Reduce the tax bill before the end of the year

[Aklima@42]

The end of the year is approaching and it is common that, if it has not been done before, one begins to look for a way to reduce the tax bill of the business activity of the self-employed or of the companies. Once we face the last quarter and with the majority of the activity already done, we must plan, based on the result that is going to be obtained, a system that allows us to reduce the taxes to be paid, IRPF or Companies, as the case may be.

For self-employed workers and companies there are a number of possibilities that allow them to reduce the profit on which they are going to pay taxes. We will now explain them so that they can be taken into consideration and calculate the savings that can be made by adopting any of these measures.


What can self-employed people do?
For self-employed workers, an obvious option is pension plans . The maximum contribution limit to an insured pension plan or a pension plan is 10,000 euros per year, for people over 50 years of age the limit rises to 12,500 euros per year. Contributions to these products can be periodic or extraordinary, depending on what has been contributed during the year and what remains up to the maximum allowed, we can make an extraordinary contribution for the difference.

The premiums paid by the self-employed for life finance and banking email list insurance policiesthose that cover the contingencies of death or disability of the insured, in this case the self-employed person, are also deductible. The maximum deductible for this type of product is 500 euros per year.

Likewise, and in the same amount, the premiums paid for health insurance can be deducted , that is, those that we contract with a private entity and that offer us the possibility of having a private medical service in exchange for the payment of a fee. In the case of this type of insurance, in addition to the premium paid by the self-employed person, the premiums corresponding to the members of the direct family (spouse and children) who live with him are deductible, in this case the maximum is 500 euros per year for each member of the family.



The options of the Societies
In the case of companies, the options are the same as those already mentioned. Both pension plans and life or health insurance, but we must bear in mind that we can extend the contracting of these products to the company's employees and deduct that expense.

We can subscribe to a pension plan or private health insurance in the name of the company with the workers as beneficiaries . In this way, we will deduct the amounts paid into them, and can impute these payments as compensation in kind to the workers.