Maximizing Tax Deductions: A Comprehensive Guide (INFOGRAPHIC)

Maximizing Tax Deductions in Form 730/2024

The pre-filled form was made available to taxpayers starting from April 30th, with submissions and modifications possible from May 20th.

Deductible Expenses to Pay Less Taxes

Since the beginning of the declaration season, taxpayers have begun reviewing last year’s expenses that can be deducted to reduce taxes, leading to potential tax refunds, especially for most employees and retirees.

The list of tax deductions is extensive and varied, including expenses such as:

• Educational expenses
• Rent costs
• Interest on mortgage loans
• Home renovation expenses
• Funeral expenses
• Sports expenses
• Public transportation passes

Key Updates in Form 730/2024

Among the significant updates in Form 730/2024 is the option to spread out expenses incurred in 2022 with the 110% super bonus over ten years, allowing even those with lower tax capacity to recover the due deduction.

In 2024, it is important to note a lower furniture bonus in Form 730 for expenses made in 2023, with the limit now set at 8,000 euros, enabling a maximum deduction of 4,000 euros.

Starting this year, Form 730 also includes data concerning IVIE, IVAFE, and the substitute tax on cryptocurrencies (in the new Quadro W).

Reducing Taxes with Deductible Expenses in Form 730

Through Form 730, taxpayers can benefit from a 19% refund on various incurred expenses.
One common example is medical expenses, where deductions apply to amounts exceeding 129.11 euros.

Besides tax deductions reducing the tax amount due, tax returns also offer tax deductions that lower the taxable income on which the tax is calculated, providing a discount on the payable amount, albeit in different ways.

Understanding the list of deductible or deductible expenses is crucial for those required to file tax returns.

For this reason, Money.it’s tax editorial team has created an easy-to-read guide featuring key deductions, enabling even novices to navigate the tax landscape efficiently.

An informative infographic summary, downloadable and printable, can be kept handy to submit the pre-filled Form 730 and leverage all tax benefits by the upcoming September 30 deadline.