Navigating the world of taxes can be daunting, especially for students who may have limited income and complex financial situations. Understanding your tax obligations as a student is crucial to avoid penalties and ensure you receive any eligible refunds. This comprehensive guide will delve into the intricacies of tax filing for students, addressing common questions … Read more
Yes, you can still file your 2019 taxes in 2023. The IRS extended the deadline for filing 2019 tax returns to July 17, 2023. This means you have until this date to file your return and claim any refunds you may be owed. Why File Your 2019 Taxes Now? There are several reasons why you … Read more
Checks remain a widely used payment method, despite the rise of digital transactions. However, banks have a responsibility to safeguard their customers and the financial system from fraud. To ensure the legitimacy of checks, banks employ a rigorous verification process before cashing or depositing them. Verification Procedures Banks typically verify checks through a combination of … Read more
Are you tired of seeing a significant portion of your hard-earned income vanish into tax withholdings? If so, you’re not alone. Many individuals find themselves in this situation, wondering how they can keep more of their money while still fulfilling their tax obligations. This comprehensive guide will provide you with a detailed understanding of how … Read more
Senior citizens in India are entitled to certain tax benefits, including an exemption from Tax Deducted at Source (TDS) on interest earned from fixed deposits. This exemption can be claimed under Section 80TTB of the Income Tax Act, 1961. However, there are certain conditions that must be met in order to qualify for this exemption. … Read more
The Internal Revenue Service (IRS) is responsible for processing tax returns and issuing refunds to taxpayers. In some cases, the IRS may hold a refund for review. This can be frustrating for taxpayers who are expecting a refund, but it is important to understand why the IRS may take this action. There are several reasons … Read more
An interim audit is an examination of a company’s financial records and procedures conducted during the company’s fiscal year, but before the end of the year. This is usually performed in addition to the year-end audit and is designed to reduce the workload and time taken for the year-end audit by identifying and addressing issues … Read more
Yes, you can pay off someone else’s mortgage tax-free, but there are some important things to keep in mind. Gift Tax Implications Under current tax laws, you can give up to $17,000 to an individual each year without incurring any gift tax. This means that you could make a one-time payment of up to $17,000 … Read more
Filing taxes can be a daunting task, especially if you’re self-employed or own a business. One common question that arises is whether or not you can deduct gas receipts on your taxes. The answer is yes, but there are specific requirements that must be met. In this article, we’ll delve into the details of gas … Read more
Understanding Section 80TTA and 80TTB Deductions Section 80TTA and 80TTB are provisions under the Income Tax Act that allow individuals to claim deductions for interest earned on savings accounts and certain other deposits. Section 80TTA: Deduction up to ₹10,000 for interest earned on savings accounts. Section 80TTB: Deduction up to ₹50,000 for interest earned on … Read more