The disclosure of an account holder’s name by Swiss banks is prohibited by the 1934 Swiss Banking Law. These privacy protections, which are comparable to those that exist between doctors and patients or between attorneys and the clients they represent, are the key characteristic that sets Swiss bank accounts apart from those of other countries.
You can avoid paying more taxes than you should be using this practical tax-saving advice.
Accidents and Illness:
In general, you can deduct all out-of-pocket medical expenses for illnesses or accidents. You Bosnia and Herzegovina Phone Number List can also deduct your out-of-pocket expenses from your health insurance’s deductible and coinsurance. You can also deduct the expenses of licensed homeopaths, dental procedures, and prescription glasses and contact lenses.
Because you can only use this deduction if your overall medical expenses reach a particular amount, it can be challenging to take advantage of in practice. You cannot claim the deduction if your healthcare expenses are below the cutoff. To qualify for a deduction for federal income taxes and the majority of cantonal income taxes, your healthcare costs must total at least 5% of your net income.
Education expenses:
Unlike schoolingexpensesfor your original education, expenses for continuing education for job advancement are typically tax deductible. Each canton has a different maximum deduction amount. For significant expenses, you need proof (invoices, for instance).
Part-Time Jobs:
You must pay full taxes on any additional income you receive from special database resource a part-time job. However, the federal government and some cantons permit a flat deduction of 20% of your side income for occupational expenses. The maximum flat deduction is 2400 francs. When your expenses exceed that sum, you must provide proof.
Various Occupational Expenses:
Aside from transportation and continuing education expenses, there are a lot more work-related expenses that can be deducted from your taxes. These expenses include those for necessary computers and reference materials, as well as clothing and meals for the office. You have two options for claiming a deduction: either a set amount or the actual expenditures (proof is required for the latter).
Retirement Plans:
Additional voluntary contributions to your occupational pension fund to fill in any gaps are fully bh lists deductible from your taxes. Similar to pillar 3a, pensions and lump-sum distributions from your pension fund are subject to a capital withdrawal tax that is lower than income tax. Since optional benefits are not covered by the LOB guarantee fund, it is crucial that you only make voluntary contributions if your pension is financially stable.
