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Save a large sum of taxes in 2020 - with these three tricks

2020-10-30T15:33:06.310Z


The year 2020 will soon be over - but you can still save a lot of taxes on the last few meters. You just have to know the right tricks.


The year 2020 will soon be over - but you can still save a lot of taxes on the last few meters.

You just have to know the right tricks.

The tax return for 2019 is done?

Then you are one step ahead of some.

Tax refunds are a welcome affair for everyone.

If you know about the expenses that reduce the tax burden *, you can save an immense amount of tax.

If you take the following measures by the end of 2020, you will receive hundreds of euros from the tax office

.

Save taxes cleverly until December 31, 2020 - This is how you must proceed

The following saving tips will help you save on taxes:

  • Apply

    for a Riester allowance

    : If you are a Riester, you should check whether the allowance for 2018 has already been credited.

    This can be requested until December 31, 2020.

    To do this, the provider should submit an application for you to the supplement office for old age assets (ZfA).

    It is best to issue him with a power of attorney for a permanent allowance application, recommends Focus.de.

  • Investing

    in company pension:

    Investing

    your Christmas bonus in a company pension scheme - such as direct insurance - does not only make sense with regard to the pension.

    With a salary conversion in favor of direct insurance, contributions of up to 6,624 euros are free of income tax and 3,312 euros remain free of social security contributions.

    An employee who invests this contribution in such a policy could save almost 1,250 euros in taxes and social security contributions in 2020.

  • Don't forget Baukindergeld

    : Do you have children and are you going to buy or build your own home in 2020?

    In these cases Baukindergeld can still be applied for.

    Here, 1,200 euros will be distributed per year and child over a period of ten years.

    However, you have to apply for child benefit at the latest six months after moving in to the KfW (Kreditanstalt für Wiederaufbau).

    Thereafter, the tax assessments for the second and third year before the application must be uploaded to the KfW website within three months.

    Are you missing these notices because you were not required to do so?

    Then you should submit voluntary tax returns for 2017 and 2018 as soon as possible.

  • Not sure if you even have to file a tax return?

    You can find out more about this here.

    You can read here

    how you can improve your pension and at the same time save a lot of taxes

    : Saving trick: How to improve your pension and save a lot of taxes.

    (jg) * Merkur.de is part of the Germany-wide Ippen-Digital editorial network

    .

    Compact tax return: amendments, deadlines and submit retrospectively

    Compact tax return: amendments, deadlines and submit retrospectively

    Source: merkur

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