April is the month in which people registered with the Tax Administration Service (SAT) as natural persons must submit their annual tax return : employees, tenants and professionals will have to put trout in the sums and subtractions with the treasury.
This year it is time to present the annual declaration corresponding to the 2020 financial year, those who send it to the authority in the first week of April, will receive their balances in favor from the following week, if they are reported, reported the Taxpayer Defense Attorney (Prodecon).
Taxpayers will be able to present the annual return from April 1 using the SAT electronic platform , so they will have to prepare their RFC, passwords and electronic signature .
Here is a guide so that you are ready to fulfill this annual obligation in the most satisfactory way possible.
What is it?
It is the summary of fiscal year 2020, to account to the SAT of your income, expenses and deductions for the calculation of income tax (ISR) that may result in balances in favor or a collection by the authority.
Who is required to submit it?
All wage earners who have had more than 400,000 pesos of income in the year, or who have worked with two employers during 2020.
Any natural person who has income from being in two or more different chapters is obliged to present the declaration that can be: salaries, leases, fees or even with prizes and garments, business activity, explained Benito Barragán, CONTPAQi tax consultant .
Who is not required to submit it?
Individuals who do not present it are those who obtained income from wages from a single employer, as long as they do not exceed 400,000 in the fiscal year. From a single employer plus real interests that do not exceed 100,000 pesos. The sum of real salaries and interests must not exceed 400,000 pesos.
When they receive income from a single employer, as long as there is no tax on the annual return; or that the employer has issued the payroll voucher for the total income for the year and, where appropriate, the income of the taxpayer for nominal interests that come from institutions that make up the financial system, have not exceeded 20,000 pesos in exercise.
What are the first steps to file the return?
To present the annual return you must have the electronic signature (e. Signature) and the keys, enter when you enter the system the authority will load a preloaded version with the statement in the income part, some expenses made and that may be subject to deductions.
In this version, it must be checked that all personal deductions and for the purchase of supplies to carry out our work are considered, for example, with the pandemic many people attached some part of their home as an office, the purchase of chairs, desks, computers, telephones , can be considered as deductible expenses by profession, detailed the CONTPAQi specialist.
What are deductible expenses?
They are the expenses that you make for personal reasons and for profession or economic activity and that you can include in the annual statement so that the base on which the ISR is calculated is lowered, said Nora Flores, a member of the Mexican Institute of Public Accountants (IMCP).
Personal deductions are, for example, tuition fees , for this it is very important that the institution issues the taxpayer the complementary concept with the CURP of your child and that it must be paid through electronic means, because if it is paid in cash it does not credit for be deductible, Barragán explained.
How much can be deducted for personal expenses?
There is a legal limit, which is the equivalent of 5 UMA raised per year, or 15% of the taxpayer’s income, the amount that is less of these two is the one that applies to each person, said Nora Flores.
What keys can I use to make personal deductions?
In a declaration for personal deductions, the keys d01 for medical , dental and hospital fees are very important; d02 medical expenses for disability; d03 funeral expenses; d04 donations; d05 real interest actually paid on mortgages, d06 contributions to the SAT; d07 insurance premiums, d08 compulsory school transportation expenses; d09 deposits for savings accounts and the last d10 payment for educational services.
What income is important to report in addition to wages and salaries?
Income from concept, donations and prizes that exceed 600,000 individually or several concepts. If this data is not provided, the authority can presume that it is other accumulative income.
It is also very important to report those income to which the payment of taxes is not required, such as per diem, alienation of a house whose amount does not exceed 700,000 UDIS, inheritance or legacy, retirements, pensions, reimbursements of medical expenses.
Failure to declare these concepts may give rise to tax discretion. Another important consideration is for the sale of real estate formalized before a public notary, it is important to obtain the CFDI and the transfer certificate where the data related to the sale of the property and the calculation of the ISR are reported.
If a natural person received dividends from a legal entity, they must also accumulate with other income, explained the member of the IMCP.
In which cases do automatic returns proceed?
In case of not exceeding balances in favor greater than 150,000 pesos, you can opt for the automatic refund, as long as you select an active bank account, this can be preloaded in the application. In case of a collection by the authority, you can choose to make the payment in 6 monthly installments, if you present it before April 30, Flores explained.
Is there a webinar that you recommend to me?
Yes, on Monday, March 29 and Tuesday, March 30 at 5:30 pm in Mexico City, Prodecon will carry out a series of free webinars, entitled “Declara en tu Casa 2021 – Prepare with time”, virtual seminars where Tax experts will explain via zoom and YouTube, step by step, the filling and sending of the annual declaration, in addition to answering questions from the participants.
