Slamming Down Taxes for 2024: The Lowdown You Need
- ⏱️ 4 Min
Submit Your 2024 Tax Return: Key Considerations to Bear in Mind - 2024 Tax Filings Require Your Attention: Essential Information to Bear in Mind
You've still got time to put your tax game on point for the year 2024. But if you're chomping at the bit to nab any excess tax refund, get rolling now. For the tax year 2024, several tax reliefs hit the income tax scene, some of which are automated, while others need a little elbow grease. Let's break it down for you with the lowdown on deadlines, changes, and tips to conquer your taxes this year.
When's the deadline for filing the 2024 tax return?
Just like a high-stakes poker game, the deadline for spilling your tax secrets has moved again compared to previous years, landing on Thursday, July 31, 2025 this time around (since August 31 falls on a weekend). If you're rolling with the tax pros, you've got a bit more time—the deadline is April 30, 2026. Watch out, though, as the tax office might call an audible in unique situations.
If you're feeling the urge to play it slow and send your tax return sauntering in after July 31, you've still got a few options. Citizens can file their tax return as late as December 31, 2028, but only if they're voluntarily throwing their hat in the ring. And, until the end of 2025, you can still submit a voluntary tax return for 2021, and of course, the following years as well.
Miss the deadline, and the tax office might get a little grabby with late fees. Expect a fee of 0.25 percent of the assessed income tax per month you're delayed—at least 25 euros per month.
Can I extend the deadline?
An extension of the deadline is only possible in freaky situations, provided the reasons aren't self-inflicted. If you're looking to send your tax return skating later, you can make an informal plea to your local tax office. Reasons might include illness, extended trips, or missing documents. Keep in mind, though, that the tax office can still require an on-time submission if vital documents are outstanding—a heads-up can be corrected retrospectively.
Who needs to file a tax return?
You're required to claim your tax refund if you're rubbing shoulders with any of these groups:
- Couples sporting tax classes 3/5 or 4 with a factor
- Employees with tax class 6
- Freelancers bragging about income from freelance activities or businesses
- People with untaxed secondary income of over 410 euros
- Recipients of unemployment benefits (unemployment benefit I, short-time work allowance, parental allowance, sick pay)
- Pensioners raking in more than the basic allowance of 11,784 euros.
Giving your tax return the green light on a voluntary basis can pocket you some extra dough, as it usually means you'll get refunded for overpaid taxes. According to the Federal Statistical Office, the average refund clocks in around 1,100 euros.
How can I prepare my tax return best?
Half of the taxable individuals still approach their tax game the old-fashioned way, by slapping their global thermometer down on basic end-of-year paperwork. In principle, mailing your forms is still possible for employees and pensioners without self-employment income. However, the tax offices prefer a new kid in town: the digital way. You can fill out and send your tax declaration electronically via the free online portal "Elster" of the tax offices.
Want to make your tax game slicker? Invest in a commercial tax program or app, costing between 20 and 45 euros. These taxed turbo-chargers simplify the process, ensuring you don't overlook crucial details with tips and hints. So, the price gets wagered back quickly. Test winner? Wiso, but other programs also hold their own in the game.
Feeling like you need a finance game savant by your side? Consult a tax assistance association or tax consultant, which usually costs a three-digit amount. Tax assistance associations are cheaper but are limited to employees, civil servants, and pensioners (not the self-employed).
Good news: Expenses for tax consultants or tax software can be deducted from the taxes of the following year.
What's new for the 2024 tax year?
The federal government is cutting taxpayers some slack with tax reliefs for the tax year 2024. The tax offices will automatically factor in the increased basic allowance, raising it from 10,908 euros to 11,784 euros. The other values keyed into a higher tax rate have bumped up accordingly.
The child allowance will swell by 600 euros for the tax year 2024 to 6,612 euros (3,306 euros per parent). Alternatively, parents can benefit from child benefits of 250 euros per child. The tax office will sort out which is more profitable.
The child allowance and the allowance for care, education, and training needs of children, the BEA allowance, will no longer be phased out if the child lives in an EU member state. This rule follows a ruling by the European Court of Justice (ECJ).
The mini-job threshold will leap to 538 euros per month for the tax year 2024. This stride is based on the increase in the minimum wage to 12.41 euros per hour (2025: 12.82 euros).
Those who've moved for work after February 29, 2024, can claim higher business expenses. The moving allowance has been boosted to 964 euros. For each additional household member (partner, children) moving, 643 euros can be claimed as a flat rate.
The costs for tutoring can now be passed along as business expenses up to 1,286 euros. That's 105 euros more than in 2023.
Those suffering from the floods in 2024 can reap tax relief, including deferrals, special depreciation for replacement acquisitions, and simplified proof of donations.
Donations for corona and Ukraine aid can be deducted as special expenses up to 20 percent of income.
The community aid can utilize the increased basic allowance within the aid scheme for the 2024 tax year, rising from 10,908 euros to 11,784 euros, benefiting many personal-finance situations. To optimize the tax return process, considering a digital tax program or app, which can cost between 20 and 45 euros, aids in ensuring no crucial details are missed.
