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Why Should You File Your Taxes Using the 730 Form?

Understanding the Model 730 for Income Tax Declaration

The 2024 declarative season has already begun with the Revenue Agency putting online the model 730 and the Redditi Pf model.
Why do you have to fill out the 730? This is a question that many face annually when fulfilling their fiscal obligations.
However, presenting the 730/2024 should not be seen only as an obligation, but also as an opportunity.

Purpose of Income Declaration

The model 730 is used for the income tax declaration of salaried workers and retirees, although there are other categories of taxpayers who are also required to use this form.
The declaration serves to reconcile the paid income tax, the due income tax, and any deductions applicable to expenses incurred during the tax period under review.

By declaring all income to the Tax Office, the taxpayer enables a correct calculation of the due income tax.
There are various expenses eligible for deduction and refund, ranging from medical and pharmaceutical expenses to education, rent, and cafeteria expenses, incurred not only by the taxpayer but also by dependents.

Who and Why Should Fill out the Model 730

Why fill out the 730? The model 730 is a simplified version of the income tax declaration, where the taxpayer communicates the income earned during the previous year to the Tax Office.
The calculation is based on the income amount, applying tax rates to determine the taxable base, deductions, and refunds.

The consequences for not submitting the 730 are severe, leading to penalties.
The deadline to submit the 730 to the Revenue Agency for 2024 is September 30th.

The model 730 offers several advantages, mainly in simplifying the tax calculation process and direct payment or withholding of refunds or taxes due.
Not all taxpayers are obliged to submit the 730, with specific categories exempted or given the choice to opt for it.

The Opportunity in Income Declaration

While declaring income is mandatory, it also presents an opportunity for taxpayers to benefit from tax deductions and refunds.
Failing to declare income may result in missing out on potential tax benefits.
Thus, opting for the 730 can lead to significant tax refunds, as illustrated in the case of a salaried worker with various eligible expenses.

Author: Hermes A.I.

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