The Lion has just released another set of refunds, the IRRF, and some taxpayers are ready to receive a considerable amount in their accounts. See what they did to get this money in a completely legal way
After the 2022 income tax return deadline, the long-awaited moment of refund is approaching. And some people are very lucky because they will receive a considerable amount from the IRS. There are reports of people who received a PIX of R$1,500 and R$8,700 in refunds.
This amount obviously depends on your financial situation. But there are some tax benefits that you can take advantage of. These are legal ways to get back some of the money you've already paid, increase your refund, or reduce the amount of tax you owe.
Here are just a few examples of deductible expenses that can help you:
- Medical expenses (whether consultations, therapy sessions, exams);
- Education expenses (higher education and postgraduate studies);
- Alimony;
- Expenses with dependents.
Obviously, there's no point in spending more on a doctor or taking a course just to increase your income tax refund. But if you already have to spend on these things anyway, it's a good idea to keep the receipt and organize yourself to include these deductible expenses in your federal tax program.
But there is an investment that is worth seeking income tax benefits. I am referring to private pension plans such as PGBL. In addition to increasing your refund for the following year, private pension plans receive a discount on income tax.
This means it can generate much higher returns over the long term than a similar allocation to traditional mutual funds.
IRRF refund can be a '14th salary'
Private pension plans of the PGBL type allow the deduction of up to 12% from your gross taxable income. This benefit is only valid for those who declare income tax using the full model. Therefore, check, above all, whether this is also your case.
Those who benefit from this tax advantage can earn up to an additional R$3.3% from their annual income in the following year. For example, if you have a gross taxable income of R$100,000 per year, you can recover an additional R$3,300 if you contribute R$12% to Social Security – in this example, R$12,000.
