Although the income campaign This year is coming to an end, those furthest behind still have time to account with Hacienda and present your personal income tax return for the year 2020.
When does the term end? All taxpayers have a margin until June 30 of this year. However, you have to read the fine print because if we get paid and we want to make the deposit by direct debit, we have a deadline of June 25. If we want to make the declaration in person at the offices or by phone, the last day to request the prior appointment is June 29.
How is this year’s campaign going?
Although there are still many taxpayers who rush until the last minute, the truth is that this year the Spanish have been in a more hurry to catch up with the Tax agency. Specifically, and as reported by the agency, before starting June they had already presented your income statement 12,825,000 taxpayers, that is, 433,000 more than last year to the same date and 1,079,000 more than two years ago. And, specifically, of those more than 12 million, there are 7,427,000 taxpayers who have already received the refund that corresponded to them from the Treasury, a figure that, at the moment, amounts to 4,912 million euros.
In addition, as we have already explained in this blog, the 2020 income campaign is marked by the pandemic and for the economic measures and the restrictions that have been put in place. A scenario that has made many of the people affected by a force majeure ERTE have to file their declaration for having had two different payers: the State Public Employment Service (SEPE) and their company. Something that also applies to people who have received the minimum living income during the past year because, although the benefit is exempt (up to a maximum of 11,279.39 euros in 2020), receiving this benefit requires filing the declaration. In fact, the Treasury has indicated that 1,923,000 declarations have already been submitted by people affected by an ERTE and 229,000 beneficiaries of the minimum vital income.
What should not be overlooked?
Before confirming the draft, it is necessary to check whether all the deductions to which they are entitled have been applied – both at a general level and at the regional level – and bear in mind that the responsibility for the data to be correct is always the taxpayer.
With regard to housing, it must be remembered that due to the Habitual housing you don’t have to pay taxes, but it does have to appear in the declaration in the proportion that corresponds according to the property we have, and that if the house was bought before 2013, we can deduct 15% of the mortgage on a maximum of 9,040 euros. Here it is also necessary to know that if we have a second residence for rent there are certain expenses that are deductible and that if we have a second residence that does not generate any income, we must also pay taxes for it as an imputation of real estate income.
Regarding investments, it is very important to do an analysis to put all our finances and all the operations carried out in 2020 on the table. From cryptocurrencies, through investment funds -for which you only have to pay when the refund is made, and not when the transfer is made, the Actions or pension plans.
In addition, in a year marked by market declines as a result of the coronavirus crisis, taxpayers should keep in mind that if they left the market generating losses, they can take advantage of those falls to offset returns positive results generated by other products. Here they must also take into account that there are a series of deadlines to compensate for those losses.
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