10 mistakes that should NOT be made in the IRPF declaration

Income tax or income tax is a tax of the kind existing in several countries, in which each taxpayer, be it an individual or a legal entity, it pays a certain percentage of its income to the government, national or regional, depending on each jurisdiction.

The calculation of the tax is based on new wealth produced by the taxpayer, whether as a result of work, capital, or both — taxable income — on which a percentage is applied — aliquot —, following a table produced by the tax inspection body each country.

In this sense, the 2022 Individual Income Tax Declaration (IRPF) program is now available for download on the Federal Revenue website. In order to complete the form, it is necessary to have in hand the documents that are essential for this procedure. However, to assist in this process, we will bring the 10 most common errors in filling out the IRPF, and how to avoid them.

1. Forget a source of income. This point is extremely important, one of the biggest declaration errors is forgetting to declare a source income, which can be rent, pension, dependents' income, or even income exempt from tax. That is, it is important to include all sources of income. Do not forget.
2. typos. It may seem like a futile oversight, but typing errors in amounts or even in the CNPJ can make the taxpayer fall into the fine mesh, since there is a match between the information sent by companies, financial institutions and what is informed in the declaration.
3. Not able to fill everything. The ideal is to start collecting all the information as soon as possible, filling everything calmly and having time to review what was filled out. In fact, some people are unable to gather all the information, because they left filling out the declaration to the last minute.
4. Update the values ​​of real estate and cars in the declaration. This error is quite common, however, once declared at purchase price, there should be no further changes in their values. Therefore, this value can only be updated when these expenses can be proven through invoices, this is the only way.
5. Update the value of shares in the declaration. Many people update their stock value to market values ​​as of December 31 of the previous year. However, this is wrong, stock values ​​should always be stated at the average purchase price.
6. Do not declare movements made in the “Variable income” tab. The correct thing is not to stop declaring them, it is to take all the brokerage notes, calculate the losses and earnings and fill in this information, including capital gain amounts paid over the course of year.
7. Inform dependents in more than one statement. Generally, fathers and mothers declare the child as a dependent in both declarations. However, once declared in one, there is no need to declare in the other.
8. Forgetting to declare the sale of a property. It is more common than we think for a taxpayer to sell his property and forget to report this in the declaration. In fact, this can generate inconsistencies both in the origin of the sale capital, since the equity will increase in the statement if the write-off of the property is not given, and in the information received by the Federal Revenue Service by the buyer who must declare the purchase.
9. Forgetting to report investment balances. This is a bad scenario, as it will appear as if the person has spent all their money. Later, if she wants to buy something with these resources, she will have no source of resources in her declaration for the purchase of the new good.
10. Forgetting to declare debts. Not declaring debts can lead to inconsistencies, since the taxpayer's financial transactions will have been greater than their income would allow. Therefore, it is essential to ask for the income statement from the institution that made the loan in order to correctly declare the amounts.

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