Tax Agency Warns: Don't Forget This in Your Income Tax Return or You'll Have to Pay

The Tax Agency has announced significant changes for the 2024 Income Tax Campaign, which will affect many taxpayers. It is essential to stay informed to avoid surprises and potential additional payments.

One of the main modifications is that, starting in 2025, unemployment benefit recipients will have to file an income tax return, regardless of their income. Previously, they were only required to do so if they exceeded 22,000 euros annually or 15,000 euros with more than one payer.

New Developments in Income Tax: Who Needs to Fill Out Boxes 669 and 701

In this year's return, new boxes have been introduced: 669 and 701. Box 669 refers to income obtained from economic activities under direct estimation, while 701 is related to income from economic activities under objective estimation.

It is crucial to complete these boxes correctly to accurately reflect your income and avoid discrepancies with the Tax Office. The tax authorities scrutinize these concepts, so you must be careful to present everything in order.

Consequences of Not Filling Out Boxes 669 and 701

If you omit these boxes, you could be incorrectly declaring your income. This may lead to the Tax Office requiring you to pay additional taxes, interest, and possible penalties.

Additionally, you could lose deductions or tax benefits to which you are entitled. The 2024 Income Tax Campaign begins on April 2, 2025, and ends on June 30, 2025. It is important to keep in mind the following dates and it is crucial to adhere to these deadlines to avoid surcharges or penalties.

• April 2: Start of online tax return submissions.
• May 6 to June 30: Submission of tax returns by phone, with an appointment from April 29 to June 27.
• June 2 to June 30: Submission of tax returns in person at Tax Agency offices, with an appointment from May 29 to June 27.
• June 25: Deadline for submitting returns with a result to be paid and bank direct debit.

Tips for a Correct Income Tax Return: Take Note

Review your draft before submitting it, make sure all data is correct and complete. Include all your sources of income, don't omit any, even if they are small or come from secondary activities.

If you have doubts about how to fill out boxes 669 and 701, or any other part of the return, it is advisable to seek tax advice. Keep your documents organized, save all receipts and invoices related to your income and expenses for at least four years.

Additionally, avoid delays that may generate interest or penalties. By following these tips and paying attention to new developments and key dates, you will be able to file your Income Tax Return correctly and avoid potential additional payments.