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Get Tax Returns for Students in Germany | Even If You Have Paid Zero Taxes !!!
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Get the Student Tax Guide here:
Navigate the German Tax Landscape with Ease: Join The First-of-Its-Kind Collaborative Platform for FREE! Sign up now to secure your spot and gain early access!
If you are a student, you may not have to pay any taxes at all. This is because any income below 10.908€ (*2023) is not taxable, and most mini jobs pay less than that per year.
But here's the thing: just because you don't have to pay taxes now doesn't mean you won't have to pay them in the future. That's where Verlustvortrag, or Loss Carryforward, comes in. This is a little-known tax strategy that students can use to reduce their taxable income from their future job.
All you have to do is file a tax report stating your expenses and tick a small check box "Erklärung zur Feststellung des verbleibenden Verlustvortrags:” in your declaration. By doing so, you can carry forward your expenses for up to 7 years and reduce your taxable income from your future job.
The game continues until you are no longer a student and start earning a taxable income. At this point, the collected losses are then deducted from your taxable income, and you can get a substantial tax refund. This can make a huge difference in your financial situation, so it's definitely something to keep in mind.
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. The links above include affiliate commission or referrals. The video is accurate as of the posting date but may not be accurate in the future.
Navigate the German Tax Landscape with Ease: Join The First-of-Its-Kind Collaborative Platform for FREE! Sign up now to secure your spot and gain early access!
If you are a student, you may not have to pay any taxes at all. This is because any income below 10.908€ (*2023) is not taxable, and most mini jobs pay less than that per year.
But here's the thing: just because you don't have to pay taxes now doesn't mean you won't have to pay them in the future. That's where Verlustvortrag, or Loss Carryforward, comes in. This is a little-known tax strategy that students can use to reduce their taxable income from their future job.
All you have to do is file a tax report stating your expenses and tick a small check box "Erklärung zur Feststellung des verbleibenden Verlustvortrags:” in your declaration. By doing so, you can carry forward your expenses for up to 7 years and reduce your taxable income from your future job.
The game continues until you are no longer a student and start earning a taxable income. At this point, the collected losses are then deducted from your taxable income, and you can get a substantial tax refund. This can make a huge difference in your financial situation, so it's definitely something to keep in mind.
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. The links above include affiliate commission or referrals. The video is accurate as of the posting date but may not be accurate in the future.
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