Common Mistakes to Avoid When Filing Model 730/2024

Common Mistakes to Avoid When Filing Form 730/2024 Independently

If you decide to submit the 730/2024 tax return independently, there are five mistakes to absolutely avoid.
The filing season officially started on May 20, 2024, allowing taxpayers to integrate, correct, and submit the pre-filled form to the Revenue Agency.
For over a month, citizens have been dealing with documents, receipts, expenses, and calculations for the income tax return, which, with the 730 form, can be submitted until September 30, 2024.

However, if you choose not to seek help from a Tax Assistance Center (Caf) or a qualified professional, you must approach the compilation of your form not only with clear ideas but also with a certain amount of knowledge to prevent common errors (which can be very costly).

Top 5 Errors to Avoid in Form 730/2024

It is crucial to pay close attention when filling out the 730 form because any mistakes made can lead to consequences such as fines and penalties, possibly even legal implications.

Here are the 5 key errors to absolutely avoid in the 730/2024 form:

1. Discarding or losing invoices and receipts.
2. Deciding to do everything by yourself.
3. Having too much trust in the Tax Authority.
4. Thinking it is easy to “correct” the 730 form.
5. Forgetting the deadlines.

Key Points About Form 730/2024

As mentioned, the pre-filled 730 form has been available for consultation by employees and retirees for almost two months.
When is the deadline to submit the 730? The deadline is set for September 30.

However, caution is necessary because the pre-filled income tax return provided by the Revenue Agency may contain errors or omit some information.

Errors to Check in Form 730

The good news is that thanks to the online pre-filled version of the 730 form, it only takes a few clicks to correct errors or add information.
However, submitting the pre-filled income tax return is not always straightforward, and it is often advisable to seek the advice of a tax expert to avoid making mistakes or forgetting to include deductible expenses.

When opting for the DIY approach, it is essential to verify the information entered by the Revenue Agency in the pre-filled 730/2024 form meticulously.
Incomes, dependents, and deductible expenses are some of the crucial pieces of information to be carefully reviewed to avoid unpleasant surprises.
It is also recommended to verify the number of work/pension days listed in Section C meticulously to avoid missing out on essential deductions.

Common Errors in Form 730 and How to Avoid Them

Here are 5 common mistakes to avoid when filing the 730 form, along with the necessary precautions:

1. Discarding or losing invoices and receipts: Keeping receipts and documents throughout the year facilitates the verification and completion of the 730 form, benefiting from tax deductions.
2. Deciding to do everything by yourself: Following the instructions provided by the Revenue Agency for the 730 form in 2024 might not be straightforward for everyone, and seeking professional advice can be beneficial.
3. Having too much trust in the Tax Authority: While the pre-filled operation is advertised as a success, errors from the Tax Authority can occur, so it is vital to double-check all the information provided.
4. Thinking it is easy to “correct” the 730 form: In case of errors, corrections can be made, but seeking help from a tax advisor might be necessary, and using the correlative Income Tax return model could be required.
5. Forgetting the deadlines: Missing the submission deadlines can have consequences, so it is crucial to be aware of the key dates and seek assistance if needed.