4. Work-related expenses

• Workspace (workroom deduction): If you work from home, you can reduce the office deduction. Its amount is either formulaic (e.g. 920 euros/year for a full-time telecommuter) or according to actual expenses, if you can show the exact parts (e.g. rent, electricity, heating).

• Telephone and internet costs: If you use your own phone or broadband connection to do work, you can deduct the portion corresponding to work use. Usually, the reduction is a formulaic percentage, unless the actual work use can be accurately demonstrated.

• Representation and marketing costs: Reasonable and documented representation expenses (customer accommodation, gifts) can be partially deducted. Expenses directly related to marketing, such as advertisements or website maintenance expenses, are also deductible.

 

5. Bank and insurance service costs

• Bank service fees: Maintenance fees for a work-related bank account or payment service.

• Insurance premiums: Voluntary insurance related to work, such as liability insurance or voluntary pension insurance (YEL contributions).

 

What should be paid particular attention to:

 

• Detailed documentation: This is the A and O of everything! Keep all receipts, invoices and vouchers carefully and systematically. Mark the purpose of the purchase on the receipts. You cannot make deductions without proper supporting documents.

• Connection between work and expenses: Expenses must always be involved immediately and unambiguously for doing your job and generating income. Personal expenses are not deductible.

• Instructions from the tax administration: Deduction rights and amounts are based on the instructions of the Tax Administration, which may change annually. It is important to stay up to date or trust a service like Palkkaguru that knows the regulations.

• Palkkaguru instructions: Check Palkkaguru's instructions on how and when you should submit expense receipts and statements so that they can be taken into account in your taxes effectively. Often the expenses must be declared and the receipts submitted to the service, which then processes them correctly with your tax return.

 

By taking advantage of these deductions, you can reduce your taxable income and improve your own financial position as a small business owner. Remember that careful receipt management always pays off!