Tax credit origination

If you were notified of a tax debt, pay it within the following 30 business days or within the term mentioned in the document received, since you can obtain reductions for prompt payment, in case of fines.

Along with the notification, you will receive a Federal Contribution Payment Form (FCF) containing a catch line, which specifies the deadline for payment, which you can present at the window of any banking institution or through the internet.

The goods can be released from the seizure and returned to the owner, as long as they have not been sold or adjudicated, prior payment of the tax debts and the execution expenses that have been generated.

The payment can be made with the Format for Payment of Federal Contributions (FCF) with capture line, which you can obtain in the form mentioned in section “A. Printing of FCF with capture line”.

It is important for you to know that if the amount of the sale of the seized goods does not cover the total amount of the tax debt owed, the tax authority will continue with its procedures in order to obtain the total payment of the debt, and if it is the case, it will seize more goods.

Examples of tax payments

In other words, the tax credit is an economic amount in favor of the taxpayer at the time of liquidating a tax. This allows the taxpayer to pay less taxes or to have a balance in favor with the tax authority.

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The amount of this balance in favor depends on the deductible expenses incurred by the taxpayer. These can be included in the tax return by the law that regulates the tax in question.

So, if we are obliged to pay, for example, $1,000 of a tax and we have a tax credit of $80, our payment obligation will be $920. This, since the amount of the tax credit is already in the hands of the administration (We will present an example with more details later).

But, let’s go back to the concept of deductible expense. We must remember that when we acquire a certain good or service we face the payment of the price of the product plus the corresponding tax, thus incurring in an expense. This could be the case of a deductible expense.

Tax credit definition

In the case of Vehicle Ownership or Use Tax, to register the vehicle in the vehicle registry of the entity, within thirty days from the date of acquisition, as well as to carry out all those vehicle control procedures that modify and update the registration of the vehicle, in accordance with the procedures and requirements established by the Secretariat.

II. To process the deregistration of the vehicle from the vehicle registry of the entity, in case of accident resulting in total loss of the vehicle, theft, ceasing to be the owner, holder or user, within a term not exceeding thirty days from the occurrence of the event. The presentation of the notice does not release of contributions pending payment.

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VIII. Provide at their tax domicile or at the offices of the tax authority, within the term established for such purpose, the data, reports and other documentation related to the fulfillment of their tax obligations, as well as allow the visitors to obtain copies thereof for their comparison and certification.

SAT Tax Credits

A tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. For example, claiming a $1,000 federal tax credit reduces your federal income taxes owed by $1,000.  The federal tax credit is sometimes called the investment tax credit, or ITC, although it differs from the ITC offered to businesses that own solar systems.

The federal residential solar credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of a solar PV system. (Other types of renewable energy are also eligible for similar credits, but are outside the scope of this guide).

For up-to-date information on incentives, including specific incentive contact information, visit the Database of State Incentives for Renewable Energy and Energy Efficiency website.