Better that the rent comes out to pay

Now that we have the draft of the disposable income, I often remember a phrase from a professor of mine many years ago: “I always hope it turns out to be payable.” At that time I didn't understand it. Now I do.

When we file our tax return in June, what we do is regularize the operations of the previous year: calculate how much we should have paid and compare it with what we have already advanced. If the result is to be refunded, it means that we have overpaid the State and that, during this time, we have been financing this money for them without any compensation.

Let's think about it in terms of time: if we overpay in January 2025, it's possible that we won't get it back until June 2026. And if, moreover, the Administration makes the most of the legal deadline of December 2026 to pay the return in our favor, it can have this money for almost two years without paying interest. On the other hand, if the income turns out to be payable, it means that we have had this money for a longer time: until November 2026 if we opt for fractional payment. In practice, this is equivalent to keeping liquidity in our own hands for longer.

It is true that, when you have a stable salary and little tax complexity, the differences are usually small. But when there are several payers, capital gains or economic activity, tax planning becomes especially relevant.

Therefore, the key is not whether the return is payable or refundable, but to have it planned. Receiving an unexpected bill of 10,000 euros in June can be a problem; knowing it in advance and having planned for it, on the other hand, means having had this money for months with full awareness. In taxation, as in so many other things, the problem is not paying, the problem is being caught by surprise.