If you live in the United States or Canada, you are sure to be familiar with Black Friday, the busiest shopping day of the year. Mexico, of course, has followed suit, and here it is known as “El Buen Fin”, or “The Good Weekend”, which took place earlier this month. Black Friday will soon be here, with all major outlet stores and companies offering special discounts, and it is considered to be the unofficial kick-off to Christmas shopping.
This is a great time to take advantage of special deals, however these spending sprees can have their pitfalls: You should keep this in mind when shopping for yourself or your business, making your gift purchases for business partners, employees and seasonal festivities a part of your annual budget.
Act responsibly – make sure you spend your money on items you really need. Don’t get carried away by attractive advertisements.
Compare prices – even though the special offers only last for a limited time, shop around before making your final purchase. Compare store prices to online deals.
Your budget – be fully aware at all times that you have a budget with a limit, and don’t go over it.
Consumer rights – know your rights when faced with refunds, overcharging to your bank account and damaged goods. PROFECO is Mexico’s Consumer Protection Agency through which you can deal with these situations.
When requesting invoices, it is of the utmost importance to make sure your RFC (tax registration) is correctly written, and the form of payment is specified (in one single payment, in installments, or if it’s to be determined). Also, remember that purchases of over 2,000 pesos must be made electronically. By doing this you will avoid having to have the invoice cancelled and your Christmas expenses will be registered in the correct time period.
Our bi-lingual Mexican accounting firm specializes in financial and accounting services for expats. Whether you are a property owner with vacation rental income or an individual providing a professional service, the Mextax team can assist you with your personal accounting and tax needs in Mexico. Mextax is here to protect your interests at all times, we offer the following financial services that are a daily necessity while living in Mexico:
- Monthly accounting & tax declarations
- Accurately completing your monthly accounting records
- Monthly declaration of IVA & ISR (sales & income tax)
- Monthly declaration of hotel taxes (if applicable)
- Annual ISR declaration
- Withholding for taxes (IVA & ISR)
- Balance sheet & financial statements in English
- Issuance and cancellation of invoices*
Mextax puts our years of experience and local knowledge at your disposal to ensure your investment and stay in Mexico is exactly how you imagined it would be.