The 4 most overlooked tax deductions that no one talks about

Aske Buemann

CEO & Co-founder

The 4 most overlooked tax deductions

When thinking about taxes, it can seem like a challenging task to figure out how to maximize our tax deductions and minimize our tax liability. There are many well-known tax deductions, such as the housing deduction and service deduction, that are often mentioned in the media. But there are also some tax deductions that are overlooked or forgotten.

In this blog post, we will explore some of the most overlooked tax deductions for individuals.

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1. deduction for union dues:

If you are a member of a trade union, you can deduct your union dues from your taxable income. This deduction is automatically included in your annual tax return, but remember to check if the figure is correct.

You can get a deduction for :

  • The normal membership fee for your union.
  • Additional strike fees if imposed by the union.
  • Club dues to another association whose purpose is to safeguard the professional, financial interests of its members.
  • Special contributions to an association to cover subsidies for retired members.

2. Deductions for professional literature, union courses and continuing education:

If you spend money on professional literature that is necessary to do your job, you can deduct the expenses from your taxes. This applies to both books and journals that are specific to your field.

This deduction also applies to course expenses if the purpose of the course is to maintain or update your professional training. Expenses for basic or further education cannot be deducted

There is no deduction for the first DKK 6,700 in 2023 (DKK 6,600 in 2022).

Conditions for claiming the deduction:

  • These expenses must be expenses that are not private, but necessary to acquire, secure or maintain your income.
  • You must be able to document your expenses.
  • You must be an employee. SU does not count as salary.
  • If you are an employee and self-employed, you can only deduct expenses that are not deductible in your business.

3. Deduction for interest expenses on student loans:

If you have a student loan, you can deduct the interest expenses from your taxes. This applies to both government student loans and private loans for educational purposes. It is important to keep track of interest expenses as they can represent a significant savings.

When you start paying off an SU loan, you will automatically receive a deduction for the interest on the loan. This will appear on your annual statement.

If you want to receive the interest deduction continuously throughout the first year of paying off the loan, you need to adjust your tax return.

4. travel deductions

Even if your employer covers your expenses when you travel, you can still make use of the travel deduction. You can read more about this here.

Conditions for claiming the deduction:

  • Your journey must last at least 24 hours
  • You cannot stay overnight in your own home
  • You cannot claim a deduction if it is unpaid work, for example if you are a volunteer
  • You must pay by the hour on the day of departure and return

It's crucial to be aware of all the options available to individuals. These tax deductions are often overlooked or forgotten, but they can have a significant impact on your overall tax bill.

So pay attention and make sure you get the most out of your tax deductions!

See if you can get a tax refund in just 15 minutes.

In TaxHelper, we help you find the deductions you're entitled to. You answer a few simple questions that take just 15 minutes to complete.

Then we report the deductions, and you get an extra DKK 2,704 back in tax. At the same time, you only pay if you get a tax saving.

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