The Tax Administration Service (SAT) stresses the importance for taxpayers to take full advantage of personal deductions when filing their Annual Tax Return. What can you deduct? In this article, we present it to you in a clear and simple way.
1. Medical Expenses: Includes medical fees, treatments, hospital medicines, clinical analysis and more. Remember to have your invoices and pay by electronic means or nominative check.
Funeral expenses: They are deductible up to the Unidad de Medida y Actualización of the fiscal year to be declared, and can be for you and your immediate family.
3. Donations: Donations to authorized institutions or to the Federation may be deductible, with specific limits.
4. Tuition: Payments for your children’s education, with maximum amounts per educational level.
5. School Transportation: Deduction applicable if it is mandatory or included in the tuition.
6. Retirement Contributions: Voluntary or complementary direct contributions to your subaccount are deductible.
7. Special Savings Accounts: Deposits based on personal plans related to retirement, retirement, among others, with a limit on the amount.
8. Medical Insurance Premiums: Deduction of premiums for complementary health insurance, whose beneficiaries are both the taxpayer and his immediate family.
9. Mortgage Loan Interest: Actual interest paid on mortgage loans is deductible.
Remember that there are limits on personal deductions and that some taxpayers cannot apply them. If you have doubts about how to make your deductions or need more information, the specialized tax team at Vega, Guerrero & Asociados is available to offer you the necessary support and guidance to help you throughout the process of your annual tax return.
