Grindin' the Numbers: Updates on 2024 Tax Return Filing
Ain't No Time to Waste
- While the deadline for 2024 tax return filings ain't here just yet, get your ducks in a row early for that sweet refund. Here's what you wanna know about deadlines and changes:
- General Deadline: The deadline for all you tax-typin' folk is Thursday, July 31, 2025. But if you need more time, hit up the tax office, yo.
- Tax Consultant Deadline: If you got a tax pro in your corner, you got 'til April 30, 2026, but that could change if they ain't feelin' you.
Who Cares About Taxes?
- Anyone who falls under these classifications gotta file:
- Couples with tax classes 3/5 or 4 with factor
- An employee with tax class 6
- Self-employed, freelance, or tradespeople
- People with replacement income (unemployment, short-time work, parental allowance) or secondary income over €410
- Pensioners with income over €11,784
What's New for 2024?
- Basic Allowance: The base allowance is goin' up from €10,908 to €11,784, and the other key values are bumpin' up too.
- Child Allowance: The child allowance is gonna increase by €600 for 2024, to €6,612 per kid (€3,306 per parent).
- Child Benefits: The EU ain't messin' with your child benefits anymore. If your kid lives in an EU member state, those benefits stay unaffected.
- Mini-job Threshold: The mini-job threshold is climb'n to €538 per month for 2024, based on the increase in minimum wage t' €12.41 per hour (€12.82 in 2025).
Callin' All Movers and Shakers
- If you moved for work reasons post-Feb 29, 2024, you can claim higher costs as business expenses. The moving allowance has been boosted to €964, and a flat rate of €643 can be claimed for each extra household member.
Tootle-lootle Learning
- The costs for tutoring can now be claimed as business expenses up to €1,286, a nice €105 increase from 2023.
Rough Waters Ahead?
- In case of floods in 2024, there are various relief measures available, such as payment deferrals, simplified evidence for donations, and special depreciation for replacement acquisitions.
Helpin' Hand
- If you ain't feelin' confident with the tax software, hit up a tax assistance association or tax advisor. Keep in mind that this usually sets you back a few hundred bucks, but it's worth the peace of mind.
- Expenses for tax advice or software can be deducted in the next year.
Cheers to More Bucks
- Voluntarily filing your tax return can be a smart move, as it often leads to a refund of overpaid taxes. On average, taxpayers will see around €1,100 back in their pockets.
Last Call
- If you ain't able to file on time, you can apply for an extension, but make sure you got a legit reason. The tax office'll let you know if they approve the extension or not.
- Over a quarter of taxpayers still submit their returns in paper form, but most tax offices have switched to digital submissions through the Elster portal or commercial tax programs/apps.
What We Learned
- Key deadlines include April 15, 2025 for the standard filing deadline, with extensions available until October 15, 2025. However, disaster relief measures may extend deadlines to May 1, 2025 in affected regions.
- If you require assistance with understanding and filing your tax return, consider seeking help from a community institution, such as a tax assistance association or a tax advisor, to ensure your financial affairs are in order and to potentially claim deductions for expenses related to tax advice or software.
Preparing Your 2024 Tax Submission: Crucial Information You Should Be Aware Of - 2024 Tax Returns: Essential Consideration Required for Filing
To maximize your personal-finance situation, it's crucial to take advantage of the increased allowances and expenses in the 2024 tax filing, especially the enhanced moving allowance for individuals who moved for work-related reasons after February 29, 2024.
