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.
The friendly and fast support and service is nothing short of excellent. I’ve been working with them for years and highly recommend their services.
As an expatriate, surrounding yourself with a set of professionals is of vital importance. Eliane guided me from my arrival to my departure through the complicated French fiscal systems, I felt in the best hands, never had any issues with the tax authorities. Eliane’s patience and service are second to none. Even today, after 2 years of my departure from France, I keep Eliane as a contact and ask for her advise which she offers at a very reliable speed. I highly recommend using Elitax as your tax parter.
I approached Elitax because I needed assistance with filing my French taxes. Eliane and her team helped by providing great support. My taxes were prepared, explained, and filed without issue. The process with Elitax was smooth and I found the experience positive. I would recommend Elitax to other Expats needing assistance with their French taxes
I have used the Elitax services for two years now, and my taxes have always been done in a timely manner. Even though I have had challenges with the personal taxes in France, due to different sources of income from abroad that needed to be declared, the team offered professional advice on what to do to get the situation resolved. I am very pleased with the service and the professionalism, especially they provided valuable advices that provided significant tax savings. Thus, I recommend their service to anyone who’s looking for great customer service and a great tax preparer, especially for expats living in France.