With the end of the year approaching, there is still room to improve the value of the IRS refund to be received in 2025. Although many taxpayers only think about tax when submitting the annual declaration, experts remember that it is in the last months of the year that decisions can be made with a direct impact on the amount to be received, or the tax to be paid.
According to Executive Digest, a website specializing in finance, there are several actions that can be taken until December 31st and that can make all the difference in the final calculation. These include validating invoices, taking advantage of tax benefits and making eligible expenses in specific sectors.
Validate invoices and take advantage of deductions
The first step is to access the Finance Portal and confirm that all invoices are properly associated with the taxpayer number. According to the same source, failure to validate invoices by the end of the year could result in the loss of important deductions, especially in areas such as health, education, housing and homes.
In addition to the usual categories, it is also possible to increase the tax benefit through general family deductions, which allow you to recover 35% of expenses up to 250 euros per taxpayer, as long as they are properly registered.
Deductions for health expenses can represent 15% of expenses up to 1,000 euros, while those for education allow you to deduct 30% up to a maximum of 800 euros. House rent is worth 15% up to 502 euros, and household expenses are worth up to 25% of expenses, up to a limit of 403.75 euros.
Donations and PPR also help
According to Executive Digest, another way to reinforce reimbursement is through donations. Contributions made to public benefit institutions or social organizations until December 31st allow 25% of the amount donated to be deducted, up to a limit of 15% of the collection.
Retirement Savings Plans (PPR) also continue to be an effective tool for reducing tax. Taxpayers under 35 can deduct up to 400 euros per year, a value that drops to 350 euros between the ages of 35 and 50, and to 300 euros above that age.
Couples declaring jointly can double this benefit, as long as they both have active PPR.
Additional benefits and best practices
Another recommended measure is the review of non-reimbursed health expenses, which can be entered manually in the e-Fatura. In addition, families with children can check whether expenses for schools, daycare centers or extracurricular activities have been correctly classified as “education”.
Executive Digest also recalls that the IVAucher regime, although currently suspended, has created a culture of attention to expenses with restaurants, hotels and culture, sectors that also generate automatic deductions from the IRS.
Finally, it is essential to ensure that all personal and family data are updated on the portal, especially in cases of marriage, birth of children or change of tax address.
Planning makes a difference
The Tax Authority has reinforced the importance of tax planning throughout the year, highlighting that “small regular actions can result in significant differences in the final refund”. According to , this is the ideal time to analyze invoices and ensure that no benefits are wasted.
The amount you will receive or pay largely depends on the decisions taken by December 31st of this year.
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