Tax dates in May: You should not forget these taxes

Tax dates in May: You should not forget these taxes

Taxpayers should pay particular attention in May as various taxes and duties are due. It is important to keep track of things and meet the relevant deadlines. For example, property owners must pay property taxes quarterly to their municipality. In addition to property tax, other taxes such as sales tax, trade tax and social security contributions must also be paid in May. Self-employed people should pay particular attention to paying all taxes due on time.

For employees who mainly live in rent and have not earned any capital gains, there is no tax liability for the time being. Employers, on the other hand, must pay their employees' social security contributions by the end of May. Intentional non-payment can result in high fines and, in serious cases, even imprisonment. In contrast to some other countries, wage tax in Germany is transmitted directly by the employer to the tax office.

It is important to also pay attention to possible capital gains withdrawals, as taxes apply on these. Since the beginning of 2024, single people have had an allowance of 1,000 euros, while married couples have an allowance of 2,000 euros. It is advisable to deal with your tax return early, especially in order to take advantage of possible benefits such as the home office allowance for 2023. Finance Minister Christian Lindner is also planning tax relief that will relieve the burden on millions of taxpayers.