Tax benefits that families with children can take advantage of in the Income Statement

Taxpayers with children may benefit from new aid that incorporates this year the Income statement

Since last April 2, the 2018 income statements can be submitted, the term of which will be extended to July 1, except in cases with a result to enter and who want to be domiciled, which will have to be submitted on June 26 as deadline.

Families with children can benefit from new tax aid included in the Income Statement this year, in addition to those already included in previous years.

Minimums for children

The personal and family minimums correspond to the amount of the taxable base that is not taxed by personal income tax. At present, and by way of summary, to the personal minimum -which covers 5,550 euros- 2,400 euros are added for the first descendant, 2,700 euros for the second, 4,000 euros for the third and 4,500 euros for the fourth and subsequent offspring. These minimum amounts rise by 2,800 euros when the child is less than three years old.

Maternity deduction

There is a deduction for maternity -for women who are self-employed or employed- of 1,200 euros per year that can also be paid in advance with 100 euros per month from the birth of the child until the child is three years old. As a novelty this year, the deduction for maternity may be increased by up to 1,000 euros per year when quotas have been paid in nurseries or early childhood education centers authorized by the autonomous communities during the past year.

Large families

Large families have a tax aid of 1,200 euros per year or 2,400 euros in the case of special category large families. In this campaign, the increase in the deduction for large families by 600 euros (from the fourth or sixth child) is introduced as a novelty. There is also another deduction of 1,200 euros per year for each descendant with a disability.

As they remember on the website of the Tax Agency, if two or more taxpayers (for example, the father and the mother) are entitled to the application of this deduction, the amount will be divided between them equally.

Income tax exempt from benefits

Maternity and paternity benefits are exempt from personal income tax following the Supreme Court ruling last October. Also included here are those recognized by the social welfare mutuals that act as alternatives to the Special Scheme for Self-Employed Workers. Taxpayers who were fathers and mothers in 2018 should not carry out any particular procedure, just check that these returns are not included in the Income statement.

At Aseryde, our tax experts will advise you on the news that the 2018 income statement brings so that you benefit from all the deductions to which you are entitled due to your personal and family circumstances. CONTACT US!! 

And personally at our offices at C/Constitución 24, in Cieza.