How can I save taxes as a student?
November 4, 2022 | 50,00 EUR | answered by Zofia Schulz
Dear tax advisor,
My name is Georg Seiler and I am currently a student at the university. I am aware that as a student, I have some tax-saving options. However, I am unsure which options are available to me and how best to utilize them.
Currently, I work part-time alongside my studies, earning around 450 euros per month. In addition, I receive 600 euros per month in BAföG. My parents no longer provide financial support as they do not have sufficient means themselves.
I am concerned that I may have to pay taxes, further burdening my already tight student budget. Therefore, I would like to know what options there are to save taxes as a student and how to best utilize them for my individual situation.
I have heard of deductible expenses that I may be able to claim under certain circumstances. Does this apply to me as a student with a part-time job and BAföG? Are there any other tax benefits I can take advantage of? How can I best prepare and submit my tax return to maximize tax benefits?
I look forward to your expert advice and thank you in advance for your support.
Sincerely,
Georg Seiler
Dear Mr. Seiler,
Thank you for your question and your interest in tax-saving opportunities for students. It is understandable that you are thinking about how to relieve your tight student budget. I am happy to provide you with some tips and guidance on how you can take advantage of tax benefits as a student.
First and foremost, it is important to know that certain expenses can be claimed for tax purposes as a student. These include, among others, deductible expenses such as transportation costs to the university, academic literature, work materials, or tuition fees. If you work alongside your studies, the costs of work materials, work clothing, or further education can also be deducted as business expenses.
In your case, with a monthly income of 450 euros from a part-time job and receiving 600 euros per month in BAföG, you can claim business expenses from both sources of income. It is important to gather all relevant receipts and evidence in order to declare the business expenses in your tax return.
In addition to business expenses, you can also take advantage of other tax benefits, such as the deduction for health and long-term care insurance contributions or the child allowance, if you are still eligible for child benefits. Therefore, it is worthwhile to review all possible expenses and income in order to maximize tax benefits.
To prepare and submit your tax return optimally, I recommend consulting a tax advisor or using tax software specifically designed for students. These programs guide you through the input of relevant data step by step and automatically check which tax benefits you can claim.
I hope this information helps you and that you can take advantage of the opportunities to save taxes as a student. If you have any further questions, please do not hesitate to contact me.
Best regards,
Zofia Schulz
