Slay That 2024 Tax Time: Your Ultimate Guide
2024 Tax Filing Essentials: Key Factors to Consider - 2024 Tax Filing Requirements to Remember
forget the hassle, we got your back on handling the 2024 tax return! sure, you can procrastinate, but why miss out on that hard-earned cash? let's dive in, get this done, and kick back with a cold brew 🍻
When's the deadline to submit the 2024 tax return?
Needless to say, the deadline for filing has shifted a bit this year, baby! Instead of the usual August madness, the 2024 tax return must be submitted by Thursday, July 31, 2025. If weekends aren't your thing, no sweat - the tax office shows some flexibility by pushing the deadline to the next viable weekday.
If you're teamying up with a tax consultant or tax support group, you've got a little more time. Your extended deadline is April 30, 2026. But watch out! The tax office can still pull the ol' switcheroo and demand an earlier submission in special circumstances.
Want to file voluntarily, even if it's not required? Kudos to you! You can submit your tax return up to four years after the fiscal year ends. So, the deadline for the 2024 tax year is December 31, 2028. And since time waits for no one, don't forget that you can still file voluntary returns for the 2021 tax year until the end of 2025. No excuse not to get in on that refund action!
Miss the deadline? Tough break! The penalty starts at 0.25% of the assessed income tax for each starting month, minimum 25 euros.
Can I push back the deadline?
Bummer if life tosses a curveball, but remember: the tax office ain't a complete cold heart! A deadline extension is possible in exceptional circumstances, as long as the reasons ain't self-inflicted. If you need more time, apply to your local tax office with reasonable proof, such as illness, longer stays abroad, or missing documents. Just keep an eye out for preliminary notices; these can be corrected later on.
Who needs to file a tax return?
Keep in mind these folk usually need to file a tax return:
- Couples bustling about with tax classes 3/5 or 4 with a factor 👫
- Employees clocking in as tax class 6
- Self-employed entrepreneurs 👩💼
- Folks with replacement income (unemployment benefits, short-time allowance, parental allowance, sick pay) or secondary income of over 410 euros
- Pensioners with income exceeding 11,784 euros in basic allowance 👵
Filling out a tax return voluntarily can lead to a refund of overpaid taxes. On average, the Federal Statistical Office reports that tax refunds hover around 1,100 euros.
Over a quarter of taxpayers still submit their declaration the old-fashioned way, in paper format 📄. However, the tax office prefers the electronic movement with its free online portal "Elster" 🖱️. No more sending documents directly, as only evidence is required upon request from the tax office.
What's new in the tax year 2024?
The federal government decided to toss a little financial relief into the tax year 2024! Here are some updates:
- The basic allowance, up to which no taxes need to be paid, rises from 10,908 euros to 11,784 euros 💰
- The child allowance spikes by 600 euros, to a glorious 6,612 euros (3,306 euros per parent) 👶
- Parents can opt for child benefit of 250 euros per child instead, and the tax office will decide which option offers better 🤝
- The child allowance and the allowance for care, education, and training needs of children, the BEA allowance, will no longer be reduced if the child lives in an EU member state, following a ruling by the European Court of Justice (ECJ) 🌍
- The mini-job threshold rises to 538 euros per month for the tax year 2024 ⏳
- Those who moved for professional reasons after February 29, 2024, can claim higher costs as business expenses. The moving allowance has been bumped up to 964 euros. For each extra household member (partner, children), you can claim 643 euros as a fixed rate 🚪
- Tutoring costs can now be claimed as business expenses up to 1,286 euros 👨🏫
- Individuals affected by the 2024 floods benefit from various relief measures, 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% of income ❤️
Stay sharp, and remember: we're in this financial game together, my friend!
The community institution, such as a tax support group, offers extended assistance with the 2024 tax return, with a deadline of April 30, 2026. Personal-finance matters, like managing tax returns, can significantly impact one's wallet, including potential refunds of overpaid taxes, averaging around 1,100 euros.
