Fiscal and accounting glossary - QuAdrans law and finance

Posted July 24, 2023

We know that some tax terms are complicated, which is why we want to share a small glossary with you so that you can get to know and understand them better.

At QuAdrans law and finance we can offer you an accounting and tax service to help you with your personal or business finances.

Shares: These are financial assets that represent the assets of a company.
Assets: Everything that produces income.
Amortization of tax loss: It is the period that the SAT gives you to collect the balance in favor that you have for up to the following 10 years. If this is not claimed, it is lost.
Taxable base: It is the value on which the payment of a tax is calculated.
Capital: Total resources that a company has, this can be social capital (contributions from partners), venture capital (investment in private companies), human capital (skills and knowledge of people), etc.
Compensation: When a person uses the credit balance they have to pay their taxes.
Proof of fiscal situation: A document that contains the personal data of the taxpayer, such as; Fiscal domicile, RFC, regime under which you pay taxes and your obligations.
Accountant: Is the person in charge of guiding and supporting you with your finances.
Taxpayer: Refers to the people (physical or moral) who pay taxes, that is, citizens.
Annual declaration: It is a document where natural or legal persons present the operations carried out during a year before the SAT.
Deduction: Those concepts that you can reduce from your income so that the base of the income calculation is lower.
Authorized deduction: The concepts that legal entities can deduct to pay lower taxes.
Personal deduction: The concepts that individuals can deduct to pay less taxes.
e.firma: It is the set of data and characters that identifies a person when carrying out procedures and internet services in the SAT.