Prepare for the 2025 IRS: Essential Tips to Maximize Your Refund

As the period for submitting the IRS declaration for 2024 income approaches, it is crucial to be well-informed to ensure you receive the maximum possible refund or pay the minimum tax required. The submission period runs from April 1 to June 30, 2025.

1. Verify the Accuracy of Your Personal Data Before submitting the declaration, make sure all your personal data is correct, including name, NIF (tax identification number), marital status, and family composition. Any discrepancy can affect the tax calculation.
2. Confirm Deductible Invoices and Expenses Although the deadline for validating invoices on the Finance Portal ended on February 28, 2025, it is important to review deductible expenses related to health, education, housing, and other categories. Ensure that all deductions you are entitled to are correctly reflected in the declaration.
3. Choose Between Automatic IRS and Manual Declaration Automatic IRS is a tool that facilitates the declaration process, presenting a settlement proposal based on data available from the Tax Authority. However, not all taxpayers are eligible for this option, especially if they have self-employment income or other specificities. Check if the automatic option is suitable for your situation.
4. Correctly Fill Out the Necessary Annexes Depending on your tax situation, you may need to fill out several annexes in the IRS declaration:
   • Annex A: Dependent employment and pension income.
   • Annex B: Self-employment income.
   • Annex F: Real estate income.
   • Annex G: Capital gains and other asset increases.
   • Annex H: Tax benefits and deductions.
   Fill out each annex carefully to avoid errors that may delay the processing of your declaration or result in penalties.
5. Be Aware of Tax News The 2025 IRS declaration introduced new fields that reflect recent tax changes. Stay informed about these changes to ensure correct completion and avoid surprises.
6. Validate and Submit the Declaration After filling out all the necessary fields, use the validation function available on the Finance Portal to identify possible errors or omissions. After validating, you can proceed with the simulation to find out the amounts to pay or receive. Finalize by submitting the declaration and save the proof of submission.

Conclusion

Submitting the IRS declaration is a process that requires attention to detail and knowledge of the tax rules in force. By following these tips, you will be more prepared to fulfill your tax obligations efficiently and benefit from any refunds.

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