Artificial intelligence also lends a hand to save in the income campaign. ChatGPT, one of the most widespread alternatives today, offers several tips to reduce the tax bill when paying personal income tax if you ask about it.
These are generic, basic tips, which lack a certain detail and in some cases an update. Following them "can be useful in different situations, depending on your fiscal and personal profile," the tool replies.
One of the first pieces of advice that ChatGPT gives is to "take advantage of tax deductions". "There are different types of deductions that allow you to reduce the tax base and, therefore, pay less tax." It is usually one of the most common tips when dealing with the statement. "Review in detail all the tax deductions that may apply to you and make sure to include them in your statement," it is insisted.
Specifically, it cites those of habitual residence, for investments in newly created companies or for donations to NGOs, among others. One could also mention those that are allowed for work to improve energy efficiency in homes, one of the most recent developments.
Following the thread of the above, artificial intelligence recommends "knowing the regional deductions". "In addition to the state tax deductions, there are also regional deductions that vary depending on the region in which you reside. It is important that you know the regional deductions that apply in your autonomous community."
In this case the range is very wide. There are regional deductions for investment in housing, rent, the rise in inflation, the purchase of electric cars, bicycles, for adoption, for school expenses...
To try to save something more, another of the recommendations is to "make the income statement jointly". "If you are married or living with your partner and you both have income, it may be more beneficial to file the income statement jointly. In this way, you will be able to apply tax deductions that you could not use if you file the statement individually."
In this case you have to take the advice more carefully. The advisers recommend the joint for marriages if both have income only in the case that one enters very little. Also with those under the age of 25 living together and who earn less than 8,000 euros per year and in cases in which it is interesting to compensate losses and gains from various operations.
"Consider the possibility of applying the reduction for work income: if you have income from work income, you can apply the reduction for this concept in the tax base. This reduction can reach up to 5,565 euros per year, which will allow you to reduce your bill fiscal".
Specifically, the reduction mentioned is applied to net income from work of 13,115 euros or less. Up to 16,825 can also be applied, but a coefficient comes into play that dwarfs the reduction.
Continuing with the review of the fine print, it is advised to "review the deductions for large families." "If you are part of a large family, you can apply a series of tax deductions in the income statement, such as the deduction for large families, the deduction for dependent ascendants with disabilities or the deduction for childcare expenses."
In the general case, it refers to the deduction of up to 1,200 euros per large family at the state level and to the deductions per large family that apply in regions such as Andalusia, the Canary Islands, Castilla-La Mancha, Castilla y León, Galicia or the Valencian Community. Childcare expenses go through the maternity deduction and regional deductions. On the other assumptions, these are minimums -the part of the income that is not taxed as it is used to satisfy basic personal and family needs- special.
Another tip that is offered, also common, is to offset losses and gains from investments.
"Plan your investments: if you have investments in shares, investment funds or other financial products, try to plan your sale so that it occurs at times when the tax rate is lower. Take into account property losses: if you have had losses in the sale of shares, investment funds or other financial assets, you can compensate them with the profits obtained in other assets.
This will allow you to reduce the taxable base and pay less taxes", it is pointed out. It must be taken into account in any case that not all operations can be offset between them.
The contribution to pension plans was one of the star measures in previous years, since the margin has been gradually reduced. "Contributions to pension plans are deductible in the income statement up to certain limits. Therefore, if you are interested in saving on taxes, you can consider making contributions. Keep in mind that these plans have a series of restrictions, such as age retirement and limiting withdrawals before the expiration date," argues ChatGPT.
The tool operates with information collected up to September 2021. In recent years the deduction has been reduced, from the 8,000 euros deductible in individual plans, the most common, in 2020 to 1,500 in 2022. On the contrary, it has been The contribution in business plans has been increasing up to 8,500 euros.
The last piece of advice is to consult professionals to get the most out of it. "A tax advisor will be able to analyze your personal situation and offer you the best options to reduce your tax bill," she points out.
It will also avoid surprises: "You must always comply with your tax obligations and not engage in practices that could be considered tax fraud," the tool warns.
