new exemptions, alert to MEIs and elderly people

This year, new changes should reach those who pay Income Tax. Check out the changes and stay tuned!

The 2024 Income Tax brings with it a series of significant changes, directly impacting the lives of Brazilians. With three major changes, the new fiscal scenario requires attention, especially for the elderly and individual microentrepreneurs (MEIs).

The change in the exemption limit value, one of the main novelties, promises to bring benefits, but also requires a careful look at declaratory obligations.

Let’s dive into these details and understand how the new Income Tax rules may affect you.

This year, the government made some more changes to Income Tax. Understand everything that will change! / Credit: @jeanedeoliveirafotografia /

Income Tax 2024: surprises and alerts for seniors and MEIs

The recent law sanctioned by President Lula significantly changed the Income Tax table, making it more progressive. The exemption limit was raised from R$19,038.98 to R$21,120.00.

This change means that people with income up to R$21,120.00 are exempt from paying tax. However, it is still necessary to make the declaration. This adjustment in legislation should benefit around 1.37 million taxpayers, according to data from the Federal Revenue Service.

Special attention to the elderly

For the elderly, it is essential not to confuse the tax exemption with the mandatory declaration. Even if there is no tax to be paid, the declaration may be required in certain situations. Income such as retirement, pension, pension or paid reserve may be exempt from taxes, as long as they are within the annual ceiling established by the Federal Revenue Service.

Individual Microentrepreneurs (MEIs) and IR

MEIs also face changes. The declaration process for them involves both individual and corporate aspects, with specific rules for each area. The statement must include total annual gross income and employee information, if any. It is essential that MEIs are aware of these updates to properly comply with their tax obligations.

Mastering deductions: practical guide to reducing your Income Tax

Income Tax deductions are a crucial part of the tax declaration process in Brazil, as they allow taxpayers to reduce the amount of taxable income, thus reducing the amount of tax to be paid or increasing the tax refund. Check out some of the main deductions that can be made:

Medical expenses: health expenses can be fully deducted, with no limit on the amount. This includes consultations, exams, treatments, surgeries, hospitalizations, as well as expenses with dentists, psychologists, physiotherapists, speech therapists, among others. Health plan expenses are also deductible; Education: there is an annual limit for deducting education expenses. This limit includes expenses with kindergarten, elementary, secondary, technical, higher education (undergraduate and postgraduate) and professional education (technical and technological courses); Dependents: for each dependent included in the declaration, the taxpayer can deduct a fixed amount stipulated by IRS. Dependents may include children, stepchildren, spouses, partners, among others; Official social security contributions: contributions to the INSS are deductible. For formal workers, these contributions already appear in the Withholding Income Tax Declaration (DIRF) provided by the employer; Private pension: PGBL type supplementary pension plans allow deductions of up to 12% of gross taxable income. However, there is no deduction for VGBL; Alimony: amounts paid as judicial alimony are fully deductible. However, it is important that the pension has been established by court decision or court-approved agreement; Donations: some donations made to projects approved by the government, such as those encouraging culture, sport and social programs, can be deducted. These deductions have specific limits and must be in accordance with Federal Revenue rules; Cash Book Expenses: self-employed and self-employed professionals can deduct expenses related to the activity carried out through the Cash Book. This includes expenses for rent, water, electricity, telephone, office supplies, employee salaries, among others.

It is important to highlight that to take advantage of these deductions, the taxpayer must opt ​​for a complete Income Tax declaration.

In the simplified declaration, a standard discount of 20% is applied to taxable income, limited to a maximum amount established by the Federal Revenue Service, which may be more advantageous for those who have few deductible expenses.

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