Upcoming Tax Filing Changes for 2024: Deadlines, Exemption Thresholds, and Key Insights to Consider - 2024 Tax Declaration Deadlines and Exemptions: Crucial Information You Need to Understand
2024 Tax Declaration: Key Deadlines, Tax Reliefs, and Filing Methods
In the 2024 tax year, the deadline for filing returns has moved forward by one month, while tax reliefs on income tax have been increased. Here are the essential details you need to know.
Deadline for Tax Return Submission
The general deadline for submitting your 2024 tax return is Thursday, July 31, 2025, with an exception for those who file with a tax consultant or tax assistance association, whose deadline is April 30, 2026. A late submission may incur a penalty of 0.25% of the assessed income tax, starting from 25 Euros per month.
Extending the Deadline
An extension of the deadline is possible only in exceptional circumstances, with reasons other than self-imposed delays. Obtaining an extension involves informally applying to the responsible tax office, with potential reasons being illness, extended foreign travel, or missing documents.
Who Needs to File a Tax Return
Those required to file a tax return include couples with tax classes 3/5 or 4 with a factor, employed individuals with tax class 6, self-employed individuals, and those who received specific income or unemployment benefits. Submitting a voluntary tax return may lead to a refund of overpaid taxes, averaging around 1,100 Euros.
Digital Filing and Assistance
While posting paper tax forms is still possible for employees and pensioners without self-employment income, tax offices encourage digital submission via the free Elster online portal. Tax software or apps can also be employed, costing between 20 and 45 Euros. Tax assistance associations and tax consultants offer professional assistance but charge in the three-digit range based on complexity and income.
Changes in the 2024 Tax Year
Several changes affect the 2024 tax year. The basic allowance has risen from 10,908 Euros to 11,784 Euros, with other key values being adjusted accordingly. The child allowance will increase by 600 Euros, and the child allowance and BEA allowance will no longer be reduced for children living in EU member states. Other alterations include an increased mini-job threshold, an extension of the moving allowance, and increased tutoring expense deductions. For those affected by the 2024 floods, various relief measures are available, alongside increased tax deductions for corona and Ukraine aid.
Form 1099 Changes
In response to changes in the 2024 tax year, Form 1099-K must be issued for total payments exceeding $5,000, with the threshold set to decrease to $2,500 in 2025 and $600 in 2026. The e-filing threshold remains at 10 forms, requiring businesses or individuals filing 10 or more information returns to do so electronically. Other key deadlines include the general deadline of April 15, 2025, for federal tax returns, payment deadlines, and the deadline for providing recipient copies of certain 1099 forms. In response to natural disasters, the IRS has postponed deadlines in specific areas.
In light of the changes in the 2024 tax year, it could be beneficial for individuals to seek vocational training related to personal-finance and taxation, as understanding the tax policy will be essential for accurately filing returns. For those who may need financial assistance to fund their vocational training, there might be opportunities for grants or loans specific to this field.
