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What is a tax deduction?

Andrey Kim
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What is a tax deduction?

A tax deduction is an amount that reduces the taxable base - the amount of income a person relies on. Sometimes a tax deduction implies a refund of a part of the tax already paid in connection with the acquisition of new housing, expenses for treatment, training, etc. Tax deductions are enshrined in the tax code of the Russian Federation. In Russia, there are four types of tax deductions: standard, social, property and professional. Let's see what it is.

Standard tax deduction

As we have said, all tax deductions are enshrined in law. All standard deductions are described in the tax code of the Russian Federation (article 218). However, there are not so many, only four:

  • A deduction in the amount of 500 rubles is due to persons who have a state award or special status, for example, the Hero of the Russian Federation. The deduction is performed monthly.
  • A deduction in the amount of 1,400 rubles is due to each mother, but only if the income of the parents does not exceed 280 thousand rubles.
  • A deduction of 3,000 rubles is due to the mother who gave birth to the third child.
  • The same deduction - 3,000 rubles - was imposed on parents of a disabled child.

Social deduction

Social tax deductions are also defined in the tax code (article 219), but here the situation looks somewhat more complicated - there are a lot of subtleties and clarifications.

For example, you spent part of your income on training, in which case you are entitled to a tax deduction regardless of whether the form of study was full-time, part-time or externally. Now the situation is different - you have spent money on training a child. Is there a deduction? Yes, but only if the child is less than 24 years old and he is studying full-time.

Taxpayers who spend on treatment, insurance or purchase of medicines can also count on a social deduction. However, there also have their own subtleties that should be carefully examined directly with the help of the tax code.

Property Deduction

Property deduction is an opportunity not to pay or to refund the tax when selling property in special cases. Such a deduction can be obtained once in a lifetime.All property tax deductions are defined by law in article 220 of the tax code of the Russian Federation.

Professional deduction

Professional deduction is the reduction of taxable income derived from private activities. This deduction is relevant for business activities, copyright and other forms of rewarding, as well as services provided under a civil law contract. Tax deduction does not apply to other income - salary, dividends, etc.

All professional tax deductions are defined by law in article 221 of the Tax Code of the Russian Federation.


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