Income taxes: what changes for you!

The tax reform implemented by François Hollande will not be effective until 2018. However, a number of tax changes are applicable this year. Union Loan enlightens you on the main changes.

The calculation mode has been modified. What actually changes is that a single person will pay taxes only from 14 704 dollars annually (against 13 958 dollars in 2015) and a couple will only pay from 27 483 dollars (compared to 26,277 dollars in 2015).

If you employ an employee at home ….

You will benefit for the calculation of social contributions from a fixed deduction of 2 dollars per hour worked for all activities of services to the person: childcare, cleaning, assistance to the elderly, etc.

If you are a veteran …

Veterans can now claim an additional half share of family quotient from age 74 instead of age 75.

If you have done work in the context of the energy transition …

As in 2015, you can get a tax credit that amounts to 30% of the price of equipment and materials, excluding labor costs. Expenses are retained within the limit of 8 000 dollars for a single person and 16 000 dollars for a couple.

If you want to do work in 2016, do not hesitate to visit the website

If you did crowdfunding …

Individuals who provide loans as of 1 January 2016 to small businesses via crowdfunding sites now have the ability to attribute their losses in case of non-repayment of the loan. For information, this was already the case for individuals who lend to individuals through our site.

If you make transactions between private individuals…

For housing (Airbnb for example), or for carpooling as blablacar) know that these sites should now inform you about tax obligations. They will also have to provide you with an annual summary of the amount of transactions you have made on the site. This document will help you declare the amount of your taxable income, since you are solely responsible for the amount to be reported.

Finally, know that many individuals make a loan to pay their taxes. If that’s your case, think of Union Loan.

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