Tax deductions in 2015 and 2016

Miscellaneous gman3968 August 14, 2016 10 0
What are the tax deductions tax in 2015 and 2016 for individuals? This is important for your tax return income tax in 2016, but also for your income tax and income tax return for the year 2015. Please note that box 1 and box 3 of the income tax. See also digital or you have to pay or not, so you know where you stand. Similar rates and deductions applicable to 2016.

Tax returns in 2015 and 2016 individuals

Individuals have to do with box 1 and box 3 of the income tax. These are the items that have to do with housing and employment, but also your ability in savings or investments in box 3. You so deserve most of it back from the IRS if you know that the largest deductions to book. I walk the main deductions of the tax in 2014 and 2015 after.

2015 deductions and deductions in 2016 in box 1, income from live and work

Live and work in the category, box 1 of the income tax, the following deductions are the main ones:
  • Mortgage rates, interest on a loan contracted to finance a renovation, the ground rent, prepaid mortgage interest and any penalty interest.
  • One-time costs when buying a home, as reflected in tax deductions own home in 2015.
  • Deduction health, specific care costs.
  • Partner Alimony.
  • Study.
  • Gifts to ANBI.
  • Maintenance for your child or children.
  • Travel expenses public transport to regular commuting of up ?? 425 at a distance between 10 and 15 km and ?? 1989 at 80 km and more.
  • Premium annuity with a pension.

Deductible specific medical expenses tax return in 2015 and 2016

You may deduct the expenses for the cost of care of you and your family to the extent that they are not reimbursed by an authority. Think of the fees by the municipality as part of the WMO or reimbursements from health insurance. The compulsory excess is not deductible. The following deductions are eligible for deduction:
  • Medical and surgical assistance by a physician, specialist, physiotherapist;
  • Prescription drugs;
  • Tools to better understand and move, such as arch supports or a wheelchair;
  • Costs of transport, such as travel expenses to a doctor or hospital;
  • A prescribed diet;
  • Additional family services;
  • Extra clothing and bedding;
  • Travel expenses sick.

Most posts speak for themselves. Where you have to pay attention is that there is a threshold applies per person, based on your income. If you are less than in 2015 over 7525 euros per person deserves the threshold is a fixed amount of 127 euros. Otherwise, the threshold is 1.65% of earnings and above ?? Even 39 975 ?? 659 + 5.75% of your income. With a tax partner's threshold is doubled. When the diet is true that the IRS maintains a list of what is and is not paid:
  • specific deductible medical expenses in 2015.
  • tax rebate special care costs in 2016

Living expenses children younger than 21 years expired in 2015, no deduction child more

In case of a child under 21 years can not provide for their own sustenance, was until 2015 the deductible costs of living child. This deduction expired in 2015, see the article deductible costs of living child abolished in 2015.

Subtract Study

Whoever follows a study focused on his career and more than 250 euro to study has can deduct study costs. This is subject to two caveats:
  • The charges are deductible from whom the expenses occur and the study follows. So if the parents pay for the son or daughter, expires this deduction.
  • If student, mandatory tuition scholarship minus minus 250 euro deductible for those who fall under the old system of study: study deduction in 2016.

Deductible donations in 2015 and 2016

Do not confuse a gift with a donation. A donation is not tax deductible, but a gift can be though. The gifts can be unique, but also periodically. A donation to an ANBI are tax deductible.

Alimony as a deduction

The alimony is tax deductible to the payer. Those are the periodic payments and a possible ransom. If your ex continues to live in the old house, do your share of the notional rental value of the home staging as a deduction. The alimony to your children is not deductible.

Deductions in box 3, savings, investment and capital

Savings and assets in box 3 of the income tax has a tax of 1.2%. Per person is more than 21,000 euros exempt from the levy. In 2015 this tax-free allowance is 21 330 euro. Many things are so burdened by the replacement of the former capital tax as your investments, your second home, savings, life insurance and savings insurance. Wherefore account mentioned deductions. An additional deduction to increase your tax-free allowance occurs when you run a loan that is not intended to finance your home. In this case, the loan if the amount exceeds the threshold ?? 3000 deduct from your savings and assets.

Deductions split with your partner

If you tax partners, you would do well to look at how you can distribute your deductions it best themselves. Who deserves most of you both also have the most to gain from a high deductible. Regularly succeed with sliding deductions that one partner no longer pay taxes and the other relatively low. The exemption in savings and assets may you transfer to your partner.

Payroll taxes in 2015 and 2016 too high

Because the employer does not take into account your deductions, you may pay too much tax and national insurance contributions. Then ask for the overpayment as quickly as possible from the tax authorities and not wait until 2016. You can ask the IRS to deposit a monthly amount. Please note that you are not asking too much, because then you will be required to pay at a later time again.

Final tax deductions in 2015 and 2016 for individuals

Walk deductions always accurately after and advise you when the situation is less clear. Deductions can yield lots of money. Consult always or tax return with all tax credits is taken into account to which you are entitled. The digital version gives you insight into what you have to pay tax and you get it back.