Your annual return isn’t just a tax obligation for you as a freelancer; it’s also key to optimizing your finances. And with the start of 2025, now’s the moment to prepare your 2024 annual tax return. Here, you’ll find everything you need to know—who’s required to file, how to do it via the SAT (Tax Administration Service), and more.

2025 SAT Tax Return: What You Need to Know

Why Must You File an Annual Return with the SAT?

First off, what is a tax return?

It’s the document you submit to the SAT, reporting your total income, allowable deductions, and payments made over the previous tax year.

Filing your annual return with the SAT is an obligatory requirement, which is why it must be done. Plus, it’s especially relevant for you as a freelancer, helping you stay in good legal standing regarding your taxes.

At the same time, it lets you claim personal deductions—for instance, medical expenses, education costs, or mortgage interest. If you end up with a positive balance, you could get a refund.

Filing your annual return also becomes important if you apply for credit or invest in major projects, not to mention avoiding penalties, surcharges, or even an SAT desk review of your records.

Which Taxes Are Included in Annual Returns?

The main tax at stake is the Income Tax (ISR)—a tax on net earnings, whether from product sales, service fees, or any income-generating activity.

Four main tax returns relate to ISR:

1. Annual Return. Filed once a year to report income and expenses from the previous year.

2. Bimonthly Return. Applies to certain taxpayers under the Simplified Trust Regime (Régimen Simplificado de Confianza), who pay ISR every two months.

3. Monthly ISR Return. Used for monthly advance payments during the year—often referred to as a “Provisional Payment.”

4. Multiple Informative Return (DIM). Focuses on reporting income from third parties and applied deductions.

ISR obligations apply to both individuals and legal entities, and the calculation depends on your registered tax regime.

Some regimes also involve taxes like VAT.

When Is the 2025 Annual Return Due?

According to the SAT’s schedule, the 2025 annual return pertains to:

• No later than March 31 for legal entities.

• No later than April 30 for individuals.

These dates generally apply to most taxpayers, but keep an eye out for possible variations based on your tax regime.

And remember—filing your annual return late can mean fines or added surcharges.

Who Must File an Annual Return?

The annual return is obligatory for different categories of individual taxpayers who earn income from multiple sources.

2025 Annual Return Requirements for Individuals per Article 150 of the LISR:

• Those who earn money from professional fees or services. That includes freelancers who issue CFDI invoices.

• Individuals who receive rental income from real estate, since the SAT deems these taxable under the ISR.

• Taxpayers who earn interest or dividends from bank accounts or financial instruments.

• Individuals with income from the sale (enajenación) or acquisition of goods. Anyone who sold property, vehicles, or other taxable items.

• Employees in certain situations:

1. Those making more than 400,000 MXN a year.

2. Those employed by two or more employers during the same tax year.

3. Those receiving additional taxable income besides their wage—e.g. bonuses, commissions, or severance pay.

Some people getting labor indemnities such as retirement or pension payouts may also need to file a return.

What Should Be Included in My 2024 Annual Return?

Tax deductions include all expenses connected to your economic activity—such as office rent, work equipment, or any services used during your accounting or tax close.

Your submission must include data such as:

• Total earned income

• Financial statements

• Invoices for personal deductions (medical, educational, insurance premiums, etc.)

• Provisional tax payments made during the year (like ISR or VAT advances)

• Certificates from clients/employers listing withheld taxes and total earnings

Keep in mind that your 2024 SAT tax return must be clear, complete, and accurate.

How to File an Annual Return: Step-by-Step

Given the above, how do you file your annual tax return with the SAT?

Here’s the procedure:

1. Go to the SAT portal and click on “Returns” in the main menu.

2. Select “Submit a return”.

3. Log in with your RFC and password or use a valid e.firma (e-signature).

4. Review the preloaded information (income, deductions, provisional payments). Make corrections if there are mistakes or missing data.

5. Enter any required additional info (e.g., personal deductions that aren’t yet listed).

6. Confirm the automatic SAT calculation to see if you have a balance due or a refundable amount.

7. Sign the return with your e.firma to validate it.

8. Submit the return and download the acknowledgment as proof.

If you lose important documents, don’t worry—there’s a way to recover your SAT certificate so you can finish filing your annual return.

When and Why to File an Amended Return

You can file an amended return (declaración complementaria) to fix any errors, omissions, or inconsistencies in a previously filed return. This applies if you left out some info, discovered miscalculations, or your tax situation changed.

For instance, if you forgot to report a personal deduction or found discrepancies in the income you stated, you can correct it with an amended return. This process is available to both individuals and legal entities.

There’s no fixed deadline, but you have up to five years from the original filing date to do so.

Making a Payment for Your Annual Return

For individual taxpayers, any balance due from your annual return can be paid in two ways:

• At authorized bank branches

• Through online banking

For legal entities, payment must be done electronically via your bank’s portal. The procedure is similar, but there’s no in-person counter service for companies.

Note: For online payments, you use a reference number provided by the SAT.

On another note, we recommend using an app like DolarApp for international payments—handy for freelancers dealing with foreign clients.

With the app, you can open a global digital dollar account and convert your funds to pesos whenever you want. We use a fair, competitive exchange rate.

FAQs

Who’s exempt from filing an annual return?

Employees with annual wages under 400,000 MXN from a single employer, who haven’t claimed personal deductions or a refund, are generally exempt.

What deductions can individuals make?

Anything essential for performing your economic activity, so long as it’s documented in fiscal invoices and meets SAT requirements. Some personal deductions are also permissible—e.g., medical costs or tuition.

When does the SAT issue tax refunds in 2025?

The SAT typically processes refunds in about 40 working days from the date you properly submit your claim in your annual return.