You can claim tax deductions for loan interest only if the loan in question is home loan or loan for the production of income. In 2021, you were able to deduct 10% of the interest. In 2022, you can deduct 5% of your home loan interest. Check the deduction details pre-completed on your tax return However, if you claim a deduction for travel expenses, that amount is deducted from your earned income before your tax is calculated. For this reason, the amount you claim as deductions is not always automatically refunded or otherwise credited to you in its entirety.įor example, if you claim tax credit for household expenses, that amount is deducted directly from the amount of taxes you have to pay. Most deductions are taken from your amount of taxable income, while some are considered tax credit that directly reduce the amount of taxes you have to pay. See instructions for filing deductions Were you granted less deductions than you claimed? You can also file corrections by using paper forms.
You can report changes and any missing deductions or tax credits in MyTax. When you receive the tax return, check the details on it and make corrections if necessary. You can also submit deduction details in advance for your next year’s tax return, which you will receive the following spring. You can benefit from your current deductions immediately if you file deductions for your tax card and lower your tax rate. The deductions will then be taken into account in your tax decision, which you will receive by the end of October. File deductions on your tax return before its due date. You receive your personal pre-completed tax return by the end of April. How and when can I get deductions? Deductions for 2021 (is part of expenses for the production of income)ĭeduction for reduced capacity to pay taxes. You can make the following deductions in your tax assessment: Amount of deductions in 2021 We make some deductions for you automatically, but some deductions you have to claim yourself. You may be entitled to certain deductions that reduce the total amount of taxes you must pay.