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FAQ

What is income tax return?
Income tax is paying tax on what you are earning income from profession , trading and any business . this tax will applicable as per tax rules .in india every one who is earing more 2.5 lacks per year they need to pay the tax as per slabs applicable.The slabs in india0–2.5 lacks -Nill2.5 -5 lacks -10%(2.5 lacks)= 25k5–10 lacks -20%(5 lacks )= 1 lackMore than 10 lacks-30 % (on 10 lacks above)above are the slab taxes in india, we need to pay the above percentages as a tax on your income.after paying the tax you need to file the tax return .means you are confirming your income where did you earned (which sources) .this filing only called Tax retuns .Hear as a person you can show some tax savings investemnts to save tax and you can claim from what you have paid as tax to imcome tax department.Hear i am giving best investments as per my knowledge. start investing money into the stock markets and mutal funds.As fresher you you can open a trading and demat account with rajeev gandhi scheem . in india we have lot of brokers but i have account with Zerodha . they are given me best service .this is my advise not recommendation. in this scheem what ever you are investing it will show as tax saving investments and you show under tax exemptions.And one more best thing ,you can start investing in mutual funds who are not having idea in stockmarkets .just start investing in ELSS Mutal funds .this investments also you can show as a tax saving investments. even in Zerodha you can invest in mutual funds with out any commision.my best broker and service provider Zerodha and they are giving me as a zero brokerage .Start invest and save your money instead of paying tax.Every employee start investing in market for tax saving . today small investings only tomorrows wealth for you.Happy investing.Thanks.
Is this year's tax return going to fit on a postcard as promised?
The draft forms for 2018 have now been released by the IRS, and sure enough, Form 1040 now fits into a 5x8 inch rectangle (both sides)[1] . There’s been some actual simplification (for example, the exemptions section has been removed.) But the big change is that great sections of Form 1040 have been moved to other new schedules. Obviously this makes 1040 shorter, but it doesn’t do anything to reduce the total number of lines, and it certainly doesn’t simplify anything.Form 1040 was actually never really very complex in the first place. The real work was being done by the ream of supporting schedules, worksheets and documentation that accompanied it. This has not changed. And now there are additional forms, whose only purpose is to reduce the size of Form 1040 to a postcard.For example, suppose you had Capital Gains and Rental Income. Previously, you would enter capital gains on Form 1040, Line 13 and Rental Income on Form 1040, Line 17. Pretty simple, if you ignore that you would also include a Schedule D, Schedule E, Form 8949, and Form 4562, and calculate your taxes on the 2-page Schedule D Worksheet.Now, after the great form simplification, you enter capital gains on Schedule 1, Line 13, and Rental Income on Schedule 1, Line 17. You would total up Schedule 1, and copy the total on Form 1040, line 6. And as before, you would also include a Schedule D, Schedule E, Form 8949, and Form 4562, and tackle the formidable Schedule D Worksheet.In effect, all they’ve done is replaced 2 lines on 1040 with one line on 1040, and three lines on Schedule 1. In terms of complexity, that’s two extra lines. In terms of weight, that’s a net increase of one page. But hey, one of those pages now fits on a postcard.My opinion of the postcard return: it’s like a poorly done magic trick at a children’s party. Voila!, it’s tax simplification and a postcard-return! But even the kids can see how the trick is done. We know it’s not real, and now our intelligence has been insulted as well. My real indignation is not that it’s more complicated, or that it fails to be less complicated. I’m angry that the political magicians are so contemptuous as to think that we can be played with such little effort.That aside, let me just add that the reaction in the press is overblown. An article in Inc. Magazine suggests that the new format is more error-prone, more confusing, and more time-consuming. It is none of these things. If any CPAs out there start missing deductions because they can’t cope with multiple forms, then they should probably not be in the tax business. The new format should also not be a problem to most DIY-ers who never see the forms anyway until they are done entering information into their software’s user-friendly interface.In other words, the physical size of Page 1 of a tax form bears no relationship whatsoever to the complexity of the tax system.Footnotes[1] https://www.irs.gov/pub/irs-dft/...
How do I write off something to lower my taxes?
Personal Deductions are reported on Schedule A of your tax return. The Schedule A instructions list the items that may be deducted.The Qualified Business Income deduction is reported directly on Form 1040 (Line 9 in 2018)Business expenses are reported on Schedule C. There are many complex rules about what may and may not be deducted. You can find a fairly complete list in IRS Publication 535.Depreciation of Business Assets (including rental real estate) are reported on Form 4562. As other answers point out, this deduction affects the cost basis, and is recovered when you sell the asset. The formulas for calculating this are rather byzantine; consult a qualified tax professional.
Sold my primary residence that I rented out for two years to travel abroad. Do I have to pay capital gains tax?
It depends on several factors.How long did you live there during the five years prior to the sale?Your tax filing status (Married filing Jointly, etc.)The amount of capital gain.Under Internal Revenue Code Section 121, if you lived in the place for at least two years out of the previous five, $250,000 ($500,000 if you file as MFJ) of capital gain is excluded from income.If you rented the place, then you should have included the income and related expenses on a Schedule E for those years. You should prepared a Form 4562 in the first year to start the calculation of depreciation. (FYI, the depreciation is based on the lower of the original cost or the value at the time you put it into service. Only the building and any personal property in it are depreciable. If you had a small house worth $100,000 on $900,000 then you can only depreciate the $100,000.) If you didn’t take the depreciation expense, you should amend those returns because the rule of calculating gain (more specifically, depreciation recapture) is based on the depreciation allowed or allowable. The word allowable means that if you didn’t take the depreciation expense, the IRS can come back and make you include the amount you should have taken and adjust your gain.Now, some good news. As long as you did declare the income and expenses, you probably had a loss. If your income, excluding the rental activity, was more than $150,000 your loss would be limited and carried forward to apply against rental income or be used in the year the activity is disposed.
How do I learn how to file my corporate tax returns?
1. Know your forms:- The first step is determining the correct tax form to use. In essence, every business needs to report its business earnings to the IRS and pay taxes, but the exact forms you'll use depend on your business structure.Partnerships report their income/losses/expenses on Form 1065. If you are a sole proprietor, then you report your business income and expenses on a Schedule C attached to your personal income tax return. Likewise, if your business is an LLC treated as a sole prop, you also use the Schedule C attachment. But if you have a corporation or have elected to treat your LLC as a corporation, then you will need to prepare a separate corporate tax return with Form 1120. Use Form 1120S is if you have elected S Corporation Status.The IRS provides helpful tables that break down the necessary tax forms for each business type.2. Home office deduction:- Many small business owners are intimidated from taking the home office deduction, because they've been told it's a red flag for an IRS audit. However, if you are legitimately entitled to the deduction, you should take it, as it can add up to thousands of dollars in deductions. In order to qualify for the deduction, you need to have a dedicated space in the home that you use solely for the business and nothing else (and proof of that fact).Starting with the 2013 return, you now have the option to use a simplified method for calculating the home office deduction. In the past, you needed to add up your actual costs (mortgage/rent, utilities, etc.) and multiply that figure by the percentage of your home that's dedicated to your office.While the simplified deduction will save you time and paperwork, it may give you a smaller deduction. Savvy tax filers should calculate the home office deduction using both methods and see which is more advantageous. Of course, if you haven't kept track of your home expenses and don't have documentation to back it up, then you should take the simplified deduction.3. Properly classify your office equipment:- First-time and experienced business filers often get tripped up when categorizing expenses as equipment versus supplies. Supplies include things that you used during the year, such as printer paper, pens and printer ink.Equipment (also called capital expenditures) are typically higher-value items that will last significantly longer than one year. Computers, software, office furniture, and servers are all examples of equipment. With the Section 179 deduction, you are able to write off the entire cost of new equipment in one year (up to $500,000), rather than taking depreciation over multiple years.Add up any computers, software, and other equipment you purchased in 2013 in order to get a greater deduction for 2013. And make sure to report these purchases on Form 4562.4. Deduct your insurance costs:- Any insurance premiums related to liability, malpractice, workers' comp, and property are typically deductible as business expenses. Commercial vehicle insurance and life insurance premiums may also be deductible, but rules vary by business type.Business owners of sole proprietorships, partnerships, and S Corporations may be able to deduct the premiums paid for medical and dental insurance for themselves, their spouse, and dependents. In addition, if you have a company with fewer than 25 full-time employees and pay at least half of your employees' health insurance premiums, you may qualify for a tax credit up to 35% of the cost under the Small Business Health Care Act.5. Keep tabs on travel and entertaining expenses:- Did you drive to meet with potential clients, fly out to an industry seminar or tradeshow, or take a client to dinner or a baseball game? If so, you may be able to deduct some of these expenses.For example:If you picked up the tab for entertaining a current or prospective client, you can deduct 50% of the cost as long as business was discussed at the event or the entertainment takes place immediately before or after a business discussion. Be sure to write notes on the receipt, such as whom you were meeting with and what business was discussed.You can deduct 100% of your travel costs if the primary purpose of your trip is for business. If you get some downtime and are able to stay a few extra days after the business is done, that's fine. But, don't try to expense your airfare for a seven-day trip to the Florida Keys for a two-hour meeting.6. Small deductions add up:- Small business owners should keep track of any miscellaneous expenses, as these can really add up over the course of a year. For example, did you buy any books or take an online course to hone your skills? Did you pay dues to an industry organization? These can all be write-offs. Likewise, any interest on credit used to finance business purchases is fully deductible. If you drive to meet with customers, you can take a standard mileage rate deduction (it's 56.5 cents per mile for 2013). And don't forget other business expenses such as web hosting, Internet bill, mobile phone plans, stamps, printer ink and so on.7. Need more time?If the deadline is approaching too quickly for your taste, you can file for an extension. It's better to get your return right than rush to meet the deadline. However, keep in mind that while you get extra time to file, you don't get extra time to pay. If you need to ask for an extension and anticipate you will owe money, you should estimate what you owe and send the payment when you request the extension. Otherwise, you'll be stuck with interest and penalties when you finally do send everything in.