It's important to always separate personal and legal

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Every year requires financial planning. Now, if you're one of the more than 14 million Brazilians who are individual microentrepreneurs , you need to pay even more attention to the calendar to avoid missing two very important tax returns: your personal income tax return and your company's annual revenue statement, even if the business didn't generate revenue in the previous year.

"In addition to the monthly DAS payment, every microentrepreneur must file the shop Annual Simples Nacional Tax Return (DASN-SIMEI) on the company's annual income by May 31st. And, as a citizen, if your income exceeds the Federal Revenue Service's threshold, you must also file your Personal Income Tax Return by April 30th.

Therefore, among many other factors, income," explains financial advisor Dora Ramos, CEO of Fharos Accounting and Business Management.

According to the Entrepreneur Portal, if the DASN-SIMEI is not submitted on time, a fine of at least R$50.00 is generated. However, if the debt is paid within 30 days, the fine is reduced by 50%, totaling R$25.00.

The expert adds that if the entrepreneur's income exceeds R$28,559.70, they must file an Individual Income Tax Return. "In addition to filing a revenue statement, microentrepreneurs must also comply with the Federal Revenue Service's rules and guidelines regarding the format for reporting the company's profits. Their only official income is one minimum wage," she adds.

When it comes to finances, entrepreneurs must be very careful when structuring their financial plan. "Ideally, for good financial planning and organization, microentrepreneurs should have separate accounts for their legal entities and individuals, facilitating resource management and other tax obligations," concludes Dora Ramos.