15 Nov What concept is tax deductible for the SAT?
As a taxpayer within the Tax Administration System (SAT), each year you must present your annual declaration to comply with the obligation to contribute to the public expenditure of the country. Well, according to the amount of income you get and declare before the tax authority, the total amount of taxes you must pay is calculated. However, there is the possibility that you receive a favorable balance in this process through some tax deductible concept. That is, certain specific expenses that you can check and that are considered to be discounted from the taxes to be paid to the SAT.
But it is precisely that when wanting to deduct taxes, many people still have doubts about what can result as a balance in favor and what not; Well, according to the type of taxpayer you are the concepts to be deducted are different. In addition, the way you check these expenses also influences to proceed. Therefore, you can find out below what you can integrate into your annual statement as a tax deductible and some important points to correctly carry out the entire process.
If you are a natural person there are certain expenses that are tax deductible, on the one hand there are those that are personal and on the other those that are related to the economic activity that you perform.
For health concept
According to what dictates the SAT, you can deduct the following health concepts if they were specifically for you or your direct relatives, that is, your spouse, partner, your parents, grandparents, children or grandchildren.
- Payment of fees to doctors, dentists, psychologists and nutritionists that you require, as long as the professionals who provided these services have a professional title issued and registered.
- Hospital expenses and medicines that are included in the same hospital bill.
- Nurses’ fees, analysis and clinical studies to assess health.
- Purchase of prostheses or devices for rehabilitation after an event.
- Insurance premiums for medical expenses that supplement or are independent of public social security institutions.
For education concept
Tuition payments from private education institutions from preschool through high school are tax deductible. As long as these institutions have official validity of studies and the amount is consistent with the annual deductible limits defined by the SAT:
- Preschool: 14,200 pesos.
- Primary: 12,900 pesos.
- Secondary: 19,900 pesos.
- Baccalaureate: 24,500 pesos
In the same way if the school transport is mandatory you can include it in the deduction.
Additional to the previous personal expenses there are others such as funeral expenses, mortgage mortgage interest, donations to authorized institutions and contributions of retirement plans.
Physical person with business
If you are the type of taxpayer registered under a natural person with business activity, in addition to those mentioned for natural persons, you can include the necessary expenses to be able to carry out your profession or economic activity. For example, if you are a dentist and to be able to provide your services, you spend money on the purchase of tools, furniture, appliances, among others; They are concepts are tax deductible. As you can realize at this point the tax deductions are strictly related to the economic activity you do.
As for the legal entities that wish to carry out the tax deduction, the permitted concepts are related to the expenses and investments they make for the business to operate.
- Expenses of purchase of merchandise with respect to economic activity.
- Discounts, refunds or bonuses in the final price given to the customer.
- Investments as shares, fixed assets or securities.
- Bad loans and losses due to force majeure.
- Payments made with respect to the Mexican Institute of Social Security as well as Unemployment Insurance
- Contributions made for the creation of pension fund reserves or employee retirements.
Process to deduce
The proper process to request the deduction of taxes within the annual statement, has some limitations. Same that are important to know so you can present the appropriate documents and proceed with the review.
# 1 Submit invoice
The first point is that all expenses for deduction must be verified by issuing the respective invoice or receipt that complies with the requirements that the SAT has established for it, since a purchase note is not a valid receipt. It is also important to emphasize that the voucher must be in the name of the relevant taxpayer.
# 2 Do not exceed the amount established by the SAT
For deductions of personal expenses that individuals have, the limitation is that the amount to be deducted can not exceed what is equivalent to 5 annual general minimum wages or 15% of the total income declared.
While for moral persons, it is also necessary that all expenses are presented by the respective invoice but that the payment has been made by electronic transfer, nominative check, credit / debit card or even electronic purse. As for the point of donations, these should not exceed 7% of the profit obtained in the previous fiscal year.
As you can see, the concepts that can be deducted are diverse and may result in a balance in favor of the total taxes that you must pay in your annual return. Remember to complete all your paperwork in time and form to avoid penalties by the Tax Administration System