How to recover ISR: What is Income Tax, how is it calculated and when it applies

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You ask yourself How to recover income tax? Do not worry! Income tax is one of the most important documents that Mexican citizens must acquire at least once a year.

In this article we will show you each of the requirements and steps to follow that you must take into account when processing the ISR recovery. What are you waiting for? Keep reading!

How to recover income tax

The requirements to recover the ISR are the following:

  • Submit original of Personal Identification Document DPI of the taxpayer, legal representative or representative.
  • In the case of being a foreign person, Present the passport in original and a simple photocopy.
  • Form SAT-2124 Request for refund of VAT tax credit, undue payments or in excess of other taxes, taxes paid for importing fuels or deposits for customs guarantees.
  • Written request, in accordance with the Article 122 of Decree Number 6-91, Tax Code.
  • Affidavit before a Notary Public, In the Notarial Certificate of not having received a refund, accreditation or compensation of the requested amount.
  • Simple photocopy of the retention certificates.
  • Termination settlement of the employee’s employment relationship, certified by the accountant of the company where he worked.
  • If I present a VAT return, a simple, complete and legible photocopy of the same and its respective proof of receipt.
  • Simple photocopy of the annual income tax return for the Salaried Scheme SAT-1179, SAT-1431, and if it reported exempt income and deductions, attach the corresponding integration and supporting documentation (originals and simple photocopies).

Requirements that you must request from the former employer:

  • Photocopy of the Annual Report attached to the SAT form in which the excess withheld is evidenced (page where the taxpayer is registered, last page where the total is found and the first page in the header).
  • Evidence certified by the accountant of ordinary and extraordinary salaries and benefits paid during the period (Christmas bonus, Bonus 14, vacations, compensation, bonuses and benefits paid in settlement), as well as the deductions made, according to the format provided by SAT.
  • If the procedure is carried out by a third person, submit form SAT-362 and the Personal Identification Document (DPI) of the third person.

Steps

  1. Request the paper form SAT-2124 at Tax Offices or Agencies
  2. Download and print the ballot for: Requirements for the return of salaried income tax and presents the indicated requirements.
  3. If you are located in the interior of the Republic, you must go to the nearest Tax Offices or Agencies with the established requirements.
  4. Reception management ends, when they give you a copy of the document.SAT-2124 form with a sticker where the file number is indicated.

What is Income Tax or ISR

In Mexico, the government undertakes to establish immediate and round rights, according to the Constitution of the United Mexican States, whose Article 31 Section IV says, exactly: «… add to public expenditures, both of the Federation and of the Federal District or of the state and region in which they live in the relative and equitable manner established by law.

Direct charges are demanded directly on the wealth of individuals, mainly on their salary or indications of abundance such as responsibility or houses. The main direct right is personal expense (ISR).

It must be taken into account that this right is an extraction of the remuneration of organizations and individuals. On the other hand, aberrant rights influence the resources of people other than the citizen (the person who pays the evaluation specialists).

Thus, the citizen who sells products or offers types of assistance shifts the weight of the right to people who earn them or get them. These are the value-added tax (VAT, tax on the use of individuals and organizations) and the extraction tax on creation and administrations (IEPS, tax on gas, spirits and tobacco).

For example, VAT is applied to acts and exercises in the Mexican region and is created every time we buy an item (with some special cases). Although the fundamental capacity of the levies is to give income to the public authority to cover public spending, they can also affect the costs of the articles.

For example, taxes can be applied to imported goods to insure domestic manufacturers, or to decrease the use of an item, such as cocktails or tobacco.

How to recover income tax:? When does it apply?

Income Tax (ISR) is a direct tax burden that is applied to income earned that increase the patrimony of a taxpayer, for which the individuals and legal entities (companies) are obliged to pay this tax.

According to the Income Tax Law (LISR), payment is required to people who:

  1. Reside in Mexico
  2. Live abroad with an establishment in the country
  3. Residents abroad who receive income from sources of wealth in Mexico

How to recover ISR: How it is calculated

Although this tax is annual, a provisional payment must be made each month to the Tax Administration Service (SAT).

  1. The monthly salary or your total income must be located in the table within the item “Lower limit” and “Upper limit”. Then you have to subtract the “Lower limit”To your total income; This result is known as the base.
  2. Within the table you have to locate the percentage corresponding to your monthly salary; once located, the base is subtracted according to the rate corresponding to your income range.
  3. The result obtained has to be added the “Fixed Fee“; the result of this operation is the total that will be subtracted from your check per month.

Example:

$ 10,000 ——- Monthly Income – 8, 629.21—– Lower Limit ______________________________ $ 1,370.79—— Base – 16.00 ——— Rate ______________________________ $ 219.2 ——– Result + 692 ——— Fixed Fee __________________________ $ 911.2 ———- Total income tax payable

What is a tax refund

The tax discount is a privilege of all citizens where they can recover the favorable adjustments that are produced by their annual expense forms.

The restoration must be done 40 business days after the recording of the annual declaration, which must be completed in the long stretch of April and can be done by the company or by the worker himself.

What are the requirements for the tax refund

  • Enter the Procedures section and from the top bar choose the Tax Mailbox option.
  • Capture your RFC and password or your e. signature, and click send.
  • Enter the procedure section, followed by returns and compensation, choose return request.
  • Fill in the data requested by the electronic form.
  • Sign in files tablets in (.zip) that you generated on your computer, USB or CD.
  • You send SAT procedure and receive your electronic acknowledgment.
  • Wait for a response from the SAT through the email that you registered to contact you.
  • In requests for VAT refund You must have submitted the Informative Declaration of Operations with Third Parties (DIOT).

Take into account that the size of each compressed file in zip format that you save and send with your online return request can be up to 4 MB. You can concentrate the documentation in a single file, or you can send several files, as long as each one does not exceed the indicated size.

Who can request a tax refund

All people, whether or not representatives, experts or free experts, or in the event that they have a business movement.

In the case of representatives, they must acquire more than one of the lowest pay allowed by law and the company must retain their evaluations (it appears on your financing receipt as ISR among the assignments).

Must have your Federal taxpayer registration (RFC) with homoclave. Many workers are unaware that they are enrolled in the IRS as their manager withholds the charges from them.

Remember that the greatest The measure of rights that a worker can recover is the amount that his employer withholds for ISR during the year.

How to request a tax refund

The discount must be made within forty business days following the date of registration of the request, since the essential data and reports are incorporated.

In the case of citizens who have their budget reports evaluated by a registered public accountant, the cut-off time for the discount is 25 business days.

By the time citizens issue electronic applications, the cut-off time for the discount is twenty business days. In the event that during a year ago you did not demand solicitations, you will not demand the discount of those expenses this year.

The amount to be discounted is the 30% of your expenses, with a limit of the total amount withheld (the percentage depends on your total expenses).

In the event that you have at least two positions, or consolidate your work with an autonomous movement, you are committed to making your annual evaluation form including all the pay you have obtained.

Likewise, there is a probability that, regardless of whether the costs are useful to deduct charges, the amount to be paid for the entirety of your pay is of such magnitude that you do not get a discount of expenses but a decrease in the share of the equivalent.

Therefore, in these cases it is advisable to seek the help of an accountant, especially if you do not have knowledge of accounting. Make sure you exploit this advantage you have, as it is money that is rightfully yours.

Success!

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