The individual taxpayers who must file the 2017 annual return, are those who earned income for the following concepts, among others:
- In addition, they obtained other cumulative income other than salaries.
- Stopped providing services before December 31, 2017, or when they provided services for two or more employers simultaneously.
- Earned income for salaries from persons not required to make withholdings, (international organizations and foreign States or embassies)
- Earned annual income for salaries that exceeded $400,000.00
- They notified the employer in writing, no later than December 31, 2017, that they would file an annual return on their own.
- Those whose only income was from real interests for more than $100,000.00
- Those who, in addition to real interests, obtained income from other concepts for which they are required to file annual returns (professional services, real estate leases, among others) regardless of the amount of each one or the sum of these.
- Those who received real interest and wages, and the sum of both exceeds $400,000.00, regardless of the amount for each of these concepts.
- Those who received real interest and wages, and the sum of both was up to $400,000.00 but the amount of interest was greater than $100,000.00
Those who received other income, for example: debts which were written off by the creditor or paid to another person, investments abroad, moratory interest, and/or conventional penalties, etcetera.
Keep in mind that, this year, individual taxpayers will not be required to file the annual return provided that:
However, these taxpayers may file their Individual Annual Income Tax Return for the year 2017.
As for the personal deductions that can be considered in the Annual Return you can find the following:
1.- Medical, dental and psychological services and nutrition fees, as well as hospital expenses: the payment of these expenses must be by taxpayer's personal check, electronic funds transfer, credit or debit card. If the payment is made in cash it is not deductible.
The maximum amounts to be considered by each student are the following:
- Kindergarten / Preschool: 14,200 pesos.
- Elementary School: 12,900 pesos.
- Middle School / Junior High: 19,900 pesos.
- Technical School: 17,100 pesos.
- Highschool or its equivalent: 24,500 pesos
In addition, the income for the following concepts and amounts must also be shown as informative data:
* Loans, Prizes and donations, provided jointly or severally had exceeded
* Paid Travel expenses, if the amount you received in 2017 exceeded $ 500,000 pesos and if the sum of the total amount of travel expenses paid represents more than 10% of your wages income.
* Sale of the house of the taxpayer, inheritance or bequest provided jointly or severally exceeded $500,000 pesos.
Please feel free to contact us if you have any question or comment in this regard.