Which insurance premiums can I deduct for tax purposes?
January 28, 2024 | 30,00 EUR | answered by Anneliese Schaaf
Dear tax advisor,
My name is Fred Kieselbach and I have a question regarding my tax return. I am self-employed and I am unsure which insurance contributions I can deduct for tax purposes. I pay monthly contributions for my health insurance, professional liability insurance, and private pension insurance.
My annual income fluctuates due to the amount of work I have, and I would like to take advantage of all opportunities to minimize my tax burden. I know that some insurance contributions are tax deductible, but I am not sure if all three mentioned insurances fall into this category. Additionally, I am wondering if there are any restrictions or maximum limits on the deductibility of insurance contributions.
It is important for me to secure my income as best as possible and also to take advantage of tax benefits. Therefore, it would be helpful if you could tell me exactly which insurance contributions I can claim in my tax return and how best to proceed. Are there any specific documents or forms that I need for this?
Thank you in advance for your support and advice.
Sincerely,
Fred Kieselbach
Dear Mr. Kieselbach,
Thank you for your inquiry regarding your tax return as a self-employed individual and the deductibility of your insurance contributions. It is understandable that you want to minimize your tax burden and take advantage of all opportunities. I will be happy to help you clarify this matter.
First and foremost, it is important to know that contributions to health insurance, professional liability insurance, and private pension insurance are generally tax deductible. Therefore, you can claim all three mentioned insurance contributions in your tax return. However, there are some restrictions and maximum limits that need to be considered.
For health insurance contributions, you can generally deduct all contributions that you pay yourself. With professional liability insurance, it is important that it is a job-related insurance that is necessary for your self-employed activity. Contributions to private pension insurance are also deductible, but there are specific maximum amounts that you need to be aware of.
In order to claim your insurance contributions in your tax return, you usually need the corresponding contribution certificates from your insurance providers. You should keep these documents and be able to present them to your tax advisor or the tax office when needed. It may also be helpful to have all relevant documents organized and well kept so that you can provide all necessary evidence in case of an audit by the tax office.
Overall, it is important that you declare all relevant insurance contributions in your tax return to minimize your tax burden. I am also available to personally assist you in analyzing your individual situation more closely and helping you optimize your tax return.
I hope this information is helpful to you and I am available for any further questions you may have.
Sincerely,
Anneliese Schaaf
