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“Income tax is the hardest thing in the world to understand” (Albert Einstein)

Leo Mattersdorf drew up Einstein’s income tax return when the great physicist was living in the USA. During a dinner, the author of the Theory of Relativity commented to him that “income tax is the hardest thing in the world to understand”.

If the great genius thought it was difficult (the procedure, not the theoretical base), how does the income tax return look to us ordinary mortals?

Filling out the forms properly entails paying attention to a lot of details. Remember:

1.- The tax return submission period opens on 1 April and closes on 30 June.

2.- Request your assessment as soon as possible and review the deductions carefully.

3.- If you are married or in a de facto partnership, calculate whether declaring as a couple is an advantage or not.

4.- Remember that people over 65 have more deductions.

Deductible insurance

Maybe you didn’t know this, but there are several types of insurance policy that you can deduct from your taxable base.

  • Life insurance and home coverage associated with the purchase of a dwelling.
  • Rent insurance. Up to 100% of these premiums are deductible in some autonomous communities.
  • Health insurance for self-employed workers up to 500 euros per year. These may include protection for the spouse or partner and children under 25 years of age.
  • Contributions to Pension Plans.

You can also deduct donations to NGOs, remuneration in kind (such as restaurant cards) and compensation for unfair dismissal, among others.

Our advice: professional consultancy.