SAT Annual Declaration 2022: what expenses can individuals deduct?

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(CNN Spanish) --

The deadline to make the 2022 annual declaration of the Tax Administration Service (SAT) is April 30, so if you receive income from your economic activity in Mexico, you still have time to comply. with your tax obligation.

• Calendar of the annual declaration before the SAT 2022 in Mexico: dates and limits

Your annual statement must include information on your income, authorized and personal deductions, withholdings and your provisional payments, according to the SAT.

All individuals residing in Mexico who must carry out the tax declaration procedures can do so online at the SAT microsite.

You only need to have your e.signature, password, RFC and, if you have a balance in your favor, your bank details.

An important detail for all taxpayers is that there are expenses that you can deduct on your annual return.

If you do, says the SAT, you could even have a balance in your favor.

However, on many occasions it is not very clear what expenses can be deducted.

Whether your economic activity is as an employee, fees, business activity or another tax regime, we will give you the information below.

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What expenses can I deduct on my annual return?

In each of the tax regimes for individuals, the SAT indicates the following expenses as those that you can deduct annually:

• Medical, dental, nursing and hospital expenses, including the rental or purchase of devices for rehabilitation, prosthetics, analysis and clinical studies.

• Graduated optical lenses for up to 2,500 Mexican pesos.

• Funeral expenses.

• Payments for health insurance premiums.

• The real interest, effectively paid in the year, for mortgage loans for your home.

• Donations.

• Compulsory school transport.

• Voluntary contributions to the retirement fund.

• Local taxes for salaries.

• Tuition (preschool to high school).

For more information, you can click here or also here.

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