Why could the IRS refund be lower this year?

IRS: Refund may be lower or even zero this year.

This year, the IRS refund may be smaller, or you may even be asked to pay, even if you never have before.  

A DECO PROteste explains that the submission of the IRS declaration in 2024, in the light of the income from 2023, will now be different due to the change made in the withholding tax tables. 

Soraia Leite, spokesperson for DECO, quoted by Notícias ao Minuto, warns that the fact that the new tables, already in force since July 2023, "have given an immediate relief in taxpayers' wallets, now it may be required to pay when submitting the IRS declaration".

What made the verification and validation of invoices with deductible expenses for IRS even more important, with the process gaining even more relevance.  

The spokesperson of the association emphasizes that all taxpayers should "reflect" the deductions in the IRS declaration "to minimize the impact of changes in source withholding tables."

This is because, if there are errors in expenses related to housing, education, health or nursing homes, "when the taxpayer is filling out the IRS", "they should delete the pre-filled amount and replace it with the correct value ", as pointed out by Soraia Leite, according to the news. & Nbsp;

Note that the delivery of the IRS declaration will take place from April 1 to June 30, and throughout this period you can always correct or replace the declaration at no cost.

Counting on the IRS refund value and it wasn't what you expected? Turn to other options to access extra savings in your wallet.

If you have credit and/or insurance products, try to renegotiate them with the contracted entities and, if you are not satisfied, transfer them to other entities in order to access the best conditions in the market. Talk to the credit intermediaries and insurance brokers from Poupança no Minuto and start lowering your installments now, through a free service!