Tax declaration is an indispensable process, but it can lead to laziness among the population. That said, with the following guidelines, you can become a real expert and finish it in no time. Here are some tips on how to report taxes quickly and effectively and not to die trying.
- Let’s start from the beginning
Before you dive into numbers, are you sure you must file the report? When the answer to this question is clear, it will be up to you to clarify which type of taxes you are obliged to report and which are tax-exempted. Remember that, even if you are not obliged to file the tax declaration, 75% of taxes are returned, that is, the Treasury returns you some money you already paid. That said, remember that, as a general rule, those taxpayers whose income is greater than EUR 22,000 per year must submit the tax report. And, above all, do not forget to verify that the Treasury has your correct tax address. If not, they could sanction and fine you.
Another factor to consider is whether we have found ourselves in an atypical situation such as a temporary employment regulation dossier (ERTO). This implies that you are obliged to submit the tax report, since an ERTO necessarily means that, for a certain time, you have had two payers: the company and the Servicio Público de Empleo Estatal (SEPE). In this case, the annual income ceiling is reduced to EUR 14 000; that said, the amount received from the two payers must not exceed EUR 1500 annually for any of them. It is necessary that a payer can be for instance a rent from a owned property, or even without receiving effectively a rent, just an attributed rent of 1.500 euros per year.
One last thing before we start! Will you file an individual report or a joint report? The joint report is recommended when one of the two persons receives no income or very low income. Instead, the individual report is better when both family members work. Now let’s get to work!
- Submerge fully in the tax report
The first thing to do is to access your draft, a 7-page document that has been produced by the Tax Agency with all your tax data. Verify that the data is correct and check that certain costs have been deducted from work performance. If you bought your home before 2013, check also that the deduction was applied. This also applies to those who live on rent and signed the contract before 2015.
If you have a pension plan, indicate so in the corresponding box. Remember that contributions to NGOs or political parties are tax-deductible. Finally, find the result of the report and make sure it is correct: you can see it in the 550 box. If it is preceded by a negative sign, you will receive a deposit from the Treasury with an IRPF return. If, on the contrary, you must pay, you have to make a deposit to the Tax Agency. In case the result is not correct, you must go back to square 1 and start again.
Once you’ve finished the report, the following question is: how long do I have to wait to know if the money is returned to me? Very easy, one week to six months. Patience!
Even if it seems complex, the tax report simply takes time. Find your draft and start filling it calmly. Remember to verify all information and correct any incorrect data to avoid doing things twice. Good luck!