Can I save taxes as a student and if so, how?
June 29, 2024 | 50,00 EUR | answered by Lilli Reuter
Dear tax lawyer,
my name is Gertrud Schmid and I am currently a student in my second semester. Since I also work neben meinem Studium to finance my living expenses, I am wondering whether I can save taxes as a student and how to best go about it.
My current situation is as follows: I work neben meinem Studium in a supermarket and earn about 600 euros per month. In addition, I receive BAföG in the amount of 500 euros per month. My parents do not financially support me, so I rely on my own income.
My current situation is that I have never filed a tax return before and have not dealt with the topic of taxes. But now I am wondering if it would make sense to save taxes as a student in order to have more money available at the end of the year.
My concerns are that I might have to pay taxes, even though my income as a student is rather low. I also wonder if there are ways to save taxes as a student that I am not yet aware of.
So my question to you is: Can I save taxes as a student and if so, how can I best go about it? Are there any specific tips and tricks that I should consider as a student in order to have more money left at the end of the year?
Thank you in advance for your help and I look forward to your response.
Kind regards,
Gertrud Schmid
Dear Mrs. Schmid,
Thank you for your inquiry regarding saving taxes as a student. It is understandable that you are thinking about how to best manage your income in order to have more money available at the end of the year. I am happy to provide you with some tips and suggestions on how you can save taxes as a student.
First of all, it is important to know that as a student, you are generally also liable for taxes if you earn income. However, the amount of taxes you must pay depends on various factors, such as the amount of your income, your expenses, and possible tax exemptions.
In your case, you earn about 600 euros per month from your job at the supermarket and receive an additional 500 euros in BAföG. These earnings must be taxed. However, there are several ways for students to save taxes:
1. Deductible expenses: As a student, you can deduct certain expenses related to your studies or job as deductible expenses and offset them against tax. These may include travel expenses, work materials, specialist literature, or even costs for a home office.
2. Use lump sum allowances: As a student, you can claim an annual lump sum allowance of 1,000 euros to cover your deductible expenses. This amount will be automatically taken into account by the tax office.
3. Submit a tax return: Even if you have never filed a tax return before, it may be worth doing so. By submitting a tax return, you may be able to reclaim taxes that were overpaid.
4. Use tax exemptions: As a student, you are entitled to certain tax exemptions, such as the basic tax-free allowance, which represents the tax-free subsistence level. You should definitely take advantage of these exemptions to save taxes.
It is advisable to consult a tax advisor or a wage tax assistance association to review and optimize your individual tax situation. There, you will receive professional support and can ensure that you make use of all opportunities to save taxes as a student.
I hope this information helps you and wish you success in optimizing your tax situation and having more money available at the end of the year.
Best regards,
Lilli Reuter
Tax lawyer
