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.
Learn how to list utilities for your home working space as business deductions for income tax purposes.
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).
If your dependent child collects unearned income from government benefits such as Supplemental Security Income (SSI), figuring out what to claim on your tax return may be confusing. In this article, you'll learn what you need to know.
There are advantages and disadvantages of car donation. Is it as easy as it sounds? How much of the car's value goes to the charitable cause? Find out the good, bad, and ugly side of car donations.
Is playing within the rules tax evasion and 'not paying your fair share'? Is everyone that lowers their tax bills evading taxes? Is lowering your tax bill illegal or something even the IRS expects? What is the difference between tax avoidance and tax evasion?
When working from home, you have to think about the tax write-offs. Come April, this list will ensure you don't miss anything if you're a freelancer or work-from-home employee.
IRS Form 1099 is used to report income or earnings paid to you. Self-employed receive a 1099-MISC and must report it on a Schedule C. Other common Form 1099s that can be received include 1099-INT, 1099-DIV, 1099-R, 1099-B, and SSA-1099.
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 you are entitled to and can support with proper documentation or receipts for all expenses.
If you are wondering whether your federal tax refund will be taken by the IRS as a result of debt, owed child support, or other reasons, here is how you can find out.
If you are regularly making money from HubPages or other online activities, you are considered to be a small business owner and required to pay taxes on this income. Here is how to keep your business.
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.
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.
Learn all the various advantages and disadvantages of direct taxes. This articles explains all the merits and demerits or advantages and disadvantages of direct taxes.
The Earned Income Tax Credit (EITC) is a refundable federal tax credit. It is designed to help low and moderate-income individuals and families keep more of what they earn. Claiming a qualifying child can increase your EITC. The 4 criteria that must be passed for a qualifying child include relationship, age, residence, and joint return.
Did you know that your clothing donations can lead to a tax deduction? Here's how to get rid of un-used clothing and save some money.
Tax filing deadline is 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.
Mistakes made when filing your tax return can lead to delays in receiving your refund. In my tax office I see mistakes that are often avoidable. Some "mistakes" are intentional and are illegal attempts at trying to increase a tax refund.
An overview of the earned income tax credit, including what it is, who qualifies, and the high rate of tax fraud involved with it.
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.
The complete guide to the French tax system from who pays taxes, where the money goes, when to pay, and a few strange facts about taxes in France!
Social security benefits are usually tax-free but not always. Interest income, dividends, pensions, IRA distributions, and employment income can all contribute to making your social security benefit taxable. Up to 85% of your social security benefit maybe taxable as income.
If you own a second home, then you want to be aware of some tax advantages that could save you money.
It is a given that the rich and corporations WON under the Trump-GOP tax act, but who else benefited or were hurt by this controversial law?
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.
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.
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.
In this article, discover why you should not claim head of household on your tax return if you are not entitled to. We go over the requirements for claiming this status and the penalties for claiming it fraudulently.
Read this complete review of FreeTaxUSA before you start your taxes. How do they match up against TurboTax, H&R Block, and other providers? Can they handle your complex tax return. Read more...
Don't let old furniture sit around and collect dust—donate it! You will be surprised to find how easy it is to donate furniture—many organizations pick it up for you, plus you can enjoy a nice tax deduction.
Explains the difference between tax planning (legal), tax evasion (illegal), tax avoidance (somewhere in between), and the risks involved.
When you donate something that isn't straight cash, you are responsible for recording its value if you want to get a deduction for it when you file taxes for the year. This article helps you accurately determine your donation's value.
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 want to take advantage of financial benefits (lower taxes, business tax credits, in-state college tuition, etc.) by establishing residency in another US state? Here's what to do.
Investors often fork over thousands of dollars for capital gains taxes that they could defer indefinitely with 1031 exchanges. Learn the basics about how IRS code Section 1031 can preserve wealth.
Because of the coronavirus pandemic, the deadline for filing your federal income tax return has been extended to July 15, 2020. In addition, payments will not incur penalties or interest if paid by July 15th. If you need more time to file, use Form 4868 to file for an extension until October 15th.