The New tax Options for You Now

In 2020, due to the coronavirus pandemic, the deadline for delivery was changed to June 30. It is important not to leave it until the last moment. Historically, in the last days of submission of the declaration, the IRS system is overloaded with the volume of accesses and can become unstable, compromising the sending of information. The use of the is important there.

Who needs to declare the tax?

  • To begin, it is important to understand what are the situations that require you to submit this declaration to the IRS. Check out what they are:
  • Whoever received, in any month, money on account of the sale of assets and rights in which the IR is levied or else carried out operations on stock exchanges, commodities, futures or similar.
  • On December 31, 2019, it had assets or rights in a total value of more than 300 thousand, adding up all assets.
  • Those who became resident in Brazil and remained until 12.31.2019.
  • Everyone who sold residential properties and obtained a profit from the transaction, even if they bought another property within 180 days and used the income tax exemption rule.
  • Those who exercise rural activity and had gross revenue above R $ 142,798.50 or who intend to offset losses from previous years or even 2019.

I don’t need to declare IR. Is it worth it anyway?

If you do not fit into any of the mandatory cases we have mentioned or have been declared dependent on the IRPF of another taxpayer, you are exempted from delivery.

But it is always worth remembering, even without being obliged to deliver, declaring your income and expenses can have a number of advantages, which can be used as proof of income in loans and financing or even guaranteeing a tax refund.

Remember that you can only submit a declaration by CPF, so if you are declared dependent on someone, you will not be able to hand over your information again.

What should be reported in your statement?

All your earnings during 2019, including those exempt and not taxed by income tax such as withdrawing from FGTS and indemnities for work accidents, in addition to medical, dental expenses, education expenses, rent, alimony payment, dependents, stock exchange operations, among others. 

It is worth remembering that not all of your expenses can be deducted from your final tax, but it is important to include all the necessary information to assess what is the best scenario for your case.

Deductions: How to pay less tax in the IRPF?

In order to guarantee the lowest amount of tax payable or to refund the highest amount possible, it is important to declare all your expenses and to know which ones are deductible for the purpose of calculating this tax.

It is worth remembering that you have the possibility to deliver your declaration in two different models: the simplified one, which deducts 20% of the tax calculation base, limited to R $ 16,754.34, and the complete model, which takes into account all expenses deductibles you had during the year.