Account Management Fees in Germany – Deduct Them from Your Taxes!

Nowadays, practically everyone has a bank account. Unfortunately, maintaining such an account is often associated with certain fees. These are not substantial costs, but as you know, every cent can add up to quite a large sum over time. Fortunately, account management fees are considered tax-deductible by the tax office, so they can be deducted on your annual tax return. Who can deduct tax on account management fees? Where do I enter account management fees in my tax return? You will find out in today’s post.

Deduct account management fees from taxes

Many people find them account management fees annoying – after all, no one likes to see money systematically disappearing from their account – especially if they aren’t spending it themselves. Unfortunately, this is common practice at most banks . But that’s not all; the fees are alsoregularly increased . What can we do about it? There are two options: you can complain about your situation and see the charging of.

as a necessary evil, or you take matters into your own hands and account management fees get some of your money back . But how?Account management fees in the tax return

Don’t know what you need to do to get your money back?

File your tax return and deduct the account management fees from your taxes . The German tax authoritiesallow this practice for many taxpayers who cannot do without a bank account. And if there is this possibility, why not take advantage of it? The deductible bank costs we are talking about today are treated by the tax office in Germany as

flat-rate account management fees , with a rate of 16 € per year . This means you can deduct this amount from your taxes.Flat account management fees – who can deduct them from taxes?

Who can deduct account management fees from taxes?

Employees

• Employees – For professionals, the tax office has provided the option to deduct flat fees of 16 € per year, which should be specified as advertising costs in the tax return. Retirees
• Employees – This might surprise, but the reality is clear: people who are retired, which is treated as income, have the right to file a tax return and get some of their money back. As with employees, the flat account fees amount to 16 € per year. Self-employed
• Employees – Running a business and a bank account? You can claim account management fees in your tax return as business expenses. The prerequisite is that the account is used solely for business purposes. Landlords
• Employees – Are you renting out your apartment or house and receiving money from your tenant into your private account every month? If so, you can estimate the portion of your account fees, which may be higher than 16 € per year, although you can take a standard flat rate for simplicity. Flat-rate account management fees in Germany – what can you deduct?

If you are considering filing your tax return, you should know that you can

also specify other bank-related costs. What account management fees can you deduct on your taxes? WThis includes expenses for: online banking,

• Employees additional debit cards,
• Employees individual transactions,
• Employees debit interest.
• Employees Where do I enter account fees in my tax return?

You can list the flat rate of account fees – or the actual amount if it is higher – as a deductible expense

in Annex N of the tax return . Deduct account management fees – With Taxando!

If you belong to one of the groups mentioned above, you should not wait but prepare your tax return and deduct the account fees. If you don’t know how to proceed, use the

Taxando tax return application. Our tool helps you to create the tax return and offers you the support of a professional tax advisor in case of doubt – you can rely on this when you choose the PREMIUM package . And all this at an extremely low price – we invite you to test our application. PREMIUM-Paket wählst. Und das alles zu einem extrem niedrigen Preis – wir laden Dich ein, unsere Anwendung zu testen.