Pension plans, donations or business investment

Pension plans, donations or business investment

Contributions to pension plans, donations to NGOs or home purchases are some of the traditional ways that experts recommend to reduce the tax bill in the last days of the year, to which this 2018 join the investment in new companies or deductions for the self-employed

One of the great forms of saving raised by experts is to make contributions to pension plans, with an annual maximum of 8,000 euros, as well as the social security system of the spouse, with a maximum of 2,500 euros.

Thus, for example, a taxpayer with an income of 25,000 euros who makes a contribution of 3,000 euros will reduce the amount to pay of IRPF by 900 euros, according to calculations of the Technicians of the Ministry of Finance (Gestha).

When rescuing the pension plan, those who do so in the form of capital may enjoy a reduction of 40% in the benefits corresponding to the premiums paid before 2007.

Among the large deductions is also, as in previous years, the purchase of a regular residence, by which those who acquired the property before 2013 can deduct up to 15% of the amounts invested in their mortgage, with a limit of 9,040 euros.

In addition, those who have sold their house this year can avoid paying taxes for those profits if they reinvest all or part of that amount in another habitual residence.

Those over 65 years old will not have to pay for the profit derived from the sale of their habitual residence and if they come off any other property, including an unusual home, they can avoid paying that profit up to a maximum of 240,000 euros provided that the funds obtained are dedicated to a life annuity.

Donations to NGOs and solidarity foundations can also be deducted – in 75% of the first 150 euros and 30% the rest – as well as payments made to unions and political parties.

Among the novelties of this year is the improvement of the deduction for investment in companies of new or recent creation, which since 2018 amounts to 30% with a maximum base of 60,000 euros per year.

The self-employed may deduct part of the expenses of supplies (water, electricity, gas, telephony or internet) which will be the percentage that results from applying 30% to the proportional part of the home attributable to the economic activity.

You can also deduct the living expenses incurred during your activity provided that they take place in restaurants and catering establishments, and are paid by any electronic means, with a maximum of 26.67 euros per day in Spain and 48.08 abroad, that go up to double if you stay overnight.

As a novelty, REAF recommends transmitting the goods or rights acquired by a succession agreement made in life, before the projected legal changes that will end their tax benefits come into force.

Along with this, remember that maternity and paternity benefits are not taxed, compensation for dismissal, work done abroad – up to 60,100 euros provided it has been taxed in the country, scholarships – up to 6,000 euros – no retributions In kind like the transport or restaurant checks.

In any case, Gestha recognizes that it is the large taxpayers who can best take advantage of the measures to save on their return, since while the maximum savings of those who declare more than 150,000 euros exceeds 12,000 euros, those who enter between 12,000 and 21,000 euros would reduce their invoice something less than 1,600 euros in the best of cases.


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