Nicholas Roberts
This time we are not going to deal directly with deductions and other tricks to pay less to make the income statement. However, what we are going to comment directly affects everything that has to do with tax management.
We have been commenting for a long time on the importance of carrying out correct tax planning. This involves calculating the taxes that we are going to have to pay and based on that try to reduce the tax bill through the deductions that are within our reach. However, the reality is that most people wait until May (or at the end of the year in the best of cases at the end of the previous year and in a hurry). You will need the best tax preparers for this task now.
Thinks Ahead
Due to this lack of foresight, misunderstandings and later problems usually arrive at the time of filing the income tax return. This inconvenience is often compounded by profound ignorance of current tax legislation. Obviously, it is very easy for those who do not plan to see reasons to inquire about the operation of taxes.
The Real Problem
The problem is that it is a principle of law that ignorance of the Law does not exonerate us from its compliance. In other words, not having proof that we must make the declaration does not free us from having to make it. Only in very extreme cases of intellectual backwardness or social and economic conditions that really prevent you from accessing it. This is why staying informed is so important.
Obviously, the issues related to taxation are not simple
To begin with, their language is cumbersome and is far from easy to understand and to follow, they are not absolute truths, but in many cases they are subject to interpretation.
Fortunately, a recent ruling that we talked about in the post entitled “The exemption for reinvestment in housing does not require ownership” does justice to this matter. Specifically, what it advocates is that the Treasury will not be able to fine us for an erroneous interpretation of the law. Even if the Tax Agency is right, it will not be able to impose an additional penalty if the taxpayer has interpreted the law in a logical way and there has been no fraud or concealment intention.
This does not mean that if, for example, we have not declared the capital gain on the sale of a home considering that we were reinvesting when in fact we were not doing it, we should not pay taxes. It simply refers to the additional penalties that the Treasury may impose.
