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All that You Need to Know About Taxations

Tammy Wilcox September 17, 2020

Travel expenses are the most common deductions in a tax return. Travel expenses refer to all travel expenses related to going to work and doing work. They are deducted from earned income.The deduction for travel expenses between home and work is paid according to the cheapest means of transport available. Usually it means public transport, even if commuting is done all year round, for example by taxi.

Deductible Expenses

The deductible for expenses this year is 750 euros, which means, for example, that the annual costs of an internal Helsinki ticket do not exceed the limit.

Reducing the cost of your car is rarely successful. It is not enough, for example, that a child has to be taken to day care on a business trip. The deduction can only be made according to the use of your own car if public transport is not available or the business trip includes at least three kilometers of walking in your direction. The cost of using your own car can also be reduced by those who have to wait for public transport on business trips for at least two hours a day or whose journey begins or ends at night.

  • If you live in a different place than where you work and spend the night on weekdays, you can also reduce travel expenses for trips to your family on weekends.
  • Travel to work places during the working day for example, in the case of home nurses, car drivers and sales representatives is in turn deducted as income-generating costs.

Be sure to reduce your investment costs

Brokerage fees are included in the purchase and sale prices that the tax service has reported to the taxpayer. However, you should make sure that you remember to deduct all other expenses directly related to the investment activity with the tax return: for example, the monthly fees for investment literature and stock analysis services acquired during the year. For tax return estimate you need the best online calculator now.

Depending on the scale of your investment, you can make other deductions, such as a workroom deduction. See your taxpayer’s instructions for determining your workroom deduction. Deductions can also be made, for example, for an Internet connection and a new computer purchased during the year, if their use has played a role in investment activities.

Check loan interest deductions

We will notify the taxpayer of the credit interest accrued during the tax year, if you have had a credit limit in use. The purpose of the loan is reported as income from investment activities. If the purpose of the loan stated in the credit application has changed (ie you have withdrawn the credit from the portfolio), report the changed purpose directly to the taxpayer. Nevertheless, we recommend that you still check the tax return yourself to make sure that the credit interest has been reported correctly.

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