Today we will delve deeper into the topic oftax deductions, or one of the two forms of relief - the other is thededuzioni fiscali – which the taxpayer can benefit from when he presents thetax return.
I remind you that the set of tax breaks that the law makes available to you can
reduce the amount of tax to be paid to the point, even, of making you a creditor in the
against the Tax.
What is the tax deduction?
The deduction is a benefit that allows you to directly reduce the tax you have to
pay to the tax authorities. In other words, once you have identified the taxable base and calculated the tax to be paid, you can reduce this tax by subtracting, as a percentage, some expenses incurred.
It should in fact be specified that it is possible to deduct a percentage of the expense incurred from the tax amount, generally equal to 19%. For some types of expenses there are also deductibles, i.e. amounts below which the expense cannot be deducted, and maximum amounts., in genere pari al 19%. Per alcune tipologie di spese sono inoltre previste delle franchigie, ovvero degli importi sotto ai quali la spesa non può essere portata in detrazione, e degli importi massimi.
In other cases these specifications - deductibles, percentages etc. – are linked to the amount of income, as happens, for example, with rent expenses. In this case the amount of rent you can deduct reduces as your income increases.
What expenses you can deduct
Here are some examples of expenses you can deduct deduction, and then subtract, as a
percentage, from the amount of tax you have to pay:
Health expenses
Education expenses
Expenses for public transport
Rent expenses
Expenses for sporting activities practiced by children
Donations to non-profit organisations, foundations and other subjects
The expenses that can be deducted also include those incurred for
building renovations, such as those linked to the Ecobonus, or interventions aimed at the energy requalification of buildings. In the case of the Ecobonus or other bonuses such as the Sismabonus, the Facade Bonus and others, the percentage of expenditure that can be deducted is generally equal to or greater than 50%.
Let's take an example of a deduction
Let's imagine that the tax you have to pay, calculated on your tax base, amounts to 2,000 euros. And let's imagine that, during the year, you also incurred medical expenses amounting to 500 euros.
Regarding this type of expense, the current legislation, in addition to telling us that it falls among those which we can deduct as a percentage of 19%, also sets a deductible of 129.11 euros. Therefore the 19% tax deduction must be calculated on the amount spent that exceeds 129.11 euros. In our example this sum is equal to 500 - 129.11 = 370.89 euros. The amount that we can deduct will be 19% of 370.89 euros which is equal to 70.47 euros.
At this point the tax to be paid will amount to 2,000 - 70.47 euros, or 1,929.53 euros.
Clip makes your life easier
Keeping track of the expenses you incur during the year will allow you to make the most of the tax relief tool when making | ||83dichiarazione dei redditi. And don't forget that from year to year these benefits may undergo changes with a significant impact on the calculation of your debt or credit position towards the tax authorities.
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