Economy

Finance official unpacks: Millions of Germans are giving away money

Purse money
Mongkol Photo / Shutterstock

On the online community “Reddit”, an anonymous German finance official (higher service, NRW) answered questions and told users how to save taxes legally.

The question of whether a visit to the tax advisor is worthwhile is not based on the amount of income, but on the complexity of the declaration. The important questions for the decision are the number of sources of income and the type of expenditure. “Even someone with a salary of one million euros does not necessarily need a tax advisor if he lives only one kilometer from his work,” he writes.

Of course, it is also crucial whether you like to deal with the topic and how skillful you are in finding information about Google. In general, however, he did not have much to lose if he went to a tax advisor once a year.

Read also: “No discount on our income”: Amazon employees go on strike on Prime Day

Anyone who is not obliged to submit a tax return and is expecting a refund should postpone the return until shortly before the deadline. The reimbursement amount accrues interest of 6 percent after 15 months, which leads to an interest of 165 euros if the reimbursement is 1,000 euros and the entire period is used. On the other hand, anyone who is obliged to submit a tax return should not wait until the deadline. Because then, according to experience, most of the explanations are received. Those who submit earlier will get their refund earlier.

Students should collect all receipts for expenses incurred for their studies. They can deduct up to 6,000 euros a year from tax as special expenses. Anyone who has already completed an apprenticeship or is completing a dual study program can deduct unlimited expenses as advertising costs. If you don’t earn anything, you should still submit the costs. They will be offset against later income. Anyone who has never submitted a tax return can contact the income tax help association for support.

This article was published by NewsABC.net in August 2018. It has now been checked and updated.

Tags

Related Articles

Back to top button
Close
Close