Paying Income Tax correctly is a task that requires attention and planning. For many, the declaration period brings doubts, especially about how to make the payment correctly.
Therefore, see below how to pay this tax correctly to avoid further inconvenience.
See more: Check out the new rules of My Home My Life
About Income Tax
First of all, understanding the process is crucial. Income tax is calculated based on your annual income, minus any deductions allowed. If, after this calculation, you owe tax, the IRS offers payment options that can fit your financial needs.
On the other hand, if you are entitled to a refund, the government will return the amount overpaid during the year.
How to calculate the value?
Calculating the amount of income tax due involves adding up all your taxable income for the year and applying the progressive income tax table, which varies according to your total income. Deductions such as education and health expenses can reduce the taxable amount, reducing the amount to be paid.
Once you know how much you owe, you can choose between paying the tax in full or paying in installments. Paying in full usually offers the advantage of getting rid of the debt immediately, but paying in installments may be a more viable option for those who cannot pay the entire amount at once. Remember, however, that installments include interest based on the Selic rate.
Financial planning
Start planning your income tax payment as soon as you receive your first paycheck of the year. Set aside a little each month so you won't be caught off guard when it's time to settle your accounts with the IRS.
Furthermore, it is worth noting that the Federal Revenue program makes it easier to fill out the declaration and calculate the tax due. It also generates the Federal Revenue Collection Document (DARF) for payment, simplifying the process.
Therefore, paying your income tax correctly is essential to avoid problems with the IRS. With a little organization and planning, you can fulfill this obligation without stress. Use the tools available and, if necessary, consult an accountant to ensure that everything is in order.
This way, you can focus on what really matters: planning your financial future with peace of mind.
Image: Agência Brasil
