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Tax deductions: What expenses must be reported on your tax return

Tax deductions: What expenses must be reported on your tax return



season tax declaration It has been in full swing for a few weeks now with the possibility of sending the pre-packaged Form 730 on May 20th.

However, there is still time to prepare your return, so it is best to carefully analyze which expenses were incurred and which can be deducted or deducted. Both benefits are provided by Tuir, the unified law for income taxes related to Irpef and Ires and applies to the income of individuals and companies.

In a previous article by El JournalWe talked about tax cuts while today we will analyze Discounts.

What are tax deductions?

When we talk about deductions, we are referring to the possibility of subtracting from your taxable income a series of expenses that are considered to “reduce” your income. So, unlike Expenses are deductible Subtracted as a percentage (usually 19%) of the total tax, deductions “reduce” an individual’s income, while at the same time lowering potential taxes on the taxpayer’s total taxable amount.

Furthermore, deductions are calculated before defining taxable income while deductions are included at a later stage; Therefore, if a taxpayer has expenses to be deducted and expenses to be deducted, the former is entered first, and once the total tax is calculated, the percentage that can be obtained for the specific deductible expense can be subtracted.

What expenses can be deducted?

The list of deductible expenses on a tax return is less lengthy than the list of deductions.

We begin with deductions for costs incurred to pay Social Security and welfare contributions, including those paid for senior year refunds or supplemental retirement contributions; The deductible typically ranges between 23% and 43% based on income.

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On the topic of social security contributions, the list also includes social security contributions paid to collaborators involved in domestic and family services, including domestic workers and caregivers; These expenses are also deductible from 23% to 43% based on income, up to a maximum of €1,549.37.

From a healthcare standpoint, all of the overhead and medical expenses

To obtain specific assistance for persons with disabilities and/or serious disabilities and impairments; Therefore, doctors’ services are included for visits or purchasing medications.

Other deductible expenses are:

  • Periodic allowances paid to the former spouse;
  • Contributions paid to NHS supplementary funds; C
  • Contributions to recognized NGOs
  • Donations to charitable, cultural and scientific bodies/associations.