The end of 2023 is approaching and with it Tax year draws its last breath. Our annual tax obligations will end on December 31, but if we follow any of these tips we still have time to reduce the tax burden we will have to pay on our next Income Tax Return. But, Savings will depend on the autonomous community Where do you live.
Tax burden has increased in recent years rise of many taxes After numerous reforms made by the administration. This increase is not the same in all autonomous communities and your burden will be greater or less depending on the city you live in. Tax difference occurred The gap between the Autonomous Communities is widening. In addition, our savings resources are decreasing due to the high taxes we pay, inflation and other problems in the economy.
An example is income tax. increased by 1.3 percent. This is the second-highest growth in the eurozone and despite five communities announcing they would cut personal income tax brackets. According to Eurostat data, Spain developed country with the highest growth tax burden.
In a statement to COPE, Cadena said: José Pedreira“There is an increasingly wide gap between communities such as Madrid or Asturias, where the tax rate is the highest and, moreover, there is no reduction in the fee,” said the Association of Tax Advisers (AEDAF). . Moreover The amount of other significant benefits varies such as transportation, birth or foodTherefore, there are several ways that can be used at a general level throughout the region.
How can I save money on Income Tax Return?
Experts warn that savings resources are decreasing. It’s vital to make the most of every piece of advice they give us to earn extra money at the end of the year and reduce our tax burden. Here are three actions we can take to reduce our taxes:
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Exceptional contribution to retirement plan.
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Amortization of the mortgage if we buy a house before 2013.
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Buy an electric car before the end of the year.
With any of these three taxes Tax deduction up to 7,000 euros in your next Statement.
Keep in mind that you may or may not have to earn income, depending on your personal situation. People to be excluded from the presentation Receive less than 22,000 euros For business income with a single taxpayer, or 14,000 Euros if 2 or more payers. Additionally, some citizens who benefit from the Minimum Vital Income are required to do so if they exceed the IPREM (Very Effective Public Income Indicator) by 1.5 times. amounting to 11,862.90 euros.
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.