union of technicians of the Ministry of Finance (Gestha)
has offered ten recommendations on pension plans, housing, sale of shares, entrepreneurs, NGOs, affiliations to political parties, disability or work abroad
so that citizens save up to 4,600 euros in your next income tax return.
How do pension plans influence?
The technicians explain that it is convenient to make contributions to the pension plans or to the insured pension plans to achieve
tax savings in the income statement for next year.
However, the year 2020 will be special, since it is the last in which the income tax base may be reduced
to 8,000 euros
, provided that these contributions do not exceed 30% of income from work and economic activities.
In 2021, the budget project will reduce the limit to 2,000 euros, so if contributions of this type are going to be made, it is preferable not to wait for next year.
Deduct for home purchase?
Citizens who bought their main home or made a payment for its construction before January 1, 2013 will continue to enjoy their right to the tax relief, as long as they had deductions for said home in 2012 or prior years.
Thanks to this point, taxpayers
can deduct up to 15% of the amounts invested
, with an investment limit of 9,040 euros.
Accordingly, the technicians remember that "taking into account this ceiling, it may be interesting to make an additional payment, of 4,806 euros on average, to pay off the mortgage before the end of the year to reduce the tax bill by 721 euros."
How to neutralize the taxation of profits?
The General Budgets law brings a change in the taxation of capital gains, establishes a
new rate for the case of taxable bases of savings greater than 200,000 euros that will amount to 26%.
However, Gestha recalls that those who sold their house in 2020 will pay taxes on the profits in the next income statement, depending on their amount, between 19% and 23%.
Over 65 exemption?
Taxpayers over 65, severe dependents or large dependents are
exempt from taxing the gains obtained
after the sale of their habitual home and of any property whose value does not exceed 240,000 euros, as long as the latter is used to constitute a life annuity insured within six months.
Make up losses with profits?
The technicians remember that the end of the year is a good time to do accounts and compensate the losses generated by an investment fund, shares or financial derivatives with the capital gains obtained, although the same or similar securities cannot be acquired in the two months after the sale.
the Treasury allows
losses to be offset,
in the event of no gains, with positive returns on movable capital and vice versa.
Gestha summarizes how to act in that "if there was a positive return on movable capital, it would be advisable to study the materialization of losses on the sale of shares and other equity products. And if there were equity gains, it would be advisable to offset them with negative returns on movable capital"
When to sell shares?
The union reminds taxpayers to foresee that their net income from work will be less than 16,825 euros to
ensure that there are no other types of income
, such as capital gains from the sale of shares or income from real estate rentals, higher than 6,500 euros, and that in this case they would lose a reduction in work income that can reach up to 5,565 euros.
What if I work from abroad?
The returns that have been obtained for the work carried out for companies based abroad are
exempt from taxation with a maximum limit of 60,100 euros per year
Although the Finance technicians add that the deduction will be possible as long as a tax of an identical or analogous nature to that of personal income tax (other than a tax haven) is applied in the territory in which they work.
What if I'm charitable?
This item increases with respect to other exercises.
The Government approved an
increase in the tax deduction for donations with effect from January 1, 2020
, up to 80% of the first 150 euros donated and 35% of the rest of your contributions, which increases to 40% if the amount donated to the same NGO has not declined in each of the last three years.
What if I am from a political party?
The membership fees for political parties and donations represent a
deduction of 20%, up to a maximum of 600 euros.
Gestha recalls that next to this item is the deduction for union fees and professional associations, up to 500 euros, and the expenses of legal defense of litigation in the employment relationship with the limit of 300 euros per year.
How does helping an entrepreneur affect?
The IRPF law established since September 29, 2013 an incentive in favor of 'business angels' or people interested in contributing capital to start an activity.
Gestha explains the item: "The deduction for these investments is 30%, in the state share of personal income tax of the investment made when subscribing the shares or participations of the company, being the maximum basis of the deduction of 60,000 euros per year, limited to a participation, together with their spouse and relatives up to the second degree included, never exceeding 40% of the capital of the entity and whose own funds may not exceed 400,000 euros at the beginning of the entity's period ".
is the second most powerful of the personal income tax, allowing an average of 1,157 euros to be deducted for those who finance a recent company
," the technicians explain.
According to the criteria of The Trust Project
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