School deductions 2024: Maximize your tax benefits with the SAT.

As the tax declaration period approaches, it is essential for taxpayers to be well-informed about the deductions they are entitled to, especially in the educational sector. The Tax Administration Service (SAT) offers tax incentives that allow for the deduction of certain expenses related to children's education, thereby helping to alleviate the tax burden on Mexican families. For the year 2024, it is crucial to understand the rules and requirements for school deductions to be accepted without issues. The most significant deductions that can be considered are tuition fees and mandatory school transportation. In the case of tuition fees, the SAT has established annual limits that vary according to the educational level. For the school year, the maximum deductible amounts are 14,200 pesos for preschool, 12,900 pesos for primary school, 19,900 pesos for secondary school, 17,100 pesos for technical professional education, and 24,500 pesos for high school or its equivalent. However, it is important to emphasize that higher education or bachelor's degrees are not deductible. One of the most relevant aspects regarding tuition fees is that they must be differentiated from other concepts such as enrollment, school materials, or uniforms. According to Virginia Ríos Hernández, a member of the technical committee for tax research at the College of Public Accountants of Mexico, "the school must separate what is tuition from other concepts." This means that the taxpayer must request a specific invoice that only includes the tuition fee and is issued correctly to avoid problems when filing the declaration. Additionally, taxpayers can deduct the tuition fees of their spouses, ascendants, or descendants in a direct line. However, if the student has received any scholarships or public financial support, they will not be able to deduct the amounts equivalent to that support, as established by the decree published in the Official Journal of the Federation. For the SAT to accept these deductions, it is essential to follow certain rules. One of the most important points is to avoid cash payments; it is recommended to make payments via nominative check, credit card, or debit card. “The check or card must be in the name of the person who is going to deduct the tuition,” emphasized Ríos Hernández. Regarding changes in educational levels, taxpayers have the option to deduct the amount corresponding to the higher level their child has progressed to, regardless of how long they were in the previous level. For example, if a student moves from preschool to primary school, they can choose to deduct the preschool tuition, which could result in a greater tax benefit. The tuition deduction limit is not part of the total personal deductions established by the Income Tax Law, which means that this benefit can be accumulated with other deductible expenses, thus increasing the favorable balance in the declaration. School transportation, on the other hand, can also be deducted, but under certain conditions. This expense can only be considered deductible if it is mandatory, which can be verified through the educational institution’s regulations. Just like with tuition fees, payment for school transportation must be made through methods that allow for clear traceability, such as transfers or cards, and never in cash. It is crucial to mention that the total expense for school transportation falls within the limitation of personal deductions imposed by the SAT, which for 2024 cannot exceed five Units of Measure and Update (UMA) annually, corresponding to approximately 198,031.8 pesos, or 15% of total income, whichever is lower. Taxpayers must pay attention to the details and requirements necessary for their deductions to be accepted, avoiding common mistakes that could lead to their rejection. With the right information and compliance with regulations, families can benefit from the available tax incentives, representing relief in their finances during the school year. Preparing in advance and following the recommendations of experts can make a difference in the amount to be paid or refunded in the annual declaration.