The time of delivery of the IRS statement is approaching, and many contributors are looking for ways to increase their refund. Between April 1 and June 30, you will have three months to submit your statement and ensure you receive everything you are entitled to. However, there are strategies that can make a difference in the value to receive.
7 Tips for Increasing IRS Refund
1. Confirm the data before accepting automatic IRS
Automatic IRS can make the process easier for millions of taxpayers, but it is essential to ensure that all deductions are correctly accounted for.
Expenses such as income, interest on housing credit (prior to 2012), and health or education expenses may not be included.
If you notice any failures, refuse the automatic IRS and fill the statement manually, using the Anexo h.
2. People with disabilities may have additional deductions
If you have a Multipurpose certificate with a degree of disability equal to or greater than 60%is entitled to additional deductions.
No Anexo heducation and rehabilitation expenses must be placed in line 606, which may significantly increase the reimbursement.
In addition, it is possible to deduce 25% of Housing Credit Life Insuranceadding the amount paid to line 605.
3. Avoid paying thousands of euros in added value
If you sold a secondary property to repay a housing credit within three months after the sale, you can avoid paying junior.
No Anexo gdeclare the sale in Table 4 and then fill in Table 19 to indicate amortization.
Although the finance simulator does not automatically consider this data, the Settlement Note will reflect the exemption.
4. Take advantage of IRS Young
Taxpayers who have completed their studies recently and started working can benefit from IRS Young.
For that, just open the Annex A and fill in line 417 (for workers due to others) or the Anexo b in Table 3E (for green receipts).
This benefit reduces the tax burden in the early years of work.
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5. Have you sold cryptocurrencies? Mandatory declaration
If you bought and sold cryptocurrencies in a period of less than 365 dayswill have to declare the profits and pay 28% of the added value.
This information must be completed in the Anexo jTable 9.4. If you have kept the assets for more than a year before you sell them, you should use the Annex G1quadro 7.
If only holds cryptocurrencies, No need to declare.
6. Simulate the encompassing before delivering the IRS
Even if it has low yields or is exempt from declaring the IRS, it may benefit from the encompassion.
If you have income such as deposit interest, aforro certificates, rents or food pensions, make a simulation to check if it pays to encompass them.
Some people can increase refund to several hundred euros with this option.
7. Consign 0.5% of your IRS
By delivering the IRS, you can choose to consign 0.5% of the tax to a social solidarity institution at no cost to you.
However, avoid marking VAT consignment option as this can reduce the refund you will receive.
Conclusion
Small adjustments in the statement may significantly increase your reimbursement. Before submitting IRS, review all options, use OE consult an accountant if you have questions.
If you find out that you have passed any deduction in previous years, you can still replace old statements to recover lost values.
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