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Tax tips for Students

Tax tips for Students

Taxes.. We all have to deal with it. Taxes go, for the most part, towards a good cause. But when you read as a student that you might be able to take advantage of some tax breaks, instead of only losing money to it, continuing reading the article suddenly sounds a lot more interesting, right?!

In this article we go deeper into tax breaks that you as a student can benefit from. With the knowledge you gain from this post, you will no longer fear the notorious blue letters. Read on and take advantage of the tax tips for students!

When should you submit your tax returns?

If you have been informed by the tax authorities to complete your tax return, you must certainly obey it. If you have to pay more than € 46 to the state, filling in this declaration is also mandatory. If you are entitled to more than € 15, it is of course smart to do a refund. This is free money after all! Everyone has until May 1st to complete the tax return, but depending on when you do this you will be notified sooner or later of your refund.

If you complete your tax return before 1 April, you will be notified before 1 July about how much money you will be refunded. No joke! If you do it prematurely, you will get your beloved money back from the tax authorities in August. The festival season is still going strong then, so something tells me that you can use this money well this month. So fill in your tax return as soon as possible and take advantage of the refund in the middle of summer!

Healthcare; what about that?

Of course we at Jopp hope that you are in perfect health, but if you had extra costs last year for medicine or extra care that were not insured and were subject to the deductible excess, you are entitled to deduct. But watch out; there is a threshold amount. With an annual income of €7,600 you can only deduct after €131. If you earn more than this annual income, the threshold also increases. So always check this carefully before deducting the costs of the medication!

Apply your income tax with care!

As a student, both living away from home and living at home, you know better than anyone that it is hard to get by in the month. Books, vacations, festivals, beers, Saturday night out.. Every transaction is another hit on your bank account. It is not surprising that you have a part-time job or even two. You can do well to use your income tax with the job where you make the most money. If you want to earn money quickly, then this article might also be of interest to you.

Crypto; report it or not?

You could not have missed it; the massive hype around the digital coins. So there is a certain chance that you yourself have also invested some euros in cryptocurrency. You do need to enter this at the tax authorities. Just like other investments, the tax authorities would like to know. This does not immediately have adverse consequences.

You will only pay tax over this after €25,000. This in turn can cause nasty surprises. The tax authorities examine the value of your assets on 1 January. The value of your assets can therefore vary considerably depending on the price of your beloved crypto at that time. So do not enter a gray area and state your crypto value.

If only I had a time machine..

With the tax return you can go far back in time to complete the previous returns. This is of course worth reporting if you expect to receive more than €15 . Even if you have not received a notorious blue letter in recent years, you can simply make a declaration online.

Who knows how much you can get back from the tax authorities. This opportunity is of course not to be missed. So take a look at previous years to see if there is anything to be gained! So now you do have a time machine.

Don't postpone!

As mentioned earlier, don't put it off. With delay comes forgetting and misery. Procrastination is something you should not venture into. This also does something with your mindset and approach to other tasks. Do not fall into the pit of procrastination, this will not help you later! So take advantage of all tax tips and become a true financial master. On our blog you'll find other articles about making money fast, student jobs and tips for saving your hard earned cash!

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