Taxes keep the country moving, but we’d all like to pay a bit less of it. Using tax reductions in France, residents can reduce their tax bills while still contributing their fair share to the national economy.
Take a look at our extensive list of French tax reduction opportunities and see if you could save money on your annual income tax bill. For more information about tax reductions, tax credits and general tax information, contact Elitax today.
Elitax has been helping people with their tax returns for almost two decades. In that time, we’ve come to learn the many ways that individuals can make savings. With that in mind, here are 27 ways to offset expenditure or investment against income tax:
1. Donations and grants to a charitable organisation
2. The cost of employing help in the home
3. The purchase of shares in small and medium enterprises
4. Subscription to mutual fund units for innovation (Fonds Commun de Placement dans l’Innovation – FCPI)
5. The purchase of local investment funds (Fonds d’investissement de proximité – FIP)
6. The purchase of shares in movie production companies (Soficas)
7. Interest on a loan for the takeover of small and medium enterprises
8. Real estate investment under the “Duflot Law”
9. Real estate investment under the “Pinel Law”
10. Real estate investment under the “Scellier Law”
11. Investment in the restoration of buildings under the ”Malraux Law”
12. Conservation or restoration of buildings classified as historic monuments
13. Investment in rental property in the tourism sector
14. Investment in property for rental at accessible rates for social purposes
15. Investment in the forestry sector
16. Dependent children’s school fees (Secondary, High School and College, University)
17. Compensatory benefits in the event of a divorce judgment or conversion
18. Premiums paid on “survival annuities” or “disability savings” contracts (rente-survie: Epargne Handicap)
19. Residential living expenses for dependents
20. Assistance to people who set up or take over a business
21. Interest earned on the transfer of a farm with deferred payment
22. Contributions for the prevention of forest fires
23. Expenses for the conservation, preservation or restoration of classified artworks
24. Acquisitions of national treasures
25. Bookkeeping and membership fees paid by members of approved management centres and associations (Centres de gestion agréés)
26. Non-professional rental investments in furnished residences
27. Investment in France’s overseas départements
Unlike with tax credits, no reimbursement will be made if the total amount of tax reductions exceeds the total income tax owed. However, any unused tax reductions for donations to charitable organisations can be carried over to the following tax years.
We’ve helped hundreds of clients resolve their tax issues.
“I was recommended Elitax by a financial advisor at the Paris British Lunch, i took the opportunity to have a meeting, where the advice received and action taken by Elitax was invaluable. I would happily recommend Elitax to any expatriates living and working in France.”
Eliane Rakotonoel helped me solve a problem with my tax declaration quickly and efficiently. Her expert knowledge and advice saved me a great deal of time and anxiety. I highly recommend Elitax.
I have had the pleasure of working with Eliane at Elitax for the past three years. She makes what seems like a complicated foreign system for an expat straightforward, efficient and timely! Eliane and her team handle any questions or requests from the Impots Francais quickly and help put your mind at ease. While I am domicile here in France I will certainly be using Elitax services which come highly recommended!
ELITAX has provided excellent service for me for several years on both the French and the USA returns. In addition to her expertise in national and international tax law, Eliane Rakotonoel provides the additional – invaluable! – dimension of full customer service, attending promptly and personally to any questions and concerns that may arize during all phases of the return process. I do not hesitate to highly recommend ELITAX to anyone interested in working with a highly competent tax specialist who will also assure personal attention to your needs!