IR 2024: How to Make the Income Tax Refund Amount Yield
Discover How to Multiply Your Income Tax Refund in 2024! What is the best use for this money? Using it to pay off debts is advisable, as is investing in CDBs.
Anyone who has received a tax refund knows the joy of seeing the money in their checking account. That's because you never know exactly when your refund will be credited. The IRS usually gives priority to those who file their tax return first - this year, the deadline is this Friday, May 31 - but the exact date of the deposit is always a mystery. By the time the money lands in the account, the taxpayer is often not even counting on the refund.
What's the Best Destination for That Money?
Before answering this question, it's important to understand how income tax refunds are calculated - not least so that you can prepare to receive a larger amount with your 2025 tax return. Lawyer Jhonny Martins, an accounting specialist, always asks the following question: “Do you know what the biggest tax is?”. And he himself replies: “The tax of ignorance”.
Martins uses this phrase to highlight the importance of filing income tax returns on time - those who file later pay a fine, which is never small. “Many people think that filing and paying income tax are the same thing,” explains the expert, who is vice-president of SERAC, a corporate solutions hub. “The best thing is to file on time, even with mistakes, and rectify them later.”.
How is the refund calculated?
The refund is calculated based on earnings, payroll deductions and possible deductions, recalls Martins. That's why it's essential to include all possible deductions - a valuable tip for life. These deductions include expenses for dependents, medical consultations and treatments, education and supplementary pension plans. “There's no point in wanting to include medical expenses if you haven't collected the necessary receipts,” Martins points out. “These documents are crucial to improving your tax efficiency.”.
What to do with the refund money?
The first step, recommends the expert, is to pay off any debts. “A lot of people rely on this money for that,” he says. “It's a great solution for getting your finances in order.” If you have some money left over, or if you don't have any debts, the best option is to opt for the Fixed Income.
Fixed Income Investment
Fixed Income is a type of investment that allows investors to know what their future earnings will be. Those who opt for this type of investment are lending money to an issuer - this could be a bank, a company or even the government. In this context, CDBs (Bank Deposit Certificates) are the most recommended options.
Com o CDB do Banco PAN, por exemplo, seu dinheiro rende a 103% do CDI (Certificado de Depósito Interbancário). É mais do que os retornos da poupança. O dinheiro pode ser resgatado a qualquer momento e o investimento tem a garantia do FGC (Fundo Garantidor de Crédito). As movimentações, assim como a contratação, são feitas pelo aplicativo do banco, com transações disponíveis todos os dias entre 7h e 23h59.
Source: https://exame.com/economia/ir-2024-como-fazer-o-valor-da-restituicao-do-imposto-de-renda-render/
Krishal Guarch
Riena Premuzic
Amiin Katehi