The deadline for validating the previous year’s tax invoices ends on March 2nd and anyone who fails to comply may see their Income Tax refund amount reduced. From there, several steps follow until the final payment of the tax, which can last until August.
According to Executive Digest, a website specializing in economics and current affairs, the tax calendar begins even before the Model 3 declaration is submitted. Validation of expenses on the Finance Portal is crucial for collection deductions to be correctly considered by the Tax Authority.
By March 2, taxpayers must confirm and classify all invoices in e Invoice, ensuring expenses are associated with the right categories, such as health, education, real estate or general family expenses. According to the same source, this step can directly influence the final amount to be received or paid.
The first date that can’t fail
In addition to validating invoices, any changes to the household that occurred in the previous year, such as birth, marriage, divorce or change of residence, must be communicated by March 2nd. If this update is not made, the information contained in the last declaration submitted will be considered.
Executive Digest also explains that, until this date, income received through Declaration Model 44, when applicable, must be communicated, as well as proof of attendance at an educational establishment must be provided, in the cases provided for by law.
Failing this step does not prevent IRS delivery, but it could result in the loss of part of the deductions and, consequently, a smaller refund.
From March 16th to March 31st: confirm prices and complain
Until March 16, the Federal Revenue Service makes available the amounts of deductions calculated based on the expenses reported. According to the publication, these values can be consulted on the Finance Portal, in a specific area of Income Tax.
Between March 16th and 31st, taxpayers can submit a free complaint if they detect discrepancies. Also according to the same source, deductions relating to health, education, real estate and homes cannot be corrected at this stage, with any corrections being made when submitting the declaration.
It is also during this period that 0.5 percent of IRS or VAT can be allocated to an entity, without impact on the refund amount.
When can you submit the IRS
The declaration is due between April 1st and June 30th. The sooner it is submitted, the faster any refund can be processed.
According to , many accountants recommend waiting a few days at the beginning of the period, as the form may undergo technical adjustments in the first few days.
In the case of automatic Income Tax, if no declaration is submitted by the end of June, the IRS carries out the assessment based on available data.
When money can enter the account
The IRS has until July 31st to issue the settlement note. In cases where there is a right to a refund, payment is, as a rule, made by that date, although it often happens earlier, especially when the declaration is submitted at the beginning of the deadline.
Taxpayers with tax to pay must regularize the amount by August 31st.
In short, the IRS process spans several months and begins well before April. Validating invoices by March 2nd is the first step to ensure you don’t miss out on part of your refund and to anticipate when the money can reach your account.
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