The annual tax return is a report of all the income, expenses, withholdings and deductions of an individual during a fiscal year (from January to December). All natural persons who have an income must do so. However, those who work in a company and receive less than $ 400 thousand should not present it, because, by law, it is an obligation of the employer to do so.
A wage earner must file an annual return if:
- He earns more than $ 400 thousand per year.
- Receive interest of more than $ 100 thousand.
- You receive income from other activities, either from your own business, the lease of a property or the provision of services.
- You have two or more simultaneous employers or not and received income from all of them.
In addition, anyone can voluntarily make the annual declaration in order to obtain a positive balance. In the event that it exceeds $ 13,900 it is necessary that you use the electronic signature (FIEL). Always remember to give the SAT your bank code to receive your tax refund. For the tax filing services this is important now.
- Request proof of earnings or withholdings from the employer. In addition, you must put the folio corresponding to this information.
- Present your vouchers and receipts for personal expenses. Make your payments with checks or with credit or debit cards and always ask for invoices, this will allow you to make deductions from your expenses. These can be made of medical expenses, insurance, tuition, medicine (only bought in the hospital), optical and lower interest on mortgages.
If you are a service provider, micro-entrepreneur or tenant, you must present your deductions, income and expense book, statements of provisional Income Tax (ISR) payments already submitted, work papers with which provisional or monthly payments were calculated Value Added Tax (VAT) and Asset Tax (for lessors of real estate in business use).
Individuals may make their annual declaration, which takes the taxpayer by the hand in the process and allows to calculate the balance to pay, prepare the return, print it and send it even by e-mail.
If you are in a special situation (such as having more than one employer or having too many interests) it is recommended that you hire the services of an accountant . According to the president of Impuestum, the most important thing when choosing one is that it is endorsed by a medium-sized firm, which has a recognized name in the market.
How much should I pay?
To find out the balance you must pay, you can do it or with this formula: you subtract personal deductions from your income. To that amount, you apply the corresponding tax rate, from which a figure results from which the withholdings made by third parties are subtracted. As a result, you will get a balance in favor or against.
If you have to pay Income Tax (ISR) you can do it at the window or by electronic transfer. If you have a credit balance, you must indicate which account to deposit to.