Ten tax tips you can use before the end of the year to pay less on your next tax return

Taxpayers still have several months to submit their next tax return. But that’s in the coming weeks, before the end of the current yearwhile certain measures can be adopted so that in the end we pay as little as possible.

From the Organization of Consumers and Users (OCU) indicate up to ten measures by which each taxpayer pays as little tax as possible. “Maybe you’ll see her [la declaración de la Renta] still a little far away, because until spring 2025 you are not obliged to settle your accounts with the Treasury, but if you want to pay less then, it is now, before the end of the 2024 financial year, that it You have to take action: it is within your power to save taxes, but you must act before January 1st.”

1. Regional deductions: Certain expenses, such as childcare, education costs, public transport or domestic help, are subject to deductions in certain territories. To do this, it is advisable to request and keep the corresponding supporting documents, as they may be required later to prove the right to deduction. Many of these deductions are only granted if certain income is not exceeded. “If you exceed them, you may be able to make deductible expenses or claim exempt remuneration that will put you below the limit,” advises the OCU.
2. Changes in the family: Any change in your family situation, such as having or adopting a child, a divorce, a disability, or a dependent relative, can impact the payroll deduction. By notifying you of any changes we can make this as tight as possible.
3. Salary in kind: Certain in-kind payments, such as health insurance, food stamps, transportation or childcare vouchers, are exempt from personal income tax, at least within certain limits. Getting part of your salary this way is therefore a good way to save taxes.
4. Donations: Donating to NGOs, foundations and non-profit entities can result in a deduction of up to 80% on the first 250 euros and 40% on anything above this amount. Additionally, this percentage rises to 45% if this is the fourth year you have donated to the same entity and each donation has been equal to or greater than the previous year.
5. Housing and energy deductions: For those who bought their house with a loan and who can still benefit from the tax deduction for the purchase of a main residence, it is advisable to repay the mortgage before the end of the year. “You can deduct 15% of what you paid to buy the house, out of a maximum of 9,040 euros per year (or 18,080 if you pay for the house with your spouse and declare separately),” specifies the organization. Therefore, if you have not reached this amount, it is advisable to repay the loan until this limit is exhausted. Likewise, energy efficiency work carried out in 2024 in your usual residence or in another property you rent for accommodation is also deductible, provided that heating and cooling demand is reduced or energy consumption is reduced. primary is improved. energy classification of the house.
6. Electric vehicle and charging stations: the purchase and registration of a vehicle before the end of the year is subject to a deduction of 15% of its value out of a maximum of 20,000 euros. This deduction only applies to models whose price is lower and does not exceed 54,450 euros. Likewise, the installation of charging stations also allows a 15% deduction on the installation price up to 4,000 euros.
7. Sell ​​your house after age 65: Unlike the previous measures, this requires doing nothing or waiting for time to pass. More precisely, until the age of 65. “If you are about to turn 65 and are considering selling or donating your primary residence, you are interested in waiting until age 65 because the gain you get from the transfer will be exempt from tax. tax”, indicates the OCU.
8. Owner’s expenses: Those who own rental property can deduct expenses such as IBI, advertisements, agency, insurance or community. “Review deductible expenses, including depreciation, and if at the end of the year you see that your performance will be positive, you can bring forward certain deductible expenses to December to reduce your next personal income tax,” advises the body.
9. Retirement plan: Contributions made to a pension plan can reduce the income tax bill of taxpayers who earn income from their work, professional or commercial activities and the rental of property.
10. Offsetting profits and losses: people who have obtained profits from the sale or donation of assets and accumulate losses on other investments, can liquidate these investments to materialize these losses and be able to compensate them with the profits. And vice versa: they can make profitable sales if you have losses.