Employees can deduct various expenses from their taxes. These include advertising costs or a commuter allowance. They can also, to a certain extent, include the cost of education or insurance and healthcare on their tax return.
But pensioners can also claim expenses for tax purposes. For example, you can receive a partial exemption from medical and nursing expenses. What many probably don’t know: Retirees can also sell their car insurance and save a lot of money.
How pensioners can deduct vehicle tax
Employees can simply include their liability insurance in their tax return. In this way, the applicant identifies himself as both the policyholder and the owner of the car. If you forgot to state these costs, the information can also be given later. As a rule, an objection period of one month applies.
According to reports from Allianz Insurance, the specific sums that are tax deductible depend on Factors such as income, professional group or vehicle use.
Retirees can also deduct the cost of their car insurance from their taxes. Like retirees, who often have a higher tax burden than retirees, they can also reduce expenses as a result of a State motor vehicle liability insurance on your tax return. For this it is necessary to provide appropriate information by the end of July each year to the tax office to submit.
What are the financial savings as a result? According to an Allianz report, these depend on the individual case. Retirees with low retirement incomes could benefit. According to the insurance portal Clark, pensioners can in total claim up to 1900 euros in special expenses in their tax return. The money could provide relief for many in times of inflation.
Are you interested in other pension topics?
