Get the expense list here:
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If you are a student, you may not have to pay any taxes at all. This is because any income below 10.908€ (*2023) is not taxable, and most mini jobs pay less than that per year.
But here's the thing: just because you don't have to pay taxes now doesn't mean you won't have to pay them in the future. That's where Verlustvortrag, or Loss Carryforward, comes in. This is a little-known tax strategy that students can use to reduce their taxable income from their future job.
All you have to do is file a tax report stating your expenses and tick a small check box "Erklärung zur Feststellung des verbleibenden Verlustvortrags:” in your declaration. By doing so, you can carry forward your expenses for up to 7 years and reduce your taxable income from your future job.
The game continues until you are no longer a student and start earning a taxable income. At this point, the collected losses are then deducted from your taxable income, and you can get a substantial tax refund. This can make a huge difference in your financial situation, so it's definitely something to keep in mind.
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