What options do I have to save taxes?
August 26, 2023 | 40,00 EUR | answered by Eiko Hoffmann
Dear tax advisor,
My name is Carsten Koch and I urgently need your help in optimizing my tax burden. Over the past few years, I have noticed that my income tax return is becoming more complicated and I feel like I may be missing out on potential tax savings. Currently, I work as an employee in a medium-sized company and earn an average salary. In addition, I have some income from rental and capital gains.
My concern is that I am not taking advantage of all possible ways to save on taxes and as a result, I may be paying unnecessarily high taxes. I have tried to inform myself about tax-saving opportunities, but I quickly reached my limits and need professional support.
Could you please show me specific measures I can take to optimize my tax burden? Are there certain expenses that I can deduct for tax purposes? Should I restructure my income in a different way to save on taxes? Are there any tax benefits that I have not yet taken advantage of?
I am looking forward to your expertise and I thank you in advance for your help.
Sincerely,
Carsten Koch
Dear Mr. Koch,
Thank you for your inquiry and your trust in my expertise as a tax advisor. It is understandable that you are concerned about optimizing your tax burden and want to ensure that you are taking advantage of all opportunities to save taxes. I am happy to address your questions and provide you with some specific measures that can help you optimize your tax burden.
First and foremost, it is important that you accurately report all relevant expenses and income in your income tax return to ensure that you are not missing out on any tax benefits. Deductible expenses may include, among others, business expenses, special expenses, extraordinary burdens, and certain provisions. Therefore, it is worth collecting all relevant receipts and documents carefully and including them in your tax return.
If you have rental income and capital gains, there are also ways to optimize these for tax purposes. For example, you can claim expenses such as maintenance costs, management fees, and depreciation to reduce your tax burden. There are also ways to save taxes on capital gains, such as through the strategic use of allowances or tax-optimized investment strategies.
It may also be beneficial to restructure your income to take advantage of tax benefits. For example, you could consider transferring certain income to family members to avoid the progressive tax rate or fully utilize tax allowances. However, it is important to carefully consider the tax regulations to avoid any tax risks.
There are likely tax benefits that you have not yet taken advantage of, and I am happy to assist you in analyzing your individual tax situation and offering you tailored solutions. We can discuss further details in a personal meeting and analyze your tax situation in detail.
I look forward to supporting you in optimizing your tax burden and am available to answer any further questions you may have.
Best regards,
Eiko Hoffmann
