Ready to find out if you maximized your Tax Deduction?
Tax The time has come, the annual declaration season is here and the headache for many is just beginning.
Month by month during 2021, each taxpayer, Physical Person with Business or Professional Activity or Legal Person.
had to document and recover the tax receipts that will cover all of their deductions for the year.
Any investment or expenditure must be justified in accordance with Article 29-A of the Federal Tax Code; otherwise, each taxpayer would forfeit 30% of each payment.
You may be able to deduct donations (up to 7% of your company’s financial profit), expenses for the purchase of goods, and anything else required for the operation of your business.
Such as the rental or purchase of furniture, goods, vehicles, technological equipment, and so forth, if you are a legal entity or a natural person engaged in business or professional activity.
How to deduct more?
Let’s use the purchase of a vehicle as an example.
The maximum deductible amount is $175,000.00, that is, if the car is worth more than that amount, the difference is NOT deductible.
The annual calculation of the Income taxreliefservices ISR considers, among other aspects, the value of your fixed assets.
As an asset’s value decreases (depreciates) over time, the calculation and payment of ISR decrease. As a result, it has a 100% deductible value and a 25% annual depreciation rate.
However, this tax advantage is much lower, compared to what leasing vehicles, trucks, or fleets can offer you.
The lease is the rental of a property for a certain time, with the option to purchase at the end of the contract, or its renewal.
So let’s start by defining the types of leases and their benefits.
In financial leasing, the lessor transfers the right to use an asset to a lessee, in exchange for the payment of rent for a specified period, at the end of which the lessee has the option to purchase the asset, paying a specified price (residual value). ); which allows registering the goods as fixed assets under the protection of the ISR and VAT laws and deducting only the totality of the interests as a financial expense.
The investment deduction is another type of requirement
The investment deduction is another type of requirement in which the maximum limit to be able to deduct the equipment is $175,000 pesos, for internal combustion vehicles, and $250,000 pesos, for a hybrid or electric vehicle.
In comparison, the pure lease, also known as leasing, is a contract where the monthly payments are usually notably lower than in a loan since you only pay for the use of the vehicle during the period of the contract.
The monthly amount for rent can be up to 100% tax deductible.
The pure lease allows us to deduct all of the payments, whereas the financial lease only allows us to do so.
Under this scheme
Under this scheme, there is a limit of $200 pesos per day for internal combustion vehicles and $285 pesos for electric and hybrid vehicles.
“Acquiring them through pure leasing will always give a better benefit because it has a higher limit to be able to be deductible, as well as its surrounding expenses, such as legal advice, maintenance administration, vehicle insurance, and satellite tracking.
However, contracting the lease with a lessor that is also a fleet manager will maximize the deduction, by making all services inherent to the use of the vehicle 100% deductible.
Using financial tools
A powerful reason to consider this option in your operations.
Using financial tools is of great help, especially at this time when the economy needs more liquidity to focus on daily operations.
It is imperative to have allies like TIP Mexico to discover the benefits of leasing and get your business moving. So, this season, forget about the headache and enjoy the advantages of the tax deductions that leasing offers.