Have you ever heard the words annual return or tax deduction? It is normal that you are not very familiar with these concepts, but knowing them well can bring you financial benefits.
The first thing you should know is that all those individuals who obtain income from any business activity or professional service have the obligation to present the annual tax return, this is done in the month of April of the following year.
Asking for your invoices is important to deduct taxes. Photo: Pixabay
If this is not complied with, there is a risk that people may be summoned before the corresponding authorities, in this case in SAT, to comply with the corresponding obligations.
If you are going to file your annual return, you must take into account tax deductible expenses, which are usually those we make to cover some basic needs such as health or housing.
These expenses can be subtracted from the amount of your income you receive, on which taxes are calculated. In some cases it is possible to get refunds for doing this, which could bring you financial benefits.
Expenses that can be deducted from taxes
Here is a list of the expenses that you can deduct from taxes, it is important that you have the invoice of what you paid for each one since that will help you make the deduction.
Medical expenses: dentist, treatments, consultations, hospital expenses. Authorized donations, these are non-onerous donations from authorized institutions, as long as they do not exceed 7% of the accumulated income. Tuition: payments for educational services. Retirement fund managers: supplementary retirement contributions. Mortgage loans: real interest on mortgage loans for a home. Insurance premiums: for medical expenses, complementary or independent.
You must take into account that the total amount of personal deductions (except medical expenses due to disability and disability, donations, voluntary contributions and supplementary retirement contributions, deposits in special accounts for savings and tuition) cannot exceed five Units of Measurement and Annual update (UMA) equivalent to $ 154,110 or 15% of your total income, whichever is less.
Similarly, to make personal deductions valid, you must have valid receipts (with RFC, tax address, etc.) and present them during the annual return.
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