Definitive guide with the deductions you can make before the SAT

2023-04-19 02:00:47

• The annual declaration of the payment of taxes is an official document in which all the income and expenses of a person appear during a certain period.
• People who do not comply with this obligation can receive fines, surcharges and even jail.
• The official page of the SAT contains all the deductions that can be made so that the final amount is less.

Being a professional worker offers many benefits such as having the opportunity to receive a salary. It is the basis of adult life but it cannot be overlooked that it implies some responsibilities such as paying taxes. The highest authority on this subject is the Tax Administration System (SAT) and something that not many know is that there are ways to obtain deductions in this obligation.

In the first instance, paying taxes is an obligation that cannot be avoided because it can generate serious consequences such as fines and surcharges. Even in more serious cases it can have more serious legal consequences such as jail. The ideal is to always be up to date to avoid this type of incident.

Annual declaration of tax payment

It is an official document in which all the income and expenses of a person appear during a certain period. Both figures must be consistent and are the basis for determining the total tax payment that corresponds to each individual. If they do not match, it is suspected that there are prohibited activities or illicit enrichment and the SAT begins the investigations.

All workers are required to submit their annual tax return. In the case of natural persons, filling must be done manually if any of the following characteristics is met:

• If you obtained income greater than 400,000 pesos in the year.
• If you worked for two or more employers in the same year, even if you did not exceed 400,000 pesos.
• If you requested your employer in writing not to submit your annual return.
• If you stopped providing your services before December 31 of the year in question.
• If you obtained other cumulative income (fees, lease, business activities, among others), in addition to wages.
• If you received income from retirement, pension, liquidation or some type of labor compensation.

Deductions that you can make before the SAT

April is the deadline month to file the annual tax return. Most importantly though, there are some legal ways to make your final payment less. According to what is published on the official SAT website, there are two items within which you can make personal deductions.

Health

• Medical, dental and professional services fees in psychology and nutrition.
• They are deductible if they are provided by people with a professional title legally issued and registered by the competent educational authorities.
• Hospital expenses and medicines included in hospital bills.
• Pharmacy vouchers are not applicable.
• Fees to nurses.
• Analysis, clinical studies.
• Purchase or rental of devices for the recovery or rehabilitation of the patient.
• Prosthesis.
• Purchase of graduated optical lenses to correct visual effects.
• Premiums for medical expenses insurance, complementary or independent of health services provided by public social security institutions.
• Said health expenses will be deductible when they have been made for you, your spouse or common-law spouse, your parents, grandparents, children and grandchildren.

Education

Tuition fees in private educational institutions with official validation of studies. From preschool level to high school or equivalent, for the following amounts (annual deduction limit):
– Preschool: 14,200 pesos.
– Primary: 12,900 pesos.
– Secondary: 19,900 pesos.
– Technical professional: 17,100 pesos.
– High school or its equivalent: 24,500 pesos. To make this benefit effective, you need to have the corresponding proof of payment.
When you make payments in the same fiscal year, for the same person, for education services corresponding to two educational levels, the annual deduction limit that you can reduce is the one that corresponds to the greater amount of the two levels, regardless of whether it is the level that finished or the one that started.
Registration or re-registration fees cannot be deductible.
School transport, only if it is obligatory.

Others

• Funeral expenses for your spouse or common-law spouse, as well as for your parents, grandparents, children and grandchildren, you can pay them with any means of payment and you must have the invoice.
• Real interest accrued and effectively paid for mortgage loans, destined for your home, contracted with the financial system, INFONAVIT or FOVISSSTE, among others, and provided that the credit granted does not exceed seven hundred and fifty thousand investment units.
• Donations granted to institutions authorized to receive donations.
• They will not be onerous or remunerative (not granted as payment or in exchange for services received).
• The amount of the donations will not exceed 7% of the cumulative income that served as the basis for calculating the income tax of the previous year, before applying the personal deductions corresponding to said year.
• Complementary retirement contributions made in the voluntary contributions sub-account of your personal retirement plans (Afore).

Also read:

SAT 2023: Which doctors are required to file their annual tax return?

This is how doctors tend to evade paying taxes according to the SAT

What are the taxes that a doctor must pay?