Articles for Your Tax

When does your tax have to be in by? What if you can't pay your bill?
2 months, 2 weeks ago

When does your tax have to be in by? What if you can't pay your bill?

ABC  

Have you done your tax return yet? The deadline for submitting your 2023-24 tax return without penalty is getting close — here's what you need to know. You're not guaranteed a refund when you submit your tax return — you may even end up with a tax bill because you owe the ATO money. "If you lodge your own tax …

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What is a spouse? Here are the ATO's definitions and why it could affect your tax return
5 months ago

What is a spouse? Here are the ATO's definitions and why it could affect your tax return

ABC  

Do you live with your partner? "Your spouse can be the same sex or a different sex, but they can't be a person who has another family relationship with you," an ATO spokesperson says. But, the main thing the ATO cares about is how long you lived together last financial year — or how much of the financial year you …

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How much can you claim on tax without receipts? Here's a breakdown
5 months, 3 weeks ago

How much can you claim on tax without receipts? Here's a breakdown

ABC  

No-one likes keeping receipts, so we often throw them away. The $300 deduction limit for work-related expenses doesn't apply to claims for: Car expenses Meal allowances Award transport payments allowance Travel allowance expenses But keep in mind that the ATO may still ask you to explain what it is you're claiming, how you paid for it, and how it's related …

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Income Tax: 10 ways to save taxes other than Section 80C
9 months, 2 weeks ago

Income Tax: 10 ways to save taxes other than Section 80C

Live Mint  

There is ample opportunity to lower your taxable income. Tax benefits on the interest component of a home loan under Section 24 Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the interest paid on their home loan. Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the …

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Tax day is underway. Here are some tips to navigate it
10 months ago

Tax day is underway. Here are some tips to navigate it

Associated Press  

NEW YORK — April 15 is the last day to submit tax returns for 2023. Whether it’s your first time filing or you’ve been doing it for years, here are some key things to know about tax season: WHEN IS THE DEADLINE TO FILE TAXES? In general, if you make a mistake or you’re missing something in your tax records, …

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H1-B income tax: Here's how to file your taxes and what documents are required
11 months, 1 week ago

H1-B income tax: Here's how to file your taxes and what documents are required

Hindustan Times  

The H1-B status allows a qualified non-immigrant alien, or an alien who does not hold a lawful residency permit, to work in the United States as a specialist occupation worker. For federal income tax purposes, an alien in H-1B status—referred to as a "H-1B alien"—will often be considered a resident of the United States provided they satisfy the Substantial Presence …

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Tax season is under way. Here are some tips to navigate it
11 months, 2 weeks ago

Tax season is under way. Here are some tips to navigate it

Associated Press  

NEW YORK — Tax season began Monday and for many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. The bill would incrementally increase the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 for the following year …

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New year, new way to file your tax return for free: The IRS launches Direct File pilot program
11 months, 2 weeks ago

New year, new way to file your tax return for free: The IRS launches Direct File pilot program

LA Times  

It’s back to regular IRS deadlines for California taxpayers this year, but with a new tool for many low- and moderate-income households: a service that will prepare and file their tax returns online for free. Starting later this year, taxpayers in California, Arizona, Nevada and nine other states will have access to a new program from the IRS called Direct …

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How to save tax on fixed deposit interest? Here are 6 ways
1 year, 4 months ago

How to save tax on fixed deposit interest? Here are 6 ways

Live Mint  

FDs are a popular saving option, but they are not tax-efficient. However, a few ways can help you save tax on interest income from FDs. Submit Form 15G/15H Did you know you don’t have to pay TDS on your interest income if your total income falls under the taxable limit? So, you can book your FDs in such a way …

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HECS-HELP indexation is forecast to be higher this year. Is it still a 'good debt'?
1 year, 9 months ago

HECS-HELP indexation is forecast to be higher this year. Is it still a 'good debt'?

ABC  

The cost of living is rising and that means that people who have a Higher Education Loan Program debt should brace themselves for increases. For CSP's the federal government covers some of the student's uni fees and the student pays the rest — that's what's known as the "student contribution amount". Here's a look back at the past 10 years: …

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Debt Mutual Funds Taxation Rules Amended: How Will It Affect Your Investments?
1 year, 9 months ago

Debt Mutual Funds Taxation Rules Amended: How Will It Affect Your Investments?

Live Mint  

When passing the Budget Bill, 2023 in Lok Sabha earlier this week, the central government made amendments to the taxation of debt mutual funds. According to the amendments made in Budget 2023, investments made on or after April 1, 2023, will not be eligible for the indexation benefit for calculating long-term capital gains on debt mutual funds. Due to the …

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Tax harvesting: How to save capital gains tax? Details here
1 year, 9 months ago

Tax harvesting: How to save capital gains tax? Details here

Live Mint  

When it comes to taxes in India, most people only think about taxes on their salary or business income. 1.Long-term capital gains tax is applicable on investments sold after 12 months of purchase. 2.Short-term capital gains tax is applicable on investments sold within 12 months of purchase. Sell before gains exceed >₹1 lakh: Since long-term capital gains below ₹1 lakh …

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Tax season already? Some tips for avoiding stress and scams
1 year, 11 months ago

Tax season already? Some tips for avoiding stress and scams

Associated Press  

NEW YORK — For many people filing U.S. tax returns — especially those doing it for their first time — it can be a daunting task that’s often left to the last minute. Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals, recommends gathering all of your documents in one place before you …

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Tax season already? Some tips for avoiding stress and scams
1 year, 11 months ago

Tax season already? Some tips for avoiding stress and scams

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy For many people filing U.S. …

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Martin Lewis tips: How to keep warm and save money
2 years, 1 month ago

Martin Lewis tips: How to keep warm and save money

Daily Mail  

As colder days begin creeping in, the heating can become a hot topic in many homes. However, money expert Martin Lewis, 50, from London, has compiled a few hacks that may heat you up while keeping those costs low, as the winter months take hold and temperatures plummet. The personal finance guru said middle earners could be among those unable …

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Are YOU paying too much tax?
2 years, 1 month ago

Are YOU paying too much tax?

Daily Mail  

Finance expert Martin Lewis has urged those with an 'X' on their pay slip to check they are on the right tax code - as the mistake could be costing them hundreds. vcvvf cc Finance expert Martin Lewis has urged those with an 'X' on their pay slip to check they are on the right tax code - as the …

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Here's why you need to still file your income tax return after paying TDS
2 years, 4 months ago

Here's why you need to still file your income tax return after paying TDS

Firstpost  

TDS is the tax deducted at source and represents only a part of the income tax that you are liable to pay, if you are above the exemption limits set by the government Tax deducted at source or TDS is one thing all of us have come across while filing our income tax return. TDS is the tax deducted at …

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Taxes 2022: Here's how to get a filing extension from the IRS
2 years, 8 months ago

Taxes 2022: Here's how to get a filing extension from the IRS

CBS News  

It's Tax Day, and some Americans may be scrambling to file their returns on April 18 after two years in which the IRS extended the tax filing deadline because of the COVID-19 pandemic. First, you'll have to request an extension by April 18 or you could face a "failure to file" penalty, the IRS said. That's right — getting an …

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How do you get HMRC to correct a tax code error?
2 years, 9 months ago

How do you get HMRC to correct a tax code error?

Daily Mail  

Heather Rogers: A lot of post is not being responded to by HMRC at the moment, so if you are making a formal complaint put that on the envelope Heather Rogers is the founder and owner of Aston Accountancy and This is Money's resident tax expert. Receiving your new tax code If you haven't received a tax code and have …

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This Is The Quickest Way To Get Your Tax Refund In 2022
2 years, 11 months ago

This Is The Quickest Way To Get Your Tax Refund In 2022

Huff Post  

sesame via Getty Images Keep an eye out for your W-2 and 1099s and sign up for direct deposit. The IRS said that it is dealing with staffing shortages and a backlog of over 6 million individual tax returns from last year as of late December, and expects “enormous challenges” during this year’s tax filing season. To avoid any additional …

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A step-by-step guide to file ITR on the new tax portal
3 years, 2 months ago

A step-by-step guide to file ITR on the new tax portal

Live Mint  

I’m 75 years old. —Subramanian Income tax return can be filed on the new income tax portal using a JSON-based offline utility. Download the ‘Common Offline Utility ’ from the income tax portal. In case you choose to ‘e-verify later’, your tax return would be submitted and you can complete the verification within 120 days. After logging in to the …

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6 different ways to verify Income Tax Returns (ITR)
3 years, 4 months ago

6 different ways to verify Income Tax Returns (ITR)

India Today  

The final process of filing an income tax return is to verify it. Generating EVC via bank account To verify your ITR using banks need to be pre-validated. The required details need to be provided, like bank name, account number, IFSC code and mobile number. The registered mobile number and email ID need to be provided and is present in …

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Income tax rebate under Section 87A for income up to ₹5 lakh - Explained
3 years, 8 months ago

Income tax rebate under Section 87A for income up to ₹5 lakh - Explained

Live Mint  

The government has not changed the basic exemption limit of 2.50 lakh for some time as the government does not want people to go out of the tax net and be exempt from filing ITR. 2.50 lakh is applicable for all Individuals and HUFs whether resident or non-resident but the rebate under Section 87A is available only to an individual …

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Tax penalties: Here’s what to do if you can’t pay your taxes this year
3 years, 9 months ago

Tax penalties: Here’s what to do if you can’t pay your taxes this year

CNN  

If you’re avoiding filing your taxes because you can’t afford to pay what you owe, there is good reason to file anyway. But in addition to the failure to file penalty, here are two other common ones: Underpayment penalty: Even if you file on time you still may be charged an underpayment penalty if you failed to pay 90% of …

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