QUESTION: What tax deductions can be obtained?

Tax deductions from the state represent a great opportunity to return part of the previously paid personal income tax. There are several main categories of deductions that cover almost all key areas of a citizen's life. The first category is standard deductions, which are provided for children and range from 1,400 to 3,000 rubles per month for each child, depending on their number in the family.

The second important category is social deductions, which allow you to get money back for medical services, your own education or the education of your children, as well as for sports and fitness classes. The expense limit for treatment and education is up to 120,000 rubles per year, and for children's education — up to 50,000 rubles per year. The third category consists of property deductions, which include a tax refund when buying housing with a limit of up to 2 million rubles, which gives a maximum refund of 260,000 rubles, as well as a deduction for paid mortgage interest with a limit of up to 3 million rubles.

There are also investment deductions for individual investment accounts of the old type A with a contribution limit of up to 400,000 rubles per year. Separately, professional tax deductions are provided for individual entrepreneurs and self-employed citizens, which help reduce the tax base through documented expenses associated with their professional activities.