I received, now I am IRS

Every year, this time, the IRS theme dominates in conversations: some people celebrate repayment, and others regret to pay for the state. This year, many taxpayers were surprised to find a small income or, in some cases, they had to actually pay.

You read an article without payment access. Donate the newspaper to help you keep online News Teveroa free.

Writer Dioco Fernandez Ch OUS *

Explanation for these changes is what happens before the IRS report is issued: retention in the source. This technical word refers to the fact that all year -round, a portion of the state’s income is advanced in advance. That is, we pay the monthly IRS by retaining the source. When we submit an annual report, the computer calculates how much we pay in total, and if we have paid more, the government makes a difference; If we have paid less, we must attack the bills.

Now. This is the answer to inflation and increased living costs. The direct effect is that it has been provided with low IRS throughout the year, so it is now less likely to return. For some taxpayers, used to repay more, this change was amazing. As for others, he had to pay for the state.

It is important to understand that the IRS refund is not a government offer or status. Taxpayer is only the income of the most paid value in the year. Similarly, if there are not enough improvements, the missing amount is charged in the annual solution due to additional income without a low retention rate or retaining. Simply keep: IRS acts as a calculation.

It is also important to note that those who receive the national minimum wage do not retain the source. In these cases, there is no repayment because the tax is not taxed. As a rule, this taxpayer does not need to pay or receive. The situation changes only if there are other relevant income or the most significant exemption costs.

This fact illustrates the importance of financial literacy. Often the concept of justice or injustice in the financial system results in its unknown. Reducing repayments does not mean harmful to taxpayers, instead of “credit” to the state waiting for money to withdraw, they only approached the money at the beginning of a month.

Therefore, for this new precedent for more adjusted retention, the first is consciously planning consciously and the monthly entering the bank account will not have the edge of the next year. Therefore, it is wise to booking some space for any fee, especially in the case of income variation or more than the average.
Understanding the IRS operation helps to do good family budget administration and avoid surprises when attacking the state.

* Writer of the book “Reflections on Portuguese”. Professor at Jean Piajeet Polytechnic.

Channel News Teverao on WhatsApp.

Advertising and services

• You can quickly implement advertising campaigns in notíciasdeaveiro.t in the newspaper, as well as other services. Access information to include online ad.