The 2023-24 Income campaign
With the 2023-24 Income campaign already underway, many taxpayers are immersed in the preparation of the previous year’s Income statement to the Tax Agency. It is important to know the available tax deductions to make the most of the tax benefits.
Who can benefit from deductions?
Tax deductions benefit family units with one or two ancestors and two children, whether they are common or not. These families are equated to large families in the general category and are entitled to a deduction of up to 1,000 euros. However, it is important to comply with the requirements established by the Tax Agency.
Requirements for deductions
To qualify for tax deductions, it is necessary that the taxable base does not exceed 35,000 euros in the case of individual taxation or 45,000 euros in the case of joint taxation. In addition, you must meet the conditions to be considered a large family and be classified in the corresponding category according to Law 40/2003 of November 18.
Incompatibilities
It should be noted that the tax deductions for large families are not compatible with other deductions, such as the deduction for an ascendant with two children without a marital bond.