred within a calendar year are tax-effective – so it can be worthwhile to take a look at your own finances before the turn of the year. Are the flat rates used up? Have you made use of all the tax advantages? The experts from “Finanztest” give some tips on how taxpayers can reduce their own tax burden.
Optimize advertising costs
Advertising costs can be applied up to a flat rate of 1000 euros. But it is worthwhile to estimate whether this mark cannot be broken. Commuters who have to commute at least 15 kilometers to work can quickly get over 1,000 euros thanks to the commuter allowance. Every additional euro reduces your tax burden. Expenses for further training or purchases such as computers and office shelves count towards advertising costs. For work equipment, expenses of up to 952 euros are immediately deductible; if you spend more, the expenses must be written off over several years.
Tax tips for couples and parents-to-be
Getting married also has tax implications. It doesn’t matter when you get married in the year: Even a marriage on December 31st has a retrospective effect on the whole year. Spouse splitting is particularly worthwhile with different incomes. As a rule of thumb, the further apart the incomes are and the higher the tax bracket, the greater the tax advantage.
But couples who are planning to have children should also act now. Because if the right tax bracket combination is chosen, it pays off for married couples and those with a registered partnership. The person who later receives the parental allowance should be in tax class II. The other partner is then shifted to the unfavorable tax class V and has to pay more income tax. But it can still be worthwhile. The tax class can be changed once a year on November 30th. Finanztest advises single parents to switch to tax class II if no other adult lives in the household.
Deduct the costs for craftsmen
Craftsman services also have an impact on the tax. Invoices for tradespeople in the household can be applied for tax purposes up to 6,000 euros per year. 20 percent of the bill (wage, travel and machine costs) can reduce the tax burden with a maximum of 1200 euros. These include painters or specialists who build a new bathroom, enlarge the terrace or build a carport. It is important to note that you can add these costs when you have paid the invoice in 2019. It is the date of payment that counts, not the date of invoicing.
You can get more tax saving tips for a fee at Finanztest
Also read:
Don’t panic before filing your tax return: 8 tips to save on taxes
12 simple tricks for filing your tax return
Business trips and company cell phones: this is how you set off your labor costs correctly
Until today we have only worked for the state
Source From: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
