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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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 Posted: Thu Apr 28, 2011 11:11 pm Post subject: Taxes |
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Tax deadline coming up...
This is the first year I used the Firma Electronica and filed over the internet. It was surprisingly easy.
Anyone ever have trouble getting a tax refund paid out? |
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Isla Guapa
Joined: 19 Apr 2010
Posts: 1520
Location: Mexico City o sea La Gran Manzana Mexicana
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| Posted: Fri Apr 29, 2011 1:59 am Post subject: |
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You can get a tax refund in Mexico . . . ?  |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Fri Apr 29, 2011 2:18 am Post subject: |
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| Yes, in fact the deductions you can claim aren't all that different from Canadian taxes. Medical, education (this one is new), investment losses, interest paid on mortgages, etc. |
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Phil_K
Joined: 25 Jan 2007
Posts: 2041
Location: A World of my Own
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| Posted: Fri Apr 29, 2011 3:26 am Post subject: |
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The biggest balance I had in my favour was about $800, and given that they make you work hard for the refund, I didn't bother following it up. My wife has had refunds of up to $15000, in which case it is worth the effort.
As I understand it, they will try to deny you as much as they can of what you are claiming or find some trifling technicality to delay the process. |
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FreddyM
Joined: 05 Jan 2006
Posts: 180
Location: Mexico
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| Posted: Fri Apr 29, 2011 4:45 am Post subject: |
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| Actually, I'm really curious about this. Can I really get deductions for interest paid on mortgage, for instance. I just finished my first year of mortgage payments and it was almost all interest, quite a chunk of money if I can get some of it back. When is the deadline? Can I do this even though I'm paid by nomina and tax is withheld automatically? Is there an accountant in the house? |
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Phil_K
Joined: 25 Jan 2007
Posts: 2041
Location: A World of my Own
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| Posted: Fri Apr 29, 2011 5:12 am Post subject: |
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| There is a minimum income for the year (all income - base, bonus, commisions,etc) that has to be earned before someone on n�mina can present a declaration. I believe it is around $400,000 at the moment. At least that is how I understand it. The deadline is the last day of April. |
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FreddyM
Joined: 05 Jan 2006
Posts: 180
Location: Mexico
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| Posted: Fri Apr 29, 2011 6:16 am Post subject: |
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| Phil_K wrote: |
| There is a minimum income for the year (all income - base, bonus, commisions,etc) that has to be earned before someone on n�mina can present a declaration. I believe it is around $400,000 at the moment. At least that is how I understand it. The deadline is the last day of April. |
$400k. hah! okay. I make nowhere near that much, perhaps I shouldn't even think about this. |
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Guy Courchesne
Joined: 10 Mar 2003
Posts: 9650
Location: Mexico City
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| Posted: Fri Apr 29, 2011 12:22 pm Post subject: |
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| Quote: |
| Can I really get deductions for interest paid on mortgage, for instance. |
Yes. You need to get the carta de deducibilidad from the bank handling your mortgage (not sure how it's done if your loan is Infonavit). It is a simple line item plugged into the deductions section of the tax return. This one resulted in a nice return for us this year and last.
Last edited by Guy Courchesne on Fri Apr 29, 2011 2:45 pm; edited 1 time in total |
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amaranto
Joined: 02 Jun 2009
Posts: 133
Location: M�xico, D.F.
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| Posted: Fri Apr 29, 2011 2:42 pm Post subject: |
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| I got over 1,000 pesos back because I declared my life insurance funds. My accountant suggested I apply it to upcoming monthly taxes because it would take longer to get back since it came from IETU . |
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mejms
Joined: 04 Jan 2010
Posts: 390
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| Posted: Sat Apr 30, 2011 5:36 pm Post subject: |
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| Well, I'm ticked. I was just told that I between IVA and IEUTU, I owe $11,500. It could be true, as annoyed as I am. But I'm going to get a second opinion. I've been looking for the motivation to get a new accountant anyways. |
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Enchilada Potosina
Joined: 03 Aug 2010
Posts: 344
Location: Mexico
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| Posted: Sat Apr 30, 2011 5:40 pm Post subject: |
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| mejms wrote: |
| Well, I'm ticked. I was just told that I between IVA and IEUTU, I owe $11,500. It could be true, as annoyed as I am. But I'm going to get a second opinion. I've been looking for the motivation to get a new accountant anyways. |
Check the 'carta de retencion de impuestos' from the companies you work for - this is usually the problem as they're either blatantly wrong or fiddled. |
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mejms
Joined: 04 Jan 2010
Posts: 390
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| Posted: Sat Apr 30, 2011 5:46 pm Post subject: |
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| Enchilada Potosina wrote: |
| mejms wrote: |
| Well, I'm ticked. I was just told that I between IVA and IEUTU, I owe $11,500. It could be true, as annoyed as I am. But I'm going to get a second opinion. I've been looking for the motivation to get a new accountant anyways. |
Check the 'carta de retencion de impuestos' from the companies you work for - this is usually the problem as they're either blatantly wrong or fiddled. |
I did briefly check the constancias before I handed them in to my accountant, but I like to think that I pay someone to review these things rather than having to pay and then do it myself. A client of mine is an accountant with his own firm and I trust him and his business. I didn't want to mix things up and have a client be my accountant, but I think it'll be fine and I'd rather avoid these headaches from accountants who may be doing a little bit less than what I expect. |
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ton a bricks
Joined: 16 Sep 2006
Posts: 56
Location: Mexico City
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| Posted: Wed May 04, 2011 3:01 pm Post subject: |
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| How much does the accountant charge? I did it by myself but it is so much hassle and so many forms and complications that maybe next time I will pay an accountant... |
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Enchilada Potosina
Joined: 03 Aug 2010
Posts: 344
Location: Mexico
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| Posted: Wed May 04, 2011 4:40 pm Post subject: |
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| ton a bricks wrote: |
| How much does the accountant charge? |
Mine charges $250 a month and is really good. |
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