Tax deductions allow you to save. In order not to miss out on the benefits, you need to understand when you can apply for a refund and how to do it correctly. In this article, we talk about social tax deductions and the categories in which you can receive them.
What is a social tax deduction?
This is a refund of part of the personal income tax paid on expenses you made over the last 36 months. The social deduction is only available to tax residents of the Russian Federation. This means that you must be in the country for at least 183 days during the year.
Since the refund is made with personal income tax, one of the main conditions for the deduction is official income under an employment contract. However, it is not necessary to be employed at the time you belarus mobile database apply for the deduction. You must be employed during the tax period when the expenses were made. For example, if you want to return the money you spent on treatment in 2022, you will have to confirm that you had an official job during this billing period. At the same time, the amount of the payment cannot exceed the amount you paid as personal income tax in 2022.
The refund is not available to individual entrepreneurs on the simplified tax system, the self-employed, and students receiving a scholarship. It is also impossible to receive it if you spent maternity money or any other social benefits.
How much money can you get
The maximum amount of expenses for which you can receive a deduction is 120,000 ₽. Only the part that went to personal income tax is returned, that is, 15,600 ₽. There are three exceptions to this rule:
no more than 25% of annual income is returned for charitable expenses;
for the education of each child, only expenses up to 50,000 ₽ are taken into account;
For expensive treatment, the amount to be refunded is limited only by the amount of personal income tax paid.
If you had several socially significant expenses during the year for a total of more than 120,000 ₽, you choose which of them to apply for a tax deduction. You cannot receive more than 15,600 ₽ if you did not pay for expensive treatment.