Thursday, July 1, 2010

Setting Up: What is a FACTURA?

If you live in Mexico, it is a phrase you'll hear over and over again "Necesita factura o solo el ticket?"  Loosely translated, they are asking if you need an official receipt or non-official receipt.  Facturas are super important pieces of paper that you will be glad you saved during tax time.

WHAT IS A FACTURA?

A factura is an official receipt for goods or services that can be used for tax purposes.  In order to issue a factura, the place of business must have your RFC (your Corporate tax identification number).  Many people carry a laminated copy of their RFC in their wallet so it is easy to access.

CAN I USE A SIMPLE RECEIPT FOR TAXES?

No.  The only document that can be used for business tax deductions is a factura.

WHAT IF I FORGOT MY RFC NUMBER BUT I NEED A FACTURA?

Many places have a window of time where you can come back with your receipt (el ticket) and present your RFC to get a factura. 

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