Simulador

How to use tax planning to optimize your tax return?

Do you want to reduce your taxes and optimize your income tax return? This section of the Income Tax Return and Tax Planning course is crucial to understand how you can make effective decisions that will positively impact your taxes next year. By applying the knowledge you have acquired, you could see a significant decrease in the amount you will have to pay.

How do you identify your current tax situation?

Before planning any changes, it is vital to understand your current tax situation. Knowing your income and deductions will allow you to establish a solid foundation for implementing tax planning strategies.

• Types of income: Be sure to classify your income correctly between salaries, fees and commissions, leases, and self-employment.
• Deductions: Review possible deductions such as pension contributions, health, withholding taxes, and voluntary contributions to pension funds.

It is recommended to use the Excel template provided in the course that allows you to answer detailed questions about your annual financial situation and obtain an initial diagnosis.

How to calculate your estimated tax?

Once you have entered all the necessary information in the Excel sheet, you will receive an estimated tax calculation:

• Tax due: Strategies for finding the optimal amount legally available that colors your current financial situation.
• Tax payable: Include withholdings already made to calculate your final tax bill.

What decisions can you make to optimize your taxes?

Taking into account the initial analysis, the next step is to simulate scenarios where you can adjust your financial decisions to reduce the tax payable.

• Scenario simulations: The tool allows you to simulate how much your tax would decrease by making higher contributions to voluntary pension or AFC accounts.
• Optimal decisions: Identify the annual contribution needed to reach the legal tax minimum. Consider whether it is feasible for you to implement these changes in your personal finances.

How to monitor the impact of your decisions?

Use the simulations to visualize how each hypothetical decision will affect your tax burden. The tool also breaks down the results of each tax code, allowing you to understand the partial effects of your decisions.

What steps to take after the simulation?

With the results of the simulation, you will be better prepared to:

1. Implement decisions: Start making the changes you have simulated during the current year to see results on your next return.
2. Verify the return: When you file your tax return next year, compare the calculated value with the estimated value to fine-tune your annual planning.

Knowledge is power. By being well informed and prepared with the right tools, you can take control of your taxes. Start applying what you learn today and change your financial future!