“Deductible Insurances for Income Tax: What You Need to Know”

There are numerous services and concepts that can be unburden when the statement of incomedeductions that allow the final result to be a less bulky amount to be paid or to be returned.

Between the deductible expenses there are pensions, donations to NGOs, union dues, rehabilitation works of buildings and homes to have more energy efficiency, etc.

And there are also different types of safewhere a percentage of what is paid throughout the year will serve to alleviate the tax burden of the IRPF.

But not all insurances have the benefit of the deduction. According to a comparator survey Successthese are the ones that you can deduct from the Income.

Income: these are the six insurances that you can deduct from the declaration

one is the assured forecast planSurely they allow you to have savings to have a better pension at the time of retirement. The maximum that can be deducted in the declaration is 1,500 euros.

Life insurance

While most life insurance are not deductibleyes they are in case of autonomousbecause the Tax agency considers that it is an expense linked to the development of its activity. The limit to deduct this insurance is 500 euros, and up to 1,500 euros if they are self-employed with disabilities.

The self-employed can deduct life insurance premiums, because they are considered to be linked to the development of their activity

Mortgage Life Insurance

In this case it is possible deduct this life insurance, up to a cap of 15% and with a maximum limit of 9,040 euros. However, they have to be tied to mortgages to buy a home before January 1, 2013.

Home insurance

The only possibility of deducting these insurances is for those that were contracted with the signing of a mortgageor if they were contracted together with works to adapt a home for a person with disabilities, and the works were completed before January 1, 2017. And the households they must have been acquired before 2013.

Those self-employed workers who carry out their activity in the home may deduct it, where they can deduct the proportional percentage of the part of the home they use for their work.

health insurance

People who have contracted this type of safewhether self-employed or businessmen, either for themselves or for their family, may deduct up to a maximum of 500 euros per person and 2.000 euros per family.

In the case of employed workers, they will be able to access the deduction if they negotiate insurance for themselves and their family with the company.

But if they have medical coverage for the Flexible Compensation Plan They may have an interesting tax advantage, since the amount of the premium is not taken as work income and is tax free.

Car insurance

Vehicle insurance can only be deducted by people who are self-employed and who register their new car to be used in their professional activity.