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Tax refund made easy: This is how you get your money back!
Find out how Austrians can benefit from tax refunds of up to 500 euros through employee assessments. Find out about deductible costs, the home office allowance and special burdens in the context of the 2024 tax return.
Tax refund made easy: This is how you get your money back!
An alarming number emerges from the current surveys: every year around 1.7 million Austrians forego their employee tax assessment and thus a possible tax refund, which could amount to an average of over 500 euros. Many people don't know that they can get money back from the state with tax equalization. According to Aleksej Sinicyn, the founder of “Taxefy”, a financial app for tax equalization, many citizens miss the opportunity because they do not know the options for deducting their expenses. The year 2024 was particularly challenging for many, as high inflation coupled with storm damage, which caused immense costs, increased financial burdens. Under certain conditions, clean-up costs and replacement costs can be deducted as “extraordinary burdens”, as Wilfried Krammer from “Deloitte Austria” explains.
Anyone who works from home can claim up to 300 euros per year for furniture and equipment. Donations to beneficiary institutions are also deductible, meaning taxpayers can get up to 600 euros back if they donate to churches. Other deductible costs include expenses for the energy-efficient renovation of buildings as well as commuter allowances, depending on the distance to the place of work. The annual wage tax adjustment is particularly important, as it obliges employers to reimburse employees in the event of excessive tax deductions. This process ensures that the actual tax deduction is determined based on wages and, if necessary, that any excess wage tax paid is refunded haufe.de reported.
Tax benefits in detail
The annual payroll tax adjustment procedure is particularly important for those who employ at least 10 employees as of December 31st. There are clear regulations that determine when an annual balance can be carried out and which conditions must be met. Changes in an employee's personal circumstances, such as a reduction in working hours, can lead to differences between the withheld and actual annual payroll taxes. If too much tax was paid, the employer must reimburse the difference. These reclaims take place before the payroll tax assessment is issued, which represents an important financial advantage for employees.
The deadline for the 2020 tax equalization ends in 2025 and taxpayers have numerous options for refunds. It is advisable to actively address the issues of taxes and refunds in order to optimize your own income and benefit from potential repayments, as well as on 5min.at is urgently pointed out.