Optimize with 6 tips: This is how to quickly save on taxes at the end of the year

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With the new year comes the new tax law. If you want to save taxes for the current tax period, you must take action by December 31st at the latest. These are methods for tax optimization:

You can deduct the payment from your taxes to a special Pillar 3a retirement plan. Its maximum amount is 7,056 francs for employees and 20 percent of earned income for the self-employed, up to 35,280 francs. You can pay a smaller amount, but in this case the tax deduction will also be smaller. Attention: Since December 31 falls on a Sunday this year, deposits must be made by December 28 at the latest in order to be recorded securely.

Everyone who has been paying into Column 3a for a long time must split it. “If you have a maximum balance of 80,000 francs, it is advantageous to open the next column 3a,” advises tax expert Simon Lei (41), owner of Lei Treuhand in Zurich.

You can also deduct payments made to an occupational pension plan (column 2) from your taxable income. The same applies here: For tax purposes in the current year, the transfer to the pension fund must be made by the end of the year. Such payments help improve your pension in old age.

“Even those who plan to buy their own home may pay off over a few years and then give up on the second pillar of homeownership,” Lei explains. Important: Payment is subject to a three-year hold period.

You can also claim charitable donations on your tax return. You must donate a minimum of 100 francs and a maximum of 20 percent of your net income. Don’t forget your donation receipts!

If you pay your entire 2023 tax debt according to the tax invoice and in installments, if desired, by the end of the year, you will only be able to benefit from the fee interest. In any case, you will not be threatened with any late payment interest. Smart people pay taxes in advance.

The deduction amount varies from year to year and is stored in the online tax document. However, it is often forgotten what you can claim a deduction for.

Illness and accident expenses: All expenses exceeding 5 percent of net income are deductible. This includes the dentist, glasses, hearing aids including batteries, contact lenses and more. Lei recommends: “Send all medical expenses, even those that are not paid, to the health insurance company.” This way, you will have a summary of your costs at the end of the year.

Children cared for by others: In addition to the cost of daycare or after-school care, you can also claim the expense of private child care, such as a nanny. Different maximum deductions apply depending on the canton. At the federal level this is 25,000 francs.

People who need support: Anyone who financially supports parents or adult children can claim a deduction. The prerequisite for this is that the supported persons cannot work or can only work to a limited extent due to physical or mental disabilities.

Source :Blick