There’s only one month left until 2023, and taxpayers are thinking about Ways to reduce tax expenditures before the end of the year. In these 31 days of December, we can still save some of the Personal Income Tax (IRPF) by following the advice of experts. Many economists recommend doing this and We ask our payers to give us something else instead of our corresponding salary.
IRPF is a tax income tax By any person, including from business, real estate, economic activities, and capital gains or losses. With all this annual income any Spaniard can receive, the percentage the Treasury holds is calculated as follows:
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From 0 Euro to 12,449 Euro: 19%
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From 12,450 Euros to 20,199 Euros: 24%
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From 20,200 Euro to 35,199 Euro: 30%
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From 35,200 Euros to 59,999 Euros: 37%
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From 60,000 Euros to 299,999 Euros: 45%
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More than 300,000 euros: 47%
This tribute is very extensive and Includes all capital gains available to taxpayersas much as they can get from their salaries, shares, inheritances or real estate sales. Although usually always we associate this with the wages of workersis a tax that goes further and has repercussions in many areas. If you do this well, you can reduce the percentage of money the Government keeps for your own profit.
Advice from economists
The top experts in the field believe this The biggest return on money going to taxes is to replace it with services.. Many people do not know that workers have the right to request that the company receive a portion of their compensation. as well as many benefits such as health insurance, food stamps, transportation or day care. These are exempt from personal income tax and will not be included in your income.
Other recommendations from economists are as follows: contributing to a private pension planmoney saved for future retirement; Donating and giving money to associations and organizations allows you to deduct your income; and finally plan for capital gains and losses. This is very important if you are considering buying or selling a property, inheriting an inheritance or doing anything that will affect your assets. TEverything you do before December 31st will count for this yearso keep this in mind before you take the leap.
People over the age of 65 have more advantages
people who have People aged 65 and over can benefit from tax advantages it is open only to them. The sale of your permanent residence will be tax-free and the profit made will go directly to the seller’s account. It should be noted that if the house is in the name of two spouses, both of them must be over 65 years of age, otherwise only the spouse’s earnings at this age will be exempt.
Pay attention to other income you may have and remember: income statement It’s just mandatory More than 22,000 euros deposited from a single payer or more than 14,000 euros from multiple payers. The total income of the second and the rest must exceed 1,500 euros per year.