The eventful year of 2020 will soon come to an end. The last month of the year lends itself ideally to taking a moment of rest and reflection.
Een maand om na te denken over het verzachten van uw belastingdruk.
Het kan zijn dat u nog dingen moet regelen om extra belastingdruk te kunnen voorkomen. In deze nieuwsbrief vind u een overzicht op hoofdlijnen.
Small business investment allowance (KIA) & defer or bring forward costs.
Check your investments. Do you already exceed €2,400 for the 28% KIA? Or have you already invested €107,848? Depending on your situation, proper planning (advancing or delaying the investment) can provide tax benefits. The same applies to certain maintenance costs or small purchases that are charged directly to your bottom line.
This year you are allowed 3% of gross salary untaxed. A deduction for the employer and untaxed income for the employee. Beneficial to the DGA who is both donor and recipient. If you are a customer for payroll with us: we will process it for you by mutual agreement.
Starting in 2021, the box 2 tax rate is 26.90%. Which is now 26.25%. Paying dividends can be advantageous – but watch your assets in Box 3. If you exceed the thresholds there it quickly costs about 1% tax with which the benefit can be nullified. Paying dividends is also wise to clean up a incurred R.C. at your B.V. even before 2020.
Note that when using Corona support measures, a prohibition on dividend distribution may apply.
IB deductions: payment timing is leading.
Gifts, specific healthcare expenses, mortgage interest, education expenses, etc. – in these cases, the time of payment is leading. If you make this payment in 2020, it is deductible in 2020.
Schooling deduction continues into 2021.
Our revolving-door cabinet has been threatening to eliminate the schooling deduction for some time. However, it is still valid for 2021. Advertise this when you provide training – or take advantage of the deduction for yourself. Starting in 2021, a STAP budget would replace this. This budget has now been moved to 2022 and is expected to be €1,000 for the student.
Convert regular gift to periodic gift?
Do you regularly make donations to the same institution? Regular gifts are subject to a threshold – periodic gifts are not. Therefore, it may be wise to document your donations in a written agreement with the ANBI to which you are donating.
Reduce basis of box 3 levy.
The reference date for box 3 income is January 1. For IB 2021, we are looking at Jan. 1, 2021. Are you planning a major expense or donation? It may be advantageous to settle this before December 31.
Compensation to partner?
Does your partner work in your business and has not (yet) received compensation for it? Depending on your tax situation, and that of your partner, paying out business compensation may be tax favorable.
Write-downs to lower enterprise value?
Although depreciation is limited to a maximum of 20% of acquisition cost, valuation at lower value in use is not. Do you have assets worth less than book value? Then document this through a photo and/or other evidence. This allows you to take a deduction earlier in 2020.
Contracts up to date?
A DGA is required by law to put agreements with his B.V. in writing (2:247 BW). Is this right (yet)? It is also advisable for sole proprietorships/partnerships to periodically review your contracts.
Are you not yet satisfied in terms of tax tips? Then take a look here:
End of Year Tips 2020 Registered Tax Advisors.
Questions about your own taxes can of course be asked at 06 121 39 865!