Opinion – Marcia Dessen: What to do in December to pay less income tax in 2022

Those who have taxable income, all people with an employment relationship who work in the public and private sector, are used to the usual bite of the Lion, the collection of income tax at source.

Taxpayers with higher incomes know that the tax paid during the year will be insufficient, the Lion wants more, and is already preparing for an additional bite, in the first four months of the year, when the Income Tax return is filed.

I bring you two strategies that need to be implemented before the year is out to reduce the amount of tax payable in 2022 on 2021 earnings.

The first allows deferring the payment of tax on part of the income. To benefit from this tax incentive, the person deposits funds in an open private pension plan, of the PGBL type, or in a closed plan, with similar characteristics.

In addition to deferring the payment of tax, the taxpayer may reduce the rate depending on the chosen tax regime. Whoever chooses the definitive taxation regime, which adopts the regressive table of rates, will not pay around 27.5% of IR in 2022, and if the resources are kept in the plan for ten years, will pay 10% of tax on redemption or in the income benefit.

Whoever chooses the taxable regime of the progressive table postpones the payment of the tax, but does not reduce the rate.

The tax incentive is limited to 12% of taxable income and restricted to taxpayers who (1) use the complete Income Tax return and (2) contribute to the General Social Security System (INSS) or Special Social Security System (employees public).

Attention! The 12% limit does not apply to the taxpayer’s total income, but only to taxable income; Exempt income and income taxed exclusively at source do not form the basis for calculating the amount that may be deferred in the declaration.

Estimate your 2021 taxable income, check how much was deposited into plans of this nature during the year, and make an additional deposit before the year ends, subject to the 12% taxable income limit.

If you find that you’ve already invested more than the limit allows, don’t make that mistake again, you’ll pay tax twice on the excess amount, in the year the deferral was glossed and on redemption.

The second strategy that makes it possible to reduce the amount of income tax is to donate part of the tax, allocating the money to government-accredited assistance institutions.

Those who have available resources in cash and can donate until the end of this year can donate up to 8% of the tax and choose to whom and how much to donate, observing the limits defined by the Internal Revenue Service: up to 6% for projects that use the Federal Incentive Law Culture (Ruanet Law), Federal Sports Incentive Law, Elderly Law, Audiovisual and Child Statute; and up to 2% to two Ministry of Health programs, 1% for Pronas, actions in the oncology area, and 1% for Pronon, institutions that serve people with disabilities.

Those who do not have available resources now do not lose the chance to donate, they will be able to do so next year, using the complete declaration, donating up to 3% of the tax to the Child and Adolescent Support Funds.

Be sure to donate even if you have a tax refund. If in the final calculation of the declaration numbers there is a tax refund, the amount allocated to the encouraged donations will be added to the amount to be refunded.