Annual Tax Return

 

Are you going to file your 2018 annual tax return?

Would you like the Tax Administration Service (SAT, in its Spanish acronym) to return your money, but you don’t know how to do it?

Here we give you some tips for the filing of the 2018 annual tax return.

In April, individuals shall be required to file their 2018 annual tax return, for this, the SAT offers some facilities.

Who will be able to send this annual tax return?

If you are an employee and you received income from salary you can file it. Although it is not an obligation if you earn less than 400 thousand pesos per year and you only have one employer, you can do it and according to the SAT, the deposit of your tax refund could be received no later than the next 10 days .

If you are an individual who issues invoices for professional services, this shall also be your opportunity to file your annual tax return quickly.

If you receive income for renting real estate such as a department, house or business premises you can also file your 2018 annual tax return.

Other individuals required to file their annual tax return are those who received income from salary and are in any of these cases:

  • If they obtained income from two or more employers;
  • If they stopped providing services before December 31, 2018;
  • If they received annual income exceeding 400,000 pesos.

However, all individuals are required to report loans, donations, and prizes obtained in 2018, provided that these, individually or as a whole, exceed 600 thousand pesos.

What do I need for my annual tax return?

The requirements are the following:

  • Federal Registry of Taxpayers (RFC, in its Spanish acronym) (13 digits with taxpayer ID)
  • Password and/or Electronic Signature
  • Bank name
  • Standardized Bank Code (CLABE, in its Spanish acronym) (in case of credit balance)

Check in advance the invoices of the expenses for personal deductions, help to file them charged and classified as personal deductions in the application of the annual tax return

 

The invoices that are not classified shall be shown in the “Unclassified” section, and then they have to be reviewed and classified as a deduction, as long as they meet all the requirements.

The personal deductions are:

  • Medical fees.
  • Hospital expenses.
  • Medical insurance premiums.
  • Tuitions
  • School transport.
  • Funeral expenses.
  • Actual interests.
  • Donations and retirement complementary contributions, in addition to personal saving accounts.

 

When is the latest date to file my annual tax return?

 

The deadline is April 30, 2019.

 

 

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