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Ensure that the Tax Administration Service (SAT) Making a return is easier than you think, all you have to do is comply with certain billing requirements. Here we explain how to maximize your chances of getting a refund when filing your annual return.
For SAT to accept your deductions, you must have electronic invoices (CFDI) valid for all of your deductible expenses. Here are a few key points for proper billing:
1. Gather tax data
Before requesting an invoice, make sure you have the following information on hand:
- -RFC
- -Tax regime
- -Tax address
2. Request an invoice at the time of purchase.
It’s important to ask invoice at the time of payment, as some businesses do not issue invoices afterwards.
3. Check the information
Make sure the person in charge has correctly recorded your RFC, tax treatment, and any other required information. Some common errors, such as an incorrect RFC, can invalidate an invoice.
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4. Confirm the method and form of payment.
“Payment for these expenses must be by taxpayer personal check, electronic funds transfer, credit, debit or service card. The deduction does not apply if payment was made in cash.“, reports SAT.
5. Get an invoice
Depending on the establishment, the invoice may be:
- Delivered on time: Some businesses have an automated system that allows you to generate invoices instantly.
- Sent by email: This is the most common option. If you do not receive an email within a few minutes, please contact the institution to verify that it was generated and that there is no problem with your address.
What expenses may be billed?
Every person who pays taxes in accordance with the wage regime or business and professional activity can submit an annual return to the Tax Administration Service (SAT) and deduct certain expenses. These deductible expenses include:
- -Medical, dental and hospital expenses.
- -Funeral expenses
- – Insurance premiums for medical expenses.
- -Donations
- -Interest on mortgage loans
- -Tuition fees and school transport
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
