Income Tax Debt and Loans

With the new year coming, people begin to make plans and set goals for the coming year. One of the main problems encountered in personal and family planning are those related to finance, mainly because of the Personal Income Tax that causes many taxpayer doubts, such as debt and loans.

Despite being a mandatory contribution known to all, the tax return still generates a lot of insecurity those who must pay the tax, causing the delay in filing documents and generating a fine. It is therefore very important to know well what should be included in the new year’s IRPF.

How important is it to include loans and debt ?

How important is it to include loans and debt ?

For people who are going to pay IRPF for the first time this year or are unsure of what this tax is about, Income Tax is calculated based on the earnings received in the previous year. That is, in 2019 the taxpayer must declare to the IRS his earnings, assets and some expenses he had in 2018.

From what has been stated, the IRS will calculate the rate that must be paid by the declarant, ie the amount of tax varies according to how much the taxpayer declares to the agency. This statement is made annually by all those with incomes greater than $ 28,559.70 and must be filed with the Revenue for the fourth month of the year.

If the taxpayer does not include some of the mandatory items in its statement, it is liable to receive sanctions from the IRS, causing major problems to the taxpayer. In addition, through the IRPF, the agency can oversee the acquisitions of all taxpayers, knowing if that owns matches what was declared that year.

This means that by not declaring debts and loans on income tax, the taxpayer ends up making a serious mistake, which can lead to punishments.

  • By including the amounts received with the personal credit, it becomes easier to justify what was purchased that year, especially if that asset was purchased with the money obtained from the loan.

How To File Debt And Income Tax Loans?

How To File Debt And Income Tax Loans?

To include debts and loans in the Income Tax, the signed contracts must be at least $ 5,000 dollars. By including this type of credit , it can serve as a justification for the purchase of some goods or very high expenses, such as medical or dental office expenses, which must also be specified in the tax.

In addition, the taxpayer should include in his statement those loans that were taken by the lender, such as banks or finance companies. In addition, the amounts made available to friends and family, ie the loans the taxpayer has provided, must also be available in the income tax.

  • It is worth emphasizing that secured, financing and consortium credits and loans made available must be stated in the area provided for “Assets and Rights”.
  • Already the credits obtained (personal, payroll, special, among others) must be in the area available for “Debts and Real Burden”, where it will be necessary to enter the “code” of the type of credit that was obtained.
  • To declare debts and loans you need to enter in the “new” field, and choose one of the options that match the source of the money.
  • After this step, you will need to detail the loan obtained in the “Discrimination” area.
  • Finally, you must enter the balance due in the fields related dates, if there is no debt on that day, just leave it blank.

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