Irish Tax Credits Explained: A Guide to Saving on Your Taxes

Home carer tax credit

If you are married or in a civil partnership and care for a dependent person, you can apply for the home carers tax credit.

Who can qualify?

To qualify for the home carers tax credit, at least one spouse or a civil partner must care for a dependent individual.

If you earn less than €7,200, you can claim the tax credit in full. Meanwhile, if you earn more than €7,200, you will receive a reduced tax credit which will be calculated based on your income.

How is a dependent person defined?

• A child who is receiving/eligible for child benefit payments.
• Someone who is the age of 65 or above Someone who needs assistance because of a lasting inability caused by a physical or mental disability

Medical expense tax relief

You can claim tax relief on most medical expenses you pay for yourself or for anyone else. There are different criteria to meet when claiming tax relief on your medical expenses. Details on www.Revenue.ie

Pension contribution tax relief

Did you know that you can claim tax relief on your personal pension contributions? If you participate in a pension scheme at work, you will receive tax relief at source. However, if you have a personal pension which you have set up outside of your employment, you are entitled to claim tax back. Income tax relief is given at your highest tax rate (20% or 40%). The following pension plans may qualify for tax relief:

• Occupational pension schemes
• Personal retirement savings accounts (PRSAs)
• Retirement Annuity Contracts (RACs)
• Pan-European Personal Pension Products (PEPPs)
• Qualifying overseas plans

Rent tax credit

The scheme is aimed to provide a tax credit for anyone who rents in the private sector. This tax credit was introduced in Budget 2023 to support workers in managing the rising cost of property rent. The scheme is only relevant to those who are not in receipt of other state housing supports such as HAP (Housing Assistance Payment). To qualify for the rent tax credit, the tenancy must be signed up with the Residential Tenancies Board (RTB). Maximum credit is currently €1,000 for an individual and €2,000 for a couple who are jointly assessed for tax.

Work from home tax relief

You can claim tax relief if you work from home. Working from home involves:

• Logging onto a computer system
• Sending and receiving emails, files or data
• Developing ideas, services or products NB. This does not include any afterhours work that you may bring home.

Who can qualify?

If you work from home for substantial periods of time as a part-time or full-time employee, with agreement from your employer. You must be able to perform tasks at home.

You can claim tax relief on:

• Broadband
• Electricity
• Heating