Every year, the months of March and April are marked by the submission of the Individual Income Tax return. For more than 20 days after the declarations began, the number of taxpayers who still need to be accountable to the government remains high.
One of the reasons for this procrastination is the countless doubts: am I obligated to declare? What should I declare? Like? Who received emergency aid last year, needs to declare?
To help resolve doubts, the coordinator of the Accounting Sciences and Financial Management courses at EAD Unicesumar, Juliana Moraes, gives some guidelines:
Mandatory declaration:
All taxpayers who had an annual income above the ceiling established by the Federal Revenue are required to render accounts to the government, through the Income Tax declaration.
What is Income Tax?
The IR is a form of taxation on income, that is, on what you receive. A large part of this tax is already withheld at the source by the employer.
It is also necessary to declare those who have more than one source of income, such as investments, income, rents, and earnings from the sale of real estate, among others.
The income tax declaration is the way the Federal Revenue (government) has to monitor the financial transactions of Brazilians.
How to Declare Income Tax
Accountability can be done in three ways:
- If you have earnings that change the range of the tax withheld, it can generate tax to be paid;
- If you pay more, you can get back the tax withheld at the source, through a refund; and
- You can settle, that is, not receive or pay tax.
Therefore, the declaration is not made just to pay taxes, but to be accountable to the government.
Who needs to declare?
All employees and service providers with remuneration above R$28,559.70.00;
If you carry out any rural activity with earnings above R$ 142,798.50;
People who have assets and property valued above R$300 thousand.
Those who received Emergency Assistance, and receipts between January 1, 2020, and December 31, 2020, exceeding R$ 22,847.76, must also declare.
Who owns shares on the stock exchange, and other obligations specified by law.
How to do income tax?
To facilitate the process, it is recommended to separate all 2020 documents in advance.
Should I hire a professional to make my statement?
It is possible for the taxpayer to make the declaration. To do this, simply download the program from the IRS website, available since March 1st, or call a professional accountant to make the declaration in a satisfactory manner.
Should I declare everything?
Yes, all personal information must be included in the declaration and should not be guessed at.
And last year’s statement?
In case you have made the statement for the previous year, it is important to have it in hand to ensure that all values for the previous year are correct. It is important to emphasize that the difference of R$ 0.01 in the information between one year and another is already enough to fall into the fine mesh.
Read also: What are the 9 steps to achieving financial independence?
Documents required
The documents required to record all financial transactions and transactions in relation to earnings during the year 2020 are:
CPF
- Name appearing on the CPF (Make sure if you have changed your married name)
- Address
- Telephone
- Income reports of the holder and dependents (Banks | Agreement | NF Provision of Service | Legal Entity)
- Dentists’ Receipts | Doctors (Paid separately from the health insurance)
- Education expenses (Staff | Dependents)
- Value of goods you bought or sold during the year (car | property)
Read about undeclared income here.
