6 things you should check before submitting your Income Tax return

6 things you should check before submitting your Income Tax return

Image result for income taxThe campaign for the Declaration of Income is already underway and, as every year, taxpayers are eager to validate our drafts and check if we are in debt to the Treasury or if instead it is the Tax Agency which has to return money .

The problem arises when that impatience leads us to accept incorrect drafts without realizing it. The rush is very treacherous, so before giving it to accept our draft income should make a vital checks with which to avoid losing some tax benefit or, even worse, receive a sanction from the Treasury.

What you have to check yes or yes of your income statement

  1. Personal and family information It may seem obvious, but sometimes the taxpayer changes house for a move, the family grows or changes the civil status and the Treasury does not know unless we communicate it. It is especially important to consider births , as they are accompanied by important deductions.
  2. The autonomous deductions . Most of the errors in the drafts come here: autonomous deductions that do not appear directly in our draft because the Tax Agency leaves this task to the taxpayer. These deductions vary from one community to another and in many cases are large, so be better attentive.
  3. Housing property or rent . In the case of home ownership, the state deduction per purchase is only valid for acquisitions made before January 1, 2013. Meanwhile, if we live in a rented home, the deduction is only for contracts signed before January 1. of 2015. If we fulfill the requirements, let’s not pass these deductions because they are also very large .
  4. Pension plans . As we know, they are deductible and can allow us significant savings , so it is important that we make sure that they are incorporated in the draft Income statement. We must pay special care if we have totally or partially rescued the plan.
  5. Donations and affiliations . Affiliation to a union or donation to a political party, for example, are also expenses that they deduct. In principle, they should be included from the first moment in our declaration, since it is up to the entity that has received the donation or affiliation to do so, but it is better to be vigilant to avoid losing this tax benefit.
  6. Capital gains . By default, they tend to be left out of the Income Tax return and, when the Tax Agency realizes this, it sanctions us. To avoid this, it is better to review cases such as the sale of a property, shares or official assistance that we have been able to receive, such as Plan Pive.

To finish, do not forget the key dates: on April 5, the deadline for the presentation exclusively online and on May 11 to do it in person began. In either case, the submission period ends on June 30 . Good luck with your Income Tax return!