How to Check if I have a Credit in the SAT: Consultation, Refund and MORE

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How to check if I have a Balance in Favor on the SAT, In México, you can balance your annual tax return for at least three days. The Tax Management System (SAT) announced this measure to support family finances caused by Coronavirus.

The SAT He is primarily responsible for the collection of taxes in México. Therefore, you must facilitate and encourage citizens to voluntarily pay taxes. For this reason, it has an enabled consultation and return system that we describe below, so that you can carry out your process without doubts.

How to check if I have a favorable balance in the SAT?

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You have to comply with the obligations. Despite the COVID-19 pandemic, Mexican taxpayers must make their statement 2020 annual.

This time the obligation is for individuals whose income is derived from more than one employer, and whose nominal interests exceed the amount of the 20 thousand pesos.

For your information, the SAT I stipulate that in the event of the COVID-19 contingency, within a maximum period of three days after the declaration is made, a balance in favor of the taxpayer. Given this case, if you want to know if you have a credit balance, you have to continue with the following steps.

Find out if you have a balance in your favor on the SAT

  • Enter the SAT website. Remember to register if you are a natural or legal person.
  • Click on the Tax Mailbox.
  • You enter by supplying your RFC, key, electronic signature and passing the captcha.
  • Register your return for the year.
  • You have to answer a form and attach the required precautions.
  • To request your return, look for the option “Returns and compensation” to view the status of your return.
  • Save and print your electronic record.
  • After three days, the SAT will refund your balance in favor, if you have it, and you have made your statement correctly.

How to Check if I have a Credit in the SAT: Tax Refund

To make the request for the automatic return At the end of the annual declaration, you only require your password if the amount in your favor is equal to or less than 10,000 pesos, or if the amount is greater than 10,000 pesos and up to 150,000 pesos, as long as you use your CLABE account preloaded.

In this case, your signature will be required if your balance in favor is more than 10 thousand pesos and you get a new CLABE account.

The tax refund will not be automatically if your balance in favor is greater than 150 thousand pesos, if you received income from assets or businesses as a co-owner, by marital partnership or by inheritance, or if you have been in the situation of non-compliant and forgiven taxpayers, among other various cases.

How to check if I have a Credit in the SAT: What happens if I do not get it back?

The credit balance can be achieved in several ways. However, the basic principle is to have more expenses than income. That is, if you carry out a commercial activity and receive 10 thousand pesos, but you spent 15 thousand pesos, you have 5 thousand pesos originated in losses. And the income tax (ISR) is collected under the earnings.

Therefore, you should take care that you do not have divergence fiscal, that is, more undeclared income than expenses. The SAT can check your bank accounts, if it detects something inconsistent or suspicious.

On the other hand, it may also be the case that your employer withholds much more income tax than your share, in that case you may have positive balance.

Steps to follow in requesting a credit balance

Therefore, in your annual declaration you can request the refund of the balance in favor automatically, there is also a form “Handbook”. To do this, follow the instructions below.

Important that you keep in mind, that you have up to five years later to the date on which the balance in favor was determined, to make your request.

  • Enter the official page of the SAT, you can do it from this link.
  • If it is the first time to do this procedure. Click on the top right where you specify “Tax Mailbox”.
  • Provide your RFC, key, electronic signature and then press the submit button.
  • Then look for the procedures and returns section to answer a form.
  • Once there, provide your data and the files with the precautions requested by the procedure already scanned.
  • Sign and get it with your electronic signature.
  • Save and print the electronic receipt backup.
  • If the SAT confirms in its analysis that the return is approved, it will decide to return the balance in favor.

If they have not returned the balance in favor

You must notify on the SAT website through the “Tax Mailbox” or in the section of “Formalities”.

Certain expenses that may be tax exempt at the time of filing the annual return, these are:

  • Medical services.
  • Dentist.
  • Funeral payments.
  • Hospital expenses for disability or disability.
  • Expenses for ophthalmic lenses.
  • Donations.
  • Real interests.
  • Complementary contributions to the savings fund.
  • Premiums for insurance of medical expenses.
  • Tuition fees.

The Physical persons that they have related to salaries, before generating their annual declaration, they should review well all the data that is being supplied, because if they do it wrong or send it with an amendment, they would lose the opportunity to acquire the greater amount of the refund.

For the people who carry out the process for the first timeIt is recommended that they seek help from an accountant, so that they can guide them in a personalized way, since they know the process well and assist you in specific aspects.

How to Check if I have a Credit in the SAT: Use the Balance Wisely

As you can see, the SAT help people, returning the balance in favor in just a few days. This in order to support the economy of Mexican families, in the face of this crisis. Therefore, these resources should be used in the best possible way. Here are some tips.

  1. Try not to consume this money on things that are not necessary at this time. You are not aware of how the situation will be after a few months. So it is better to be careful with the expenses.
  2. Save your money in a bank account that generates dividends, do not leave it in a traditional savings account, because they usually do not give you interest.
  3. Make a savings program in accordance with your objectives and goals. If you do not have an emergency fund, that extra money, direct it to this goal. The emergency fund can help you solve any eventuality, such as an illness, an accident, or becoming unemployed.
  4. Ideally, it is made up of 3 to 6 months of your earned income, and this will help you pay the fixed and variable expenses that you have in that period.

Who must File the Annual Declaration in México?

All the people that provide services They carry out commercial activities, rent real estate, wages, salaries and the like, among other occupations. You can check here in which cases it is totally mandatory to file the annual return.

It should be noted that, before doing this procedure, find out in what Tax Regime you locate. Sometimes people are registered in a regime that does not concern them with their economic performance, and that could lead to long-term conflicts.

What is the SAT?

The Service tax administration (SAT, for its initials) is a decentralized entity of the Ministry of Finance and Public Credit of México, which has the responsibility of setting tax and customs legislation, with the objective that individuals and legal entities collaborate in a proportional and equitable manner to spending public.

As well as supervising the contributors to meet the guidelines and customs, to facilitate and motivate voluntary compliance, to generate and provide the information required for the program and the evaluation of the tax policy.

Functions to be fulfilled by the Tax Administration Service

Between the functions that the SAT stand out:

  • Generate and provide the necessary information to the state for the design and evaluation of the tax.
  • Supervise taxpayers to exercise tax and customs policies.
  • Develop the collection of taxes on entry and exit of commercial products from the country, as well as monitor these goods.
  • Request and supply required information to other national or foreign headquarters. This, in order to prevent cases of tax avoidance or evasion.
  • Provide advice to taxpayers so that they can comply with their tax responsibilities.
  • Manage via the Internet the requests for CFDI or Digital Tax Receipt, which is the electronic invoice method used in México. This document issues the record on the web of the amount of each sale made and the tax payable that it has originated.
  • SAT’s vision is to increase tax collection efficiency. In turn, it seeks that the taxpayer has a good appreciation of the tax representation.
  • It is involved in the negotiation of international transactions carried out by the federal government. This, in matters that are his concern, which are tax and customs matters.
  • Extend and update the taxpayer registry.

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