A topic of great interest for individuals in this month of April is undoubtedly the annual tax return; since according to the law, individuals, with the exception of exempt individuals, are obliged to pay their annual tax in April of the following year.
Below we refer to the main key points that we recommend to take into account in the process of preparing and sending the declaration:
- Individuals obligated to file the annual tax return.
The first point is to know whether or not you are required to file your annual tax return.
Pursuant to the Income Tax Law, the individuals required to file the annual tax return are those who have obtained income from the following items, among others: wages, salaries and similar items (when the withholder has been notified in writing that an annual tax return will be filed, when they stop rendering services before December 31 of the year, when they have rendered services to two or more employers simultaneously, when they obtain annual income that exceeds $400,000.00), business activity and professional services (Fees), agricultural, livestock, forestry and fishing activities, leasing, sale of goods, sale of shares in stock exchange, acquisition of goods, interests, prizes, dividends, other income, ISR, REFIPRES and RIF with profit coefficient.
If you are an individual obliged to file the annual tax return, it is important to file it in due time and form to avoid penalties.
- Income
In this item, it should be verified that the income reported corresponds to the income actually earned in the preceding fiscal year from customers or employers, as applicable.
In order to be sure that the income that is preloaded in the system is correct, it is possible to rely on some technological tools such as:
- payroll viewer (in the case of wages and salaries) and
- consultas de CFDIS
- among others.
3. Personal deductions
In this section of the annual tax return, you must check that you comply with the specifications established by law for each of the personal deductions, including the following, among others: medical, dental fees and hospital expenses (personal deductions derived from expenses for medical, dental, nursing, nutritionist or psychologist fees are considered and the invoice must be provided by persons with a legally issued and registered professional title), Medical expenses due to disability or incapacity, (in case of incapacity or disability, you must have the certificate or proof of incapacity issued by the public institutions of the National Health System), funeral expenses, donations (donations that are not onerous or remunerative and that are granted to institutions authorized for such purpose and to the Federation are deductible), real interests, complementary contributions, medical insurance premiums, tuition (the amount paid that may be deducted for tuition to private educational institutions with authorization or recognition of official validity must not exceed for each student the annual deduction limits that correspond to each educational level), school transportation (applies to payment of school transportation when it is mandatory in terms of the legal provisions of the area where the school is located or when such tuition expense is included for all students) and deposits in special savings accounts.
A very useful tool to know the invoices for personal deductions that the Tax Administration Service has registered for each taxpayer as an individual for the Annual Tax Return is the “deduction viewer”.
Likewise, it is of utmost importance to review the personal deductions since, if they do not comply with the specifications of the law, these personal deductions will not be considered in the determination of the income tax. In case you do not agree with the deductions that come preloaded, you have the option of adding or eliminating deductions.
4. Tax Withholding
In the case of income tax withholdings, it is necessary to corroborate that the withholdings correspond to those actually withheld by the employers and in the case of not recognizing any of those that are preloaded, you have the option of eliminating the record.
5. Provisional payments
It is important to take into account the provisional payments effectively paid, since these are considered for the determination of income tax; these can be consulted in the returns filed and paid through the Tax Administration Service portal.
It is important to mention that you can enter the application to file the annual tax return through the e. signature or password through the Internet or go to the Tax Administration Service offices and once filed, you will receive an acknowledgement of receipt of the return and, if applicable, the line of capture to make the payment.
En Stratego, we stand out for our extensive track record in providing comprehensive advice to companies on tax matters, including accounting and legal aspects. Our team of specialists conducts a thorough analysis of cases, offering comprehensive and multidisciplinary solutions, always for the benefit of our clients. If you have any questions or are looking for detailed information about our services, we encourage you to get in touch with us.
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