OCU’s 10 tips for underpaying the state treasury before the end of the year

We are still weeks away from the end of 2023 and the end of this fiscal year. This must be taken into account in your next income tax return. In fact, the Organization of Consumers and Users (OCU) has proposed 10 measures to be reviewed before the end of the year to reduce payments to the Treasury.

Since most taxpayers are able to put these techniques into practice, these tax payments will be reduced. So there is still time for us to benefit from these measures.

10 measures proposed by OCU

There are less than two months left to take advantage of what consumer organizations have to offer. This will be greatly appreciated especially next year when you pay less on your return or when you are out and about.

1. Take advantage of regional deductions

Many municipalities have tax breaks. They are not equally applicable in all areas.In some cases, deductions may be made rentdaycare fees, public transport vouchers or the installation of energy-saving equipment.

Deductions are also available for living in sparsely populated areas or investing in developing companies.

2. Substitute cash wages in kind

Companies are known to pay cash wages to their employees at the end of the month. But some of them have also offered to pay them part of their wages through special payments.

This is the case, for example, with food stamps, health insurance, or day care vouchers. Be aware that all these services are exempt from personal income tax.

3. Communicate any family changes

The amount of tax paid also depends on the taxpayer’s family situation. It depends on whether you are single, have children, or have some type of disability. If you recently became a parent, don’t forget to include this in your 2024 tax return.

4. Declare donation

If you make any kind of donation to a charity or NGO, you can add it to the next statement. 80% is deducted on the first €150 and 35% on any amount above that figure.

If you donate to the same organization for a third year, the percentage increases to 40%. They will require an amount equal to or greater than the amount registered in the previous year.

5. Check the cost of work

Expenses related to professional activities are also deductible. These concepts include contributions to trade unions or professional associations. It can also include the cost of having to hire an attorney because of your job.

6. Housing tax exemption

Homeowners who purchased their property before 2013 may be able to deduct 15%. This percentage applies up to €9,040. However, if the couple pays it jointly and declares it separately, it may be 18,080 euros.

In this sense, you will also be interested to know that energy efficiency work is deductible.either at habitual residence or elsewhere considered rent.

7. Selling a house after the age of 65

Under tax law, if you are over 65, you can sell your property and the profits will be tax-free Oku.

8. Deduction of house rental expenses

owner address they have it rent

They will also be able to take advantage of a range of tax benefits. Expenses incurred in obtaining that income, such as IBI, community, insurance or institutional fees, can be deducted from income subject to personal income tax. You can also deduct repair and maintenance costs involved in improving the property.

9. Pension plan contributions

Contributions to a pension scheme of up to €1,500 reduce personal income tax. pension.

10. Offset losses with gains

If you invest, another way to save money on your income tax return is to offset losses with capital gains.