The simple steps to reduce the amount you pay to the SAT
Typical, you have been saving all year for your vacations, giving a down payment on a car or an apartment.
You say to yourself: “now nothing and nobody is going to prevent me from reaching my goal.”
Suddenly, someone asks you the question: Have you done your tax return?
Like you, there are thousands of people who have a hard time paying taxes.
Although the money is used for the benefit of all, nobody likes to have their pockets touched, less if they were saving to meet a personal or family goal.
In this article, you will learn how to stop suffering when paying with some simple steps to follow, which will help you reduce the amount that will be delivered to the Tax Administration Service (SAT).
Enroll in a retirement plan from an insurer
In Mexico, there are various savings and retirement plans that allow the computation of payments on account of the taxes for the following year.
The difference that you invest in a bank or investment funds, where taxes are paid, is that in an insurance company you can keep all the real interest generated by the money.
Other points in favor are that in the programs that the government offers, the payment of taxes can be deferred for five years.
In addition, the same government puts from 20 to 28 cents for each peso that the saver contributes until the moment of retirement.
For this modality to work efficiently, you must look for the insurer that grants the highest tax premiums and you have to take the tax refunds that the government grants year after year.
Deduct medical expenses
If you have health insurance, you can deduct taxes in different ways while taking care of your health. Great news, right?
According to the SAT, health deductibles are:
- Medical, dental, and professional service fees in psychology and nutrition.
- Hospital expenses and medicines included in hospital bills.
- Fees to nurses.
- Analysis or clinical studies.
- Purchase of prescription optical lenses to correct visual effects.
- Purchase or rental of devices for the rehabilitation of the patient.
- Premiums for insurance of medical expenses, complementary or independent of the health services provided by public social security institutions.
These expenses can also be deducted when they are for your own benefit and your immediate families, such as spouses, parents, grandparents, children and grandchildren.
Investing in education brings with it many benefits, so much so that when making your annual return you can lower your taxes.
School fees can also be deducted, when they are at the preschool, elementary, secondary and upper secondary levels, either for the benefit of the taxpayer as well as their children, parents or spouse.
According to the SAT, the deduction scheme is as follows.
To make the benefit effective, it is necessary to have the corresponding proof of payment and the fees for registration or re-registration cannot be deductible.
Take Care of Tax on Cash Deposits
If you have a business or micro-business, it is very likely that you will take care of the finances yourself and be the one who deposits the income into a bank account.
If this is your case, you should bear in mind that there is a Tax on Cash Deposits (IDE).
This tax applies to cash deposits of amounts greater than 15 thousand pesos in any financial or banking institution, either for one or for the sum of several deposits in the month.
The interest rate is 3%, which means that if you make a deposit of 16 thousand pesos, the excess of one thousand pesos will generate an IDE of 30 pesos.
This tax applies to all individuals or corporations both in national and foreign currency, in any type of account.
In which case is it not paid? When the deposit is made through electronic transfers or checks. Non-profit legal entities are not subject to the IDE either.
So what should you do to avoid generating taxes? Simply do not exceed the deposit of 15 thousand pesos.
Deduct taxes and pay a mortgage
The best advice to expand your wealth and deduct taxes is to pay a mortgage. You did not know? This is so real that it is even found in the Income Tax Law.
Article 151 says that “the real interest actually paid in the financial year for mortgage loans for the acquisition of a home can be deducted .”
To deduct you must make sure your payment is being billed.
The invoice is made by the bank, Infonavit, and the Fovissste, as the case may be and must contain your tax data such as the RFC, name, company name, itemized VAT, the location of the property and the interest paid.
If you got your house with an Infonavit loan, you have to access its official website and go to the “Evidence of Interest” section to print the invoice that you will use at the time of your annual return.
If your mortgage credit comes from a bank, you just have to go to your branch and request it.
The only exception that exists is that taxes cannot be deducted when the credit granted by the property is greater than 4.5 million pesos.
Isn’t it true that taking out a loan for your house brings many benefits?
At ION Financiera you have the opportunity to buy the home you want thanks to its effective and flexible income verification method that adapts to you and with which you will have a prompt response in less than seven days.
If you want to pay fewer taxes on your next statement, ask for your credit with ION Financiera today.
Planning your deductions with investments, declaring, and paying on time is smart.
It seems obvious but many people still make the mistake of falling behind in their payments and consequently generate surcharges and penalties.
If you don’t want to overpay then stay current.
If in an extreme case you cannot make the payment, the SAT has programs that can help you.
One of them is the “Get up to date” program where you will settle your debt in several payments, yes, the fines will not disappear and you will end up paying much more than at the beginning.