The end of the year, prolegómenos of the Christmas holidays, is synonymous with purchases and expenses, but it can also be savings. Specifically, in the “fiscal invoice” of 2015, the income statement, which we will liquidate in 2016 but close in a few days. But still, we have time and opportunities to increase our relief.
Of course, the higher the income, the more possibilities we have for deduction by amount, but to a lesser or greater extent, all taxpayers have tools to improve their taxation and always with a starting point, knowing the limits of savings, since Hacienda does not deliver money, but returns what has already been paid.
Analyze all the possibilities well
This is the first limit. What you have already disbursed in the fiscal year. If you have not had any income or these have led to a minimum tax payment, the deduction possibilities will be null or very limited. The higher the income and therefore the payments, there are more possibilities of deduction, but as we will see later also have a limit.
To achieve this there are several ways, one of the most direct and appropriate are retirement products such as pension plans or retirement plans, with which we not only pay less taxes, we are fundamentally building a capital or income that improves our welfare when the time comes. longed for work retirement.
Although the annual contribution limit has been reduced from 10,000 to 8,000 euros, as long as 30% of the income from work and economic activities (profits of self-employed workers) is not exceeded, they remain very attractive. The reduction is applied as a reduction of the tax base. In other words, it is subtracted from what has been gained.
Your tax savings will depend on the tax rate of the taxpayer, but for every 100 euros contributed can reach 46-48 euros, depending on the tax rate applied by some autonomies, such as Catalonia. For an income that reaches 27,000 euros and that the limit of 8,000 euros can be applied, it would be around 22 euros for every 100 euros contributed, a great benefit.
The way to apply this deduction is simple. Although we make periodic contributions throughout the year, we may have the possibility of making an extraordinary contribution that improves the deductions of the year. Let us calculate on the one hand the total limit (30% of the income or 8,000 euros maximum if the percentage exceeds this figure), let’s subtract what has already been contributed and let’s see what quantity we can add. With this, we will get a good “pinch” for the next statement.
Also closing the year is a good time to start. If you have not contracted a retirement plan, you can start with an initial contribution for which you will see that you will get back a good part of your income statement a few months later.
Donations and housing, other deduction possibilities
In addition to retirement products there are also two other possibilities: the deduction for home purchase and donations. The first one is currently limited since only those who acquired the habitual residence before 2013 are entitled to amortize more mortgage. In these cases the deduction of 15% is maintained with an investment limit of 9,040 euros, which is up to 1,356 euros per taxpayer.
Finally, donations to foundations, associations declared of public utility, non-governmental organizations, recognized and entitled to deduction, also imply an important fiscal advantage, although limited in the final amounts. The amount of the deduction varies according to the tax regime to which it is subject. Also, you must take into account if the autonomous community in which you reside is subject to a particular leasehold regime or if you have established additional deductions.