Ready, Set, Tax: Navigating Your 2024 Return and Key Changes
- Approximate reading time: 4 mins
Submit your 2024 Tax Declaration with These Tips in Mind - 2024 Tax Filings: Critical Factor to Remember in Your Financial Planning
Fighting off the tax monster early can help secure any unclaimed refunds. The 2024 tax year may seem distant, but it's handy to know crucial deadlines, alterations, and top tips to stay ahead of the game. Let's dive into the details!
Beat the Deadlines
The dates for filing your 2024 tax return have shifted, giving you a bit more breathing room compared to previous years. Preparing for a submission by Thursday, July 31, 2025, should be your target, as August 31 falls on a weekend (whew!). If you engage the help of a tax consultant or tax assistance association, you receive extra time—the deadline is April 30, 2026, although the tax office might request an earlier filing in certain situations.
Taxphobes rejoice! You can submit your return voluntarily up to four years following the tax year itself without getting in trouble. For 2024, your deadline is thus December 31, 2028. It's a beautiful thing to know that, until the end of 2025, you could still file the voluntary return for 2021 and beyond.
Late submissions can trigger hefty fees—as much as 0.25 percent of your assessed income tax at least 25 euros per month. So, be punctual!
Am I On The Tax Radar?
If you fall into one of these categories, expected to prepare your 2024 return:
- Partners with tax classes 3/5 or 4 with a factor
- Employees with tax class 6
- Freelancers or self-employed folks
- Recipients of untaxed secondary income over 410 euros
- Pensioners earning more than the basic allowance of 11,784 euros
Submitting your return early often results in a refund of overpaid taxes. The average refund typically hovers around 1,100 euros.
Preparation tips
Many taxpayers still rely on paper submissions, a practice that the tax offices have moved away from. The standard method involves the free online Elster portal, which facilitates electronic filling and sending of forms, without hassling with papers. You can also utilize commercial tax programs or apps, available for around 20-45 euros, to simplify the process. Stiftung Warentest recommends Wiso as the top choice, but other software can suit your needs just fine.
For those less confident in handling their tax return alone, help is available from a tax assistance association or tax consultant, generally priced in the triple digits, depending on case complexity and income. Tax assistance associations are ideal for employees, civil servants, and pensioners (but not self-employed folks), while tax consultants cater to all groups. Tax software and consultant costs are tax-deductible in the following year.
Changes and Tax Relief Measures
In light of the economic situation, the government has introduced multiple tax relief measures, automatic in some cases, others requiring separate applications.
Extensions and accommodate Emergencies
Hurricane Helene's aftermath necessitated various tax deadlines postponements in some states between late September 2024 and May 1, 2025[5]. Affected individuals and businesses can benefit from this extension, granting more time for filing and payments.
Tax relief
A significant tax relief provision throughout 2024-2028 abolishes taxes on overtime income, effectively allowing those earning less than $160,000 in 2025 to deduct overtime wages from their taxable income[1].
Inflation-adjusted rates and standard deductions
The tax brackets for 2024 remain progressive with combined rates of 10%, 12%, 22%, 24%, 32%, 35%, and 37% that vary across income ranges[2]. The standard deduction for 2024 adjusts yearly to account for inflation and will apply differently based on filing status, age, and other factors, offering taxpayers larger deductions and potential savings compared to previous years[3].
- 2024 Tax Return Deadline
- Extensions and Accommodations for Emergencies
- Tax Relief Measures and Changes
- Community aid might be available to those struggling with paying their taxes, considering the newly introduced tax relief measures aiming to support individuals and businesses.
- To effectively manage personal-finance during the tax season, you could consider utilizing aid schemes such as tax assistance associations or commercial tax programs to ensure a smooth and accurate tax return process.
