QCOSTARICA — With the deadline for filing and paying your income tax (Iimpuesto de la Renta in Spanish) coming today, Monday, March 17, here are 7 practical tips that will help you avoid hassles and penalties that can ruin your day and your finances.
Dunia Zamora, president of the Costa Rican Association of Public Accountants, emphasizes the importance of being prepared and knowing all the tax details before filing your tax return.
- Backing up transactions: It is essential to keep documents, both physical and digital, that support your income tax activity organized, including invoices and electronic receipts.
- Applicable withholdings: Check the 2% withholding for sales to state entities to ensure you correctly include this information in your tax return.
- Review of income tax advances: Verify income tax advances made during the 2024 tax period, as these amounts may influence the final calculation of the tax payable.
- Credit balances: Take into account any credit balances from other taxes or from the same Income Tax from previous periods to reduce the amount owed.
- Tax credits for individuals: If you are an individual taxpayer, review the applicable family credits and tax benefits to optimize your tax return.
- Professional Advice: Having the support of a Certified Public Accountant can help avoid errors and ensure proper tax settlement.
- Tax Reconciliation: Prepare and verify the tax reconciliation to correctly determine the amount due and avoid inconveniences with the tax authorities.
Zamora reminds taxpayers that properly completing Form D-101, including information on partial payments, tax credits, and applicable benefits, can help taxpayers use less cash to fulfill their tax obligations. She also recommends maintaining constant communication with an accounting professional to avoid penalties to self-employed workers and businesses that range from ¢231,000 to more than ¢46 million for errors or omissions.
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With these tips, taxpayers can prepare in advance and file their tax returns more efficiently.
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