The options that will optimize your company’s resources
If you are an independent entrepreneur of a medium or micro business, you will know that starting a business from scratch requires dedication, patience and multiple financial knowledge.
Perhaps of those three elements you already have two, and it is very likely that it is dedication and patience, because at the beginning the theory always fails.
The good news is that you can always learn and improve yourself, that is why we want to share examples of tax strategies with which you can optimize the resources of your company.
Let’s start with the basics: what is a tax strategy?
The series of steps that allow reducing, eliminating or deferring the taxpayer’s tax burden is called a fiscal strategy , always within the legal framework and with the necessary documentation to eliminate risks.
We all have the right to these strategies but due to ignorance we do not apply them.
What is the first step when talking about tax strategies?
Roberto Vázquez Valdez, a member of the Tax Investigation Commission of the College of Accountants, recommends making a prior fiscal closing starting in the second half of the year, to identify the behavior of the business.
This is the financial pulse of the company, as he comments.
Define the expenses that you can deduct
You must be very clear about them; This step seems obvious, however, there are still many independent entrepreneurs who when starting their careers in the business world are not clear about the list of deductibles.
These are divided into two:
- Operating expenses: are those expenses that are incurred for your business to function and are deducted each month during the monthly information return.
- Personal expenses: these include medical fees, insurance, real interest paid for mortgage loans, it is presented during the annual declaration in the month of April.
See an expert in the first instance
To guarantee maximum benefit, the tax strategy must be tailored to each company, taking into account that the methodology is not always applied in the same way and in the same order.
As you are starting, we suggest that while you create your tax strategy , you consult with a specialized lawyer, financial and administrative professionals as well as a trained and trusted accountant.
Having a trusted accountant will help you make last minute decisions, for example, which month you should make a large purchase to deduct more.
It is also very important to involve investors in this project, as some company policies will sometimes have to be modified.
Once everyone is aware of what will happen it is time to start.
Here we will tell you some specific strategies that you can apply.
Use donations to your advantage
Everyone knows that with donations companies save a few pesos, however, only 7% of the tax profit of the previous year can be deducted.
What not everyone knows is that by donating you can get an extra profit that is quite attractive.
Which? As you well know, companies must acquire technological tools for their operation, for example computer equipment and, on many occasions, the devices stop being used.
This obsolete inventory, even if you no longer occupy it, has a value that you can use to your advantage.
In this case, you must request the SAT for a “destruction of obsolete inventory” and if a donee requires that equipment, you can deliver it to her and deduct the entire equipment.
That is, if you have 10 computers for a total value of 100,000 pesos, by donating them you can deduct the same 100,000 pesos.
Invoice your business trips
Depending on the line of your business you will have to make trips. If you need to leave your fiscal domain for the operation of your company, you can deduct transportation, lodging, food, use or temporary enjoyment of cars and mileage payment.
To deduct these expenses, the tax receipts must contain a valid CFDI for tax purposes and the worker must provide the taxpayer with a list of the expenses attaching receipts.
They must also:
- Be strictly indispensable for obtaining income or the activity of the taxpayer.
- If they are operations greater than two thousand pesos, be paid by check, funds transfer, credit card, debit card, electronic purses: this limitation does not apply to the fuel deduction.
- That the VAT is expressly itemized in the vouchers.
- Record them in your accounting.
- Be within the deduction limits established by Law or Regulation (50 km strip)
Keep in mind that in food expenses only 750 pesos a day will be deductible for each beneficiary when they are distributed in national territory and 1,500 pesos when they are distributed abroad.
Likewise, from the temporary use or enjoyment of automobiles, only an amount that does not exceed 850 pesos per day may be deducted, while accommodation is an amount less than 3,850 pesos per day.
Amortization of assets affected by the activity
Currently there are various technological tools that are necessary for the day to day of a company, from computers, laptops, printers, to tablets or smartphones.
These devices will not last forever and every so often they must be renewed, this is where the depreciation strategy for assets affected by the activity is applied.
Let’s suppose that a laptop costs 12 thousand pesos and has a life time of six years. To replace this device you will have to set aside 2,000 pesos a year to amortize that depreciation that the object suffers from daily use at work.
This money can be deducted from income tax.
Acquire a mortgage loan and deduct taxes
As part of your tax strategy, you should bear in mind that you can deduct taxes when you acquire a mortgage loan.
It is very convenient when your business is growing and it is time to establish it in your own place for the benefit of you and your partners or employees.
According to article 151 of the Income Tax Law, “the real interest actually paid in the year for mortgage loans for the acquisition of a house contracted with the institutions that are members of the financial system can be deducted”.
One factor that you must take into account is that the amount of the mortgage loan granted should not exceed 4.5 million pesos, otherwise you will not be able to deduct taxes when exercising your credit.
Didn’t you know that you could deduct taxes when exercising your mortgage credit ?
This is useful even in the personal sphere since it works in the same way, making your annual return less aggressive and obtaining all the benefits that come with acquiring your own assets.
Growing your assets through a mortgage loan is very simple through ION Financiera , where we have a special income verification method for independent entrepreneurs.
ION Financiera has payment terms of up to 20 years, attractive financing schemes of up to 10 million pesos, down payment from 10 percent, in addition, fixed rates and payments throughout the life of the loan.
We offer you personalized attention and advice from the beginning and, as we already mentioned, ease of checking all your income, as well as responding to your request in a matter of five business days.
Other of the incredible benefits of our credit is that it includes life and damage insurance, the possibility of adding income with relatives and acquaintances, the inclusion of life insurance and there is no penalty for advance payments.
As you can see, this last tax strategy is about win-win: with the correct mortgage credit, you do not affect your capital, deduct taxes and make your wealth grow. Come to ION Financiera and start taking advantage of your possibilities.