Avoid making faux pas
Tipping – all you need to know
If you’re satisfied with the service, you should show your appreciation. But the same rules do not apply everywhere. 14 tips for everyday life.
Optimise the amount of taxes
«How do I cut down the amount of taxes I have to pay?»
If you want to reduce your tax burden this year, you should take heed of these last-minute tips from our expert.
Question: The year will soon be coming to an end. What can I do now to optimise the amount of taxes I have to pay for 2023?
Answer: There are a number of ways in which you can reduce your tax burden before the end of the year. One of the most important levers is in the area of pension provision: if you are gainfully employed, you can deduct the payments made into Pillar 3a from your taxable income. We recommend paying in the maximum amount for the current tax period in order to take full advantage of the tax benefit. In 2023, the maximum amount able to be paid in for gainfully employed persons with an employer pension fund will be CHF 7056. It is best to pay this amount, or less if necessary, into your Pillar 3a account by mid-December. At Migros Bank, for example, such a transfer is still possible online up to and including 28 December.
Purchases of additional pension benefits can also be deducted from taxable income. The amount you are allowed to pay in depends on the size of your pension gap. The maximum possible purchase is shown on the pension fund statement that you receive each year. If there are significant gaps, you should spread purchases over several tax periods in order to benefit from the largest possible tax deduction. Have the purchase checked by a financial specialist in advance.
Are you about to retire? If this is the case, we recommend withdrawing your pension assets from your pillar 3a account, the pension fund or vested benefits in stages over the current and subsequent tax periods. This way, you can reduce your tax burden.
In addition to donations to charitable organizations, you can also deduct healthcare costs from your tax return. However, this only applies to costs that are not covered by your health insurance. In addition, most cantons stipulate a minimum amount of five percent of your adjusted net income here, i.e. net income minus deductions. If you have already incurred higher costs, buying a new pair of glasses before the turn of the year may be worthwhile for tax purposes, for example.
If you own your own home, you can potentially optimise the maintenance costs: compare the actual costs incurred with the maintenance charge of the notional rental value. You can then deduct the higher amount.
The expert
Daniel Discianni is a client advisor at Migros Bank and a tax expert.
Our expert tips to answer your questions
Whether you’re interested in science, sustainability, health or saving money – our team of experts is on hand with practical tips and tricks.
Travelling by electric car
Is it complicated to travel by electric car?
Do you worry that you might end up stranded somewhere with an empty battery? We’ll tell you if you’re right.
Sustainable investment
What to look out for when investing in sustainable companies
If you’re looking to invest your money in a way that also benefits people and the environment, which quality labels should you look out for?
Pioneer Fund - "Move the Date"
Drain cleaning in easy steps
Baking soda or baking powder can be used to clear a blocked drain in no time at all in a quick, cheap and eco-friendly way.
Bank charges
Looking to lower your bank charges? Here’s what you can do
Follow these five tips to avoid unnecessary bank charges.
Biodiversity
What you can do to promote biodiversity
There are plenty of things we can all easily do to promote biodiversity: Planting a flower meadow, hanging up a bird box, digging less in the garden.
Time stress
Five ways to reduce leisure stress
Never before have we in Switzerland had so much free time as we do today. And yet, we are more stressed than ever. This was the finding of a study conducted by the Gottlieb Duttweiler Institute. Time researcher and psychologist Marc Wittmann explains how you can relax.
Removing scratches
How to remove scratches using oil and lemon juice
Is your favourite furniture showing signs of wear and tear? Have those boisterous children scratched your parquet floor? There’s no need to roll out the heavy equipment!
Upcycling
Home-made make-up remover pads
Is your towel getting worn out and stained? Then transform it into make-up remover pads! Upcycling is the magic word.
Retirement planning
Gradual retirement – how to make it work
Don’t want to work full-time until you’re 65, but feel that early retirement will cost you too much money? Then gradual retirement could be answer. Here’s a checklist for you.
Reusing teabags
What you can do with used teabags
Used teabags have a wealth of potential uses. Not only do they dispel unpleasant odours, you can also use them as fertiliser for plants or even to light fires.
Valuable ingredients
Why you should never throw away eggshells
Eggshells contain lots of calcium, making them far too good to throw away with your organic waste. What’s more, a little skill is all it takes to turn them into pretty accessories.