Are you looking to reduce the amount of money you must pay in taxes? That is possible, here we tell you some advantages that you have as a taxpayer, because we know that compliance with tax obligations in the Tax Administration Service (SAT) is a fact and among them is the annual declaration that is directly related to the tax payment.
By doing your spending and savings correctly, you can use them to your advantage to pay less taxes than you plan as long as you deduct them on time.
First, it is necessary to know that you can deduce the Mortgage loan interest in case of paying a house, medical expenses and your children’s schoolin the same way that of your life insurance to get a balance in favor.
The secret to paying less taxes
- Medical and dental expenses: Investing in health is the best option you can take to pay a lower amount of taxes to the treasury, since medicines billed at a hospital or pharmacy, medical fees, dental cleanings and surgeries are tax deductible.
- School expenses: If you pay tuition, regardless of schooling and that it is valid before the Secretary of Public Education (SEP), it is possible to make the deduction and pay less taxes, although you should consider that everything will depend on the school level that is completed.
- Travel expenses: The way in which you can deduct expenses when traveling is with the help of gasoline, lodging and meals. If you travel as part of your job and if you leave the city.
- Funeral expenses: Likewise, these apply to pay less taxes, in the case of the SAT when they are used during the year and are for a spouse or cohabitant, parents, grandparents, children or grandchildren.
- Donations: They can be by civil organizations or trusts with the approval of the tax authority. In the case of donations to federal or state entities, 4% applies but up to 7% of your gross annual salary is deductible.
- Medical and life insurance: If you pay for medical expenses insurance, it is possible that you make the deduction, apart from that which belongs to your spouse, ascendants or direct descendants will be taken into account.
It also considers that these are deductible, because they are determined from retirement or pension savings.
Finally, consider that you will have to take care of requesting an invoice when you make a purchase that is tax deductible, apart from that you have to comply with your declaration every month on time and in a proper way, since this way you will free yourself from charges.
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