If you want to try to save taxes before the end of 2018 you are still on time. We are going to show you some ways to save taxes before the end of the year.
Keep in mind that it is essential, if you want to get this tax savings , get started as quickly as possible and, in all cases, act before December 31.
Take advantage of pension plans
Some savings products, such as pension plans or PPAs , are a good way to save on personal income tax.
In the case of pension plans, the advantage of deferred taxation allows the money you invest to be used to reduce your tax base. In other words , the money you have contributed to your pension plan is subtracted from the money you have entered and for which you pay taxes, thereby saving you tax.
These last bars of the year are a very suitable time to hire these types of products and benefit from their tax advantages.
In case you do not know, there are many expenses that you can deduct and therefore involve a cut in the personal income tax . Depending on the different autonomies, since tax deductions may vary from one to another, you may be entitled to a good number of these deductions .
Check carefully which ones can benefit you, from childcare expenses to your children, to domestic help, rents, public transport Check the list of tax deductions to which you are entitled .
Measures to cut your taxes
There are other ideas or formulas that you can try to apply in these last bars of the year to save taxes .
For example, it modifies the salary in cash or a part per salary in kind . For example, a compensation in the form of medical insurance for the worker and his family may be exempt from paying personal income tax. It is possible to deduct in the health insurance in the IRPF .
If you are willing to sell a good, you must remember that the profits compensate for the losses, and therefore you must act accordingly.
On the other hand, it is very interesting to keep in mind that, if you are entitled to deduction for purchase, amortizing the mortgage can help you save taxes . When your house was acquired before 2013, 15% of the amount paid on a maximum of € 9040 is deducted. If you pay less than that or, you pay € 18,080 with your spouse declaring separately, you are interested in early repayment . In this case, amortizing the amount that reaches the limit allows you to take full advantage of the deduction.
Another way to try to save taxes is to review your expenses derived from the professional activity you do . Professional fees, union fees, or expenses arising from labor lawsuits, are elements that can deduct income from work, so we will pay less for them.
You can also deduct from the income subject to income tax
If you are the owner of a rental property, you can also deduct from the income subject to income tax the expenses you have made to obtain it . Within these expenses you can include the IBI, agency or advertising expenses, insurance, community expenses . It is also important, in this case, to keep in mind that the repair, conservation and interest costs of mortgage loans can be used to reduce the payment of taxes.
Donations to non-profit organizations
Finally, keep in mind that donations are used to deduct . Donations to non-profit organizations this year deduct more than in the previous one. You can deduct 75% on the first € 150 and 30% on what exceeds that amount . In fact, that 30% can go up to 35% when you have made a third donation to the same entity and the donations have been successively equal or superior to the previous ones.