IRA account early withdrawal penalties are put in place for good reason. The average citizen is encouraged to stash money away for their golden years under penalty of losing 10% of it (taxes not included). However, there are many exceptions to the penalties, which we cover here.
The President promised both a tax cut and simplification of the tax form. In November 2017, Congress passed significant changes to the United States Tax Code. The Internal Revenue Service found ways to create a "postcard" tax return—by moving most of the lines off the main form.
In December 2017, the most significant change in the tax law in the past 30 years was signed into law and became effective for 2018. Some 65% of taxpayers will benefit from the changes with lower tax bills, 6% will see their tax bills increase and the rest will see no change with the new law.
Tax time doesn't need to be a stressful event if you maintain records throughout the year. Follow these tips to make filing your taxes a breeze.
A complete guide to file income tax return and wealth statement for tax year 2015 as a salaried or business individual, an AOP or a company using iris system.
A complete guide to submitting/e-filing income tax returns and wealth statements for tax years 2015, 2016, 2017, 2018 and 2019 via FBR's IRIS system. How to get NTN before submitting returns.
Certain red flags that the IRS looks for can put you at risk for a tax audit. Stay out of trouble by reporting all of your income and only taking credits and deductions that your are entitled to and can support with proper documentation or receipts for all expenses.
Tax Clearance is required if you retire, resign, or leave Malaysia for more than 3 months, and for the deceased. So how to apply for a tax clearance letter (TCL) and get your last month's salary ASAP?
Tax rates for filer and non-filer taxpayers are different in Pakistan; non-filers have to have pay more tax. Here's how to become a filer and appear on the active taxpayers list (ATL).
Tax filing deadline has been extended to July 15, 2020, due to COVID-19. I used TurboTax 20+ years for my business and personal tax, so I can show you what you need.
If you are looking for job opportunities in Malaysia or already working here as an expatriate, these list of issues & Q&A on tax law in Malaysia LHDN will help you understand your tax exposure better.
This information given here will help you to update your KRA PIN to iTax by logging into the iTax portal. All old PINs processed using ITMS are required to be updated to iTax.
Do you know the pros and cons of a car donation? When you donate your car, how much of the car's value goes to charitable causes? Find out the good, bad and ugly side of car donations. Read more...
Flat tax success stories are fairly easy to find. A number of countries have seen impressive economic growth after adopting the flat tax idea. This is especially true since the fall of the Soviet Union. As countries formerly under Soviet communist...