The main thing is that you check your income against your expenses and that the latter are not greater than what you earn, because on that difference the SAT can determine a tax credit.
8.- What are deductions?
There are two types of deductions: personal and authorized.
Among the personal deductions are: medical, dental, psychologist, nutrition, hospital expenses and medicines included in hospital bills, nurses’ fees, clinical analysis, purchase of rehabilitation devices, purchase of graduated optical lenses to correct visual effects, premiums for medical expense insurance.
There are also considered tuition fees, compulsory school transportation, funeral expenses, real interest on mortgage loans, donations, voluntary contributions for retirement, payment of local taxes on salary, if they do not exceed 5%.
The total amount of personal deductions (except medical expenses for incapacity and disability, donations, voluntary contributions and complementary retirement contributions, as well as tax incentives) cannot exceed five Units of Measurement and Update (UMA) per year or 15% of the total. of your income, including exempt income, whichever is less.
Always make these payments electronically, because deductions that are paid in cash do not apply. All natural persons, as long as they file their annual declaration, can make personal deductions.
The other type of deductions are authorized and are for individuals with business or professional activity.
For example, if a freelance designer bought a piece of computer equipment to carry out his work, he can make it deductible, the same as the inputs if he works at home, such as electricity and internet. Also, a tenant who uses his car to collect his rent, for example, can deduct the cost of gasoline to carry out this activity.
9.- What happens if I do not present it on time?
If the annual declaration is not made in due time and form, and a requirement is received from the SAT, you may be subject to sanctions such as the suspension to issue invoices or fines of 1,560 to 19,350 pesos.
If you could not present it for reasons beyond your control, you have your tax situation in order and you did not receive a requirement from the SAT, present it as soon as possible after the deadline in an extemporaneous manner and in this way you can save yourself from fines, surcharges or sanctions, according to Laura Grajeda, president of the Mexican Institute of Public Accountants (IMCP).
10.- Where can I find advice?
The Taxpayer Defense Attorney, Prodecon provides free advice if you go by appointment to one of its offices or you can request remote support, you can see the location of these distributed throughout the country, on the page www.prodecon.gob.mx
You can also follow this Attorney General on social networks, because this season they are launching workshops, courses and tips: they are on Twitter: @ProdeconMexico ; Facebook: Official Prodecon.