2024 Tax Filing Requirements: Key Points to Ponder Over - 2024 Tax Returns: Crucial Factor to Bear in Mind
Let's Chill and Chat About Your 2024 Tax Return
😺Hey there! Tax time got you feeling like a stuck cat? Not to worry, my furry friend! I'm here to guide you through the ins and outs of your 2024 tax return, demystifying the process so you can relax like a well-rubbed kitty. Down to business? 💼😊
Get those paws moving! Deadlines📅
In recent years, tax deadline dates have been shuffled around. Here's the lowdown on the new 2024 tax return deadline: Mark your calendars for Thursday, July 31, 2025. If you're working with a tax consultant or a tax aid association, though, you've got more time! Your deadline is April 30, 2026, but keep in mind the tax office might need your return sooner in some cases.
And remember, if you put off your tax return, the tax office may hit you with a late fee. That's a 0.25 percent late fee on the assessed income tax, starting at least 25 euros for each month you dilly-dally. Ouch! 😯
Extension requests when Murphy has his day🐶💩
In some instances, the deadline may be extended under exceptional circumstances. No, it's not because you lost your tax papers during your wild St. Patrick's Day party. Reasons like illness, longer trips, or ongoing document issues could potentially secure an extension. Apply to the responsible tax office, and they'll let you know if you've got more time. 📣
Who exactly needs to file a return👥📃
To keep it simple, you'll need to file a tax return if:
- You're a couple with tax classes 3/5 or 4 with a factor
- You're an employed individual with tax class 6
- You're self-employed with income from freelance activity or business operation
- You've received replacement income (unemployment benefit I, short-time work allowance, parental allowance, sick pay) or untaxed secondary income over 410 euros
- You're a pensioner with income exceeding the basic allowance of 11,784 euros.
Submitting a return voluntarily can fetch a refund of overpaid taxes. On average, the refund is around 1,100 euros! 💶💰
Paper or digital, that is the question📄💻
One quarter of taxable individuals file their declaration the good old-fashioned way, i.e., with pen and paper. However, digital is now the standard. Elster, the free online portal of the tax offices, is the preferred method. Receipts no longer need to be sent directly, only produced upon request of the tax office. 📞
Need a helping paw🐾💼
Commercial tax programs or apps can make life easier; they run about 20-45 euros and help avoid forgetting essential details. Stiftung Warentest certainly enjoys Wiso, but other tax programs are also well-regarded.
Not confident in your abilities?seek professional assistance from a tax advisor or tax assistance association. The costs typically land in the three-digit range, depending on your specifics. Note, though, that tax assistance associations are only accessible to employees, civil servants, and pensioners (not self-employed). 👩💼👨💼
2024 tax year updates🔄💫
Keep the updates coming! The federal government has introduced tax relief for the 2024 tax year:
- The basic allowance has risen from 10,908 euros to 11,784 euros, meaning no taxes need be paid on income below this amount. Other key values have also risen accordingly.
- The child allowance will increase to 6,612 euros (3,306 euros per parent). If child benefit is more favorable, the tax office will automatically weigh your options.
- The child allowance and BEA allowance (allowance for care, education, and training needs) will no longer be reduced if the child lives in an EU member state.
- The mini-job threshold has increased to 538 euros per month.
- Those who have moved for professional reasons after February 29, 2024, may claim higher costs as business expenses.
- The costs for tutoring have risen to 1,286 euros.
- For individuals affected by the 2024 floods, relief measures have been introduced, including deferrals, special depreciation for replacement acquisitions, and simplified evidence for donations.
- Donations for corona and Ukraine aid can be deducted as special expenses up to 20 percent of income.
- Tax return
- Deadline for submission
- Tax year
- Tax assistance association
In the realm of personal-finance, community aid can play a crucial part, with tax assistance associations offering professional assistance for employees, civil servants, and pensioners navigating their tax returns. For instance, these associations can help during the tax year, especially with updates, such as the rising basic allowance for the 2024 tax year, which stands at 11,784 euros, exempting individuals from paying taxes on income below this amount. To submit a return voluntarily and potentially receive a refund of overpaid taxes, an individual would need to meet certain criteria, like being an employed person with tax class 6 or being self-employed with income from freelance activity or business operation. Meanwhile, the tax return deadline for the 2024 tax year is Thursday, July 31, 2025, although tax consultants and tax aid associations may have an earlier deadline of April 30, 2026. To ease the process, digital tax return software or apps are readily available, ranging from 20 to 45 euros, while some may prefer the traditional paper route for submitting their return.
