Tax filing season is approaching and with it, the time to carefully review every detail and ensure that the information is correctly submitted to the Tax Administration Service (SAT). But what about the myths that have been created around this process? How to distinguish truth from fiction?
Myth 1: The SAT has the obligation to return the balance in favor if you present your annual declaration.
The reality is that the SAT is only obliged to make the refund if your return meets the necessary requirements for it, including the correct presentation of the information and compliance with all tax requirements.
Myth 2: If your colleague in the same salary range got paid back, you will have to get paid back too.
Each statement is unique and must be evaluated on an individual basis. Your partner may have had more deductions than you, resulting in a return in their favor. Therefore, it cannot be assumed that if someone else received a return, they will also get you.
Myth 3: You can get a credit balance without personal deductions and tuition incentives.
This is a myth that has been widely spread. The reality is that to obtain a credit balance, you need personal deductions and tuition incentives, among other options that you can apply to your return.
Myth 4: If you paid interest for a mortgage loan, the SAT will return it to you.
Although you may be able to get deductions for mortgage interest, this does not guarantee that the SAT will return the full amount you paid in interest.
Myth 5: The SAT will return the balance in favor in less than 5 days, regardless of the deadlines established by law.
The tax return process can take several weeks or even months, depending on the number of returns that the SAT has to review. Therefore, it is important not to rely on a fixed deadline and to be prepared to wait as long as it takes.
Myth 6: Changing your bank account and going back to make your annual declaration will return you twice as much.
This is a myth that can lead you to commit tax fraud. The SAT has the necessary mechanisms to detect this type of actions, and if it detects them, you could face legal consequences.
Read more:
SAT: What you should know about the annual tax return
What happens if I do not file my 2023 declaration? Check the fines and avoid them
Myth 7: There is an accountant who charges cheaply and always generates a credit balance.
Hiring an accountant who promises guaranteed returns can be dangerous. Be sure to look for an experienced professional with good references.
Myth 8: If you file your return at 00:01 you will be one of the first to receive the refund.
The moment in which you present your declaration does not influence the return process. The important thing is to present the correct information and comply with all tax requirements.
Myth 9: When filing your return you will always get taxes in favor.
It depends on the information you provide on your return and the deductions you apply.
