Is it possible to advance the Income Tax refund?

Need some extra cash? Read on to find out if you can get your income tax refund early!

Tax refunds will begin to be paid this month by the Federal Revenue Service, however, for some taxpayers they will only be available on the last day of September.

So, is it possible to get your income tax refund early? Read on to find out!

What is Income Tax?

THE Income Tax It is a federal tax that is levied on the income of both individuals and legal entities.

It is present in several countries and its main characteristic is that the taxpayer pays a percentage of their income to the government, which can be regional or national.

This amount is defined after declaring your annual earnings, and it also monitors the evolution of your assets.

Anyone with an annual income above R$1,559.70 must file a tax return. The total should include all earnings: rent, retirement, pensions, salaries, etc.

Service expenses must also be reported on the tax return. The information provided must be for the most recent year, that is, the previous year.

In addition, Income Tax must be declared by self-employed individuals and professionals as well.

How to pay Income Tax?

Amounts must be paid according to each year's schedule. In some cases, the tax is withheld and paid by your employer, for example.

This way, you don't need to worry about the declaration, just check whether the company provided the payment receipt.

However, in some cases, the declaration must be completed by the citizen themselves. The first option is to hire an accountant.

With this professional, you will have your taxes declared quickly and efficiently, and at an affordable price.

However, if you don't want to pay for this service, you can file the declaration yourself.

Visit the website of Federal Revenue and click "Issue DARF." This option allows you to declare your earnings and expenses from services and access your payment slip.

Additionally, if you have any outstanding income tax payments, you can check them through this same channel and issue a payment slip.

If you prefer, you can also set up your payment slip for direct debit.

The justification for paying income tax is social. People with better financial resources contribute more, so the funds are invested in improving the population's quality of life.

What is a tax refund?

No, you won't get the amount you paid back. You may only get a refund of an amount that was overpaid in the previous year.

When you file your annual Income Tax return, you can easily find out if you have any amounts to pay or receive.

If there is an amount to pay, you must pay it to the IRS. However, if there is any amount to be refunded, the IRS will return the amount to you.

Payment will be made following the schedule below, to the account you provided when filing your income tax return.

1st Batch	31/05/2022
2nd Lot	20/06/2022
3rd Lot	29/006/2022
4th Lot	31/08/2022
5th Lot	30/09/2022

Is it possible to receive an early income tax refund? See the table with the batch schedule.

The first batch is exclusive to: seniors, people with disabilities and some teachers.

To find out which batch you are part of, visit the Federal Revenue website or call Receitafone (146).

This year, according to data from Serasa, the IRS will provide bank credit to more than 2 million taxpayers.

The total amount exceeds R$3 billion. Who knows, maybe you'll be among the lucky ones?

Extra cash is always welcome and can help you loosen your budget, pay a bill, or even use it to invest.

Is it possible to advance the Income Tax refund?

Yes. Some banks offer advance payment of income tax refunds. However, they typically charge a fee of 1,69% to 6% per month.

See below what the main ones are and how to request advance Income Tax.

1. Santander

Banco Santander customers can anticipate the Income Tax refund through the app, Internet Banking or by going to a branch.

Both service channels require you to submit your income tax return. You can advance up to 100% of your refund.

The minimum amount to request is R$1,691,000.00. The interest rate charged by this bank starts at R$1,691,000 per month.

2. Is it possible to advance my Income Tax refund with Banco Itaú?

Yes. Banco Itaú also offers this service to its customers. The interest charged varies according to each customer's profile; however, the average rate is 2% per month.

The minimum advance payment amount is R$1,400.00. You can request it through various channels, such as ATMs, branches, or online banking.

3. Bank of Brazil

To request it from Banco do Brasil, you must indicate this bank when making your declaration.

Interest is charged from 1.99% and may be influenced by your relationship with the Bank and financial profile.

Is it possible to advance your Income Tax refund via Banco do Brasil? through different channels: branches, Internet Banking, Call Center and app.

4. Cashier

At Caixa Econômica Federal, things are a little different. First, you can only advance up to 75% of your refund.

In addition, a credit analysis will be carried out. To pass this stage, you need to have a good relationship with the bank and a great financial resume.

Caixa only provides this service to customers who indicated their Caixa account on their statement.

The interest applied by this bank is charged from 1.78% per month.

5. Bradesco

If you request your advance through Bradesco, you will have to pay it in a single installment by the end of the calendar, that is, September 30th.

Therefore, up to 100% of the amount can be refunded. Interest rates start at 1,99% per month.

You can request yours through the main Bradesco digital service channels or at a physical branch.

Source: Your Digital Credit, Brazil Agency, Canaltech

Conclusion

As you can see, can you anticipate your Income Tax refund? in many banks and financial institutions.

However, it is important to be careful when requesting this service, as it is nothing more than a loan.

The ideal is to wait for the Federal Revenue Service to refund the amount and use it in full, without paying interest or having acquired a debt.

Only advance your refund in extreme cases. If you need money urgently and the refund amount doesn't meet your needs, read on to learn about some options. personal loans that are available instantly.