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So that the dreaded January slope does not become so hard, we review the aid that is in Madrid for parents, young people and other tax deductions in 2018.
Happy new year! We have already entered 2018 and with it comes the dreaded January slope. So that it does not become so hard, we are going to review the aid in Madrid for parents, young people and other tax deductions. In addition to the celebrations typical of these dates, the purposes to be fulfilled during the next 365 days and the reflections on how the last twelve months have gone, it is also time to dip into your pocket and do the math. The average expenditure per household in 2018 can be better than we have planned if we live in Madrid and we benefit from some aid that has come into force on January 1, 2018. It is good to know about them and to know the tax advantages that we have from now to save a few euros month by month.
We start the review at tax deductions in 2018 of Madrid with the entry into force of the increase in the deduction for birth or adoption. The 2018 Budget Law of the Community of Madrid includes a discount of 600 euros per year in personal income tax for three years for each child born or adopted as of this Monday, as long as they meet maximum income requirements.
This saving of 600 euros per year for each child is also applied in cases of international adoptions or multiple births during the first year, increasing the existing benefit to date. To benefit from this Aid for child birth in Madridthe taxpayer’s income limit will have to be:
- 30,000 euros in individual taxation
- 36,200 euros in joint taxation
- 60,000 euros of income per family unit
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To these aids will not be added the extension to 5 weeks of the paternity leave planned for 2018. Last year ended without an approval of the General State Budgets in the last Council of Ministers of 2017 held on Friday, December 29, where it is included This new measure, which contrary to what was promised, would enter into force on January 1, 2018. Spanish parents will continue to enjoy one month for the birth, adoption or foster care of a child, approved just one year ago.
Aid in Madrid for rent
If you are someone who lives for rent in Madrid, you are in luck. As of this January 1, 2018 the deduction for rental of habitual residence for people under 35 years of age has been extended to 30% – previously it was 20%. In addition, for this fiscal year the maximum deductible amount per year is increased, which goes from 840 euros to 1,000 euros. The age is also raised to 40 years for people who are unemployed with family responsibilities.
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othertax deductions in 2018
It is estimated that close to 165,000 people from Madrid can benefit from these extensions in the Tax deductions in the 2018 Income Statement. For their part, the more than three million Madrid taxpayers will continue to benefit from the lowest regional Personal Income Tax (IRPF) rate in Spain. This tax has been lowered in the last decade between 20.8% for the lowest incomes (less than 12,450 euros) and 2.3% for the highest incomes (greater than 53,407.20 euros).
Tax benefits in 2018
During the next 365 days, the existing aid related to the foster care of minors, people over 65 years of age and people with disabilities will be maintained. Added to this are deductions for educational expenses, and also those for families with at least two children and a family income of less than 24,000 euros.
Young entrepreneurs will also continue to be able to deduct up to 1,000 euros during the first year of activity. Similarly, investors in newly created or expanding entities may deduct 20% of the amounts invested, provided they contribute their knowledge and experience to the development of the company.
(Source: Europa Press)
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