Get Ready for the 2026 Income Tax Season: Key Dates and Deductions You Shouldn't Ignore

The countdown to the 2026 income tax return campaign has officially begun. Starting April 8, taxpayers will be able to submit their income tax returns online, with the deadline set for June 30. For those who prefer alternative methods, the phone filing process will open on May 6, and beginning June 1, taxpayers can visit Treasury offices to handle their returns in person. This year, several new features are designed to assist taxpayers in navigating the filing process. Notably, if you were unemployed last year, you may not be required to file your income tax return. However, if you received the Minimum Vital Income (IMV), you are obligated to submit your return. An added convenience this year is that taxpayers can make payments via Bizum if they owe tax. Still, it’s crucial to note that not being required to file does not mean you should skip the process entirely. It is worthwhile to examine potential deductions that could yield significant savings. For instance, there's a lesser-known deduction that can save eligible taxpayers up to 590 euros, particularly aimed at those with lower incomes. If your annual income is at the Minimum Interprofessional Wage (SMI), which is 17,094 euros, you can apply for this deduction, established by Royal Decree-Law 5/2026 on February 17. Those earning exactly the SMI can claim the full 590 euros deduction. Additionally, if your income is slightly above the SMI but does not exceed 20,048.45 euros with no other income surpassing 6,500 euros, you might still qualify. Specifically, for every euro earned above the SMI, the deduction decreases by 20 cents. For example, if you earn 18,500 euros, you would be eligible for a deduction of 309.69 euros, while earning 19,000 euros allows a deduction of 209.69 euros. Aside from the income-based deductions, there are other useful deductions for the 2026 income tax return that can help ease financial burdens. One of the most significant is a deduction for home insurance, which can be as much as 1,356 euros, provided certain conditions are met. To qualify, taxpayers must own a home purchased before January 2013, have an active mortgage linked to the same insurance company since inception, and abide by all stipulated requirements. Additionally, homeowners who invest in energy-efficient improvements can benefit from a deduction of up to 60% of the investment costs. Those with pension plans also have an opportunity to save, with a deduction of up to 1,500 euros allowed each year. Donating to NGOs is another avenue for financial relief; donors can deduct 80% of contributions on the first 250 euros donated. As the April 8 date approaches, it’s crucial for all taxpayers, especially low-income earners, to review their options comprehensively. Taking the time to examine your circumstances could lead to significant savings and reduce your tax liabilities. Related Sources: • Source 1 • Source 2