In the vicinity of Christmas, between nougats and polvorones, it is possible to rush to the maximum to lower the bill for the income tax (IRPF) which will be settled next spring. A contribution to Pension plan It continues to be the main tool to reduce the tax burden, but with fewer advantages, since the 8,000 deductible euros have gone to just 2,000 because the taxation of business plans has been improved. And by 2022 it drops to 1,500 euros
The technicians from the Ministry of Finance (Gestha) calculate that an average income can take advantage of the final stretch of the year to save up to 2,893 euros in the next income statement. The greatest tax advantages benefit taxpayers with higher salaries and assets. Thus, people with incomes of more than 600,000 euros per year will be able to lower their tax bill up to 72,733 euros, for people with annual returns below 21,000 euros the tax benefits do not reach 1,390 euros.
Despite the fact that the maximum deductible amount has been reduced to 2,000 euros, making contributions to the pension plan continues to be one of the measures with the highest tax yield, since it directly reduces the taxable income of personal income tax, which means up to 47 cents for every euro invested (It differs according to the autonomies). Even if it is done before midnight on the 31st, the effect is for the entire exercise. If, for example, the 2,000 per year are contributed (166.6 euros per month), the saving with a marginal rate of 24% would be 480 euros, although it varies according to the autonomous community. That is, almost the equivalent of three monthly payments. Gestha calculates that you only have to invest this month 151 euros on average to reach the new contribution limit (if it has not already been reached) and achieve an additional average tax saving of 45.30 euros, depending on the income level and autonomy of residence. For the same amount invested, the tax advantage for income of more than 300,000 euros increases since its marginal rate rises two points.
Deduction for home purchase or renovation
Who bought your habitual residence with mortgage or made a payment for its construction before January 1, 2013 will continue to enjoy the relief. Up to 15% of the invested amounts can be deducted, with an investment limit of 9,040 euros. Before the end of the year, it may be interesting to make an additional payment -of 4,840 euros on average-, if the limit has not been reached, to pay off the mortgage before the end of the year to reduce the tax bill by 726 euros.
Reinvestment in habitual residence
One way to neutralize that the capital gains from the sale of a home are taxed is to reinvest the amount obtained before the end of the year in another habitual home.
Invest in new companies or contribute to oenegés
One of the advantages with the highest yield is the deduction of third degree friends and relatives (uncles, nephews) for buying shares in a new company, with a maximum deduction base of 60,000 euros per year, limited to one participation, together with your spouse and family members up to the second degree included, never exceeding 40% of the capital. Gestha estimates that an average person who finances a recent company can additionally deduct 1,274 euros, although it is necessary to invest another 4,246 euros. Another option is to make a contribution to an NGO, which can provide an average tax saving of 848 euros, although an additional investment of 2,229 euros is required.