All legal entities in Mexico must make their annual declaration before the Tax Administration Service (SAT) to avoid being the creditor of an economic fine, so this month is the key date to make accounts.
First of all, you should know that the SAT extended its office hours, from Monday 7 to 11 and from 22 to 25 March, from 9:00 a.m. to 5:00 p.m. This, in order to acquire the Federal Taxpayer Registry (RFC), the SAT password and the electronic signature, also called e.signaturebecause without these documents you will not be able to access the platform.
Annual statement before the SAT
In order to make your annual declaration and verify that both your expenses and your income are legitimate, you must have your electronic signature valid and recognize what type of taxpayer you are, moral or physical. Legal entities have until the 31st of this month, while natural persons must complete the process from April 1 to 30, 2022.
Manage yourself very well when making your declaration, as it is an irreplaceable and fiscal procedure on which a large part of your income depends. Final calculations of fiscal year obligations are important.
- Build your statement with the accounting inputs of every day. that is, make sure that your year end reflects the financial situation of your company or your services in a timely manner and supported by evidence (invoices mainly). The balance of the banks that reflects your financial statement is considered as proof, since the account statements of yours or your clients must be recoverable.
- It mainly recognizes the concepts between income and profit in the tax field: income is anything that increases wealth, while profit is the result of subtracting expenses from your income.
It is important to distinguish between the different types of income reported: invoiced income, income received but not invoiced, accrued income (services provided but not collected or invoiced), income from advances and income collected from previous years.
Not everything is deductible
- Request tax receipt on all your purchases.
- Identifies payments made and pending invoices to individuals, companies and civil associations.
- Deducts essential expenses: it must be “strictly essential” for the purposes of the taxpayer’s activity.
- Technical aspects such as exempt wages and salaries, such as benefits paid via payroll, must be taken care of.
- Pantry vouchers.
- Bonus in the part that does not exceed the legal exemption.
- Saving Fund.
- PTU in the part that does not exceed the legal exemption.
- Vacation bonus.
- Savings bank yields.
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