Fiscal Deity: Tax Consultant > NetSparsh - Viral Content you Love & Share

Home
>
Tax
>
Fiscal Deity: Tax Consultant

Fiscal Deity: Tax Consultant

Strategic planning throughout the year results in a minimal tax balance. The objective of planning your tax payables is not to prevent paying taxes, it is to pay no more than your fair share of taxes, and keep your money where it earns you the most.

If you aren't aware of it yet, Uncle Sam pays no interest. If he deducts your tax payment monthly or quarterly, and takes more than his fair share, he doesn't give you anything back for the privilege of using your hard earned money. By the same token, if you don't pay in enough, he charges you a penalty and interest.

As a W-2 wage earner, if you are over paying your tax debt, you may be considering it a 'forced savings plan', but you gain nothing, using that particular plan. By putting the same amount in savings every year, earning interest on the balance, and continuing to regularly invest in your savings fund, you may be able to utilize the retirement savings plan reducing your tax debt significantly. With the advice of a competent tax consultant, your savings can become an investment with a tax reduction at the end of the year.

As a business owner paying tax quarterly, over paying your taxes can cost you considerably more. Your tax debt may actually be borrowed money, on a line of credit from the bank where you pay interest for the use of the money. If tax planning were part of your business expenses, you get to deduct the amount paid to the tax consultant from your business, you don't have to pay interest on more than you need to pay in (if using a line of credit to pay taxes), and any saved money can be placed in a retirement fund or savings plan to draw interest for you. Once again, a tax consultant can save you money.

These are just a couple of ways you can save money by hiring a tax consultant. So, who is your Tax Deity? Your tax consultant or Uncle Sam?

Tax planning is an important part of setting up your business, working your job, or living in a world where taxes are a fact of life. Consider saving money on your taxes this year, by planning well, and paying yourself first. Visit eBiz Brand Performance for more information.

In The News:

Direct Tax Code: All you need to know about govt panel's recommendations India TodayTask force on direct taxes: Panel for review of tax brackets, surcharges Economic TimesGovernment panel moots tax relief for companies LivemintWhat to expect on personal taxation from the Direct Taxes Code BusinessLineDirect Tax Code 2.0: Task force for big relief to individual taxpayers Business StandardView full coverage on Google News

Govt panel gets time till Monday to submit direct tax code report LivemintThe panel, led by CBDT member Akhilesh Ranjan, was earlier required to submit its recommendations on Friday.The new direct tax code will try to simplify tax ...

How To Move States To Save On Taxes ForbesLooking to slash your state income taxes? Perhaps moving states will allow you to pay less in taxes each year. What you need to know to establish a new ...

Policy | Put an end to tax terrorism Moneycontrol.comAbhijit Kumar Dutta. The unfortunate death of Cafe Coffee Day founder V G Siddhartha last month has left an unlikely sufferer — the income tax department.

Govt forms committee to rationalise additional taxes on Aviation Turbine Fuel MoneycontrolThe Aviation Ministry has formed a committee to rationalise additional taxes that airlines have to pay while uplifting Air Turbine Fuel (ATF) at airports across India ...

Will a new direct tax law push up compliance? LivemintNumerous amendments over five decades, as well as the influence of case laws, often made it difficult to interpret the rules.Mint takes a look at what the new ...

Income Tax filing: Here's what'll happen if you miss ITR filing last date Business TodayITR filing last date: Late filers will be required to pay a penalty if taxes are filed after August 31.

US tech companies call on France to abandon digital tax plans Financial TimesUS technology companies have called on France to withdraw its plans for a digital services tax, attacking it for being unilateral and discriminatory, while urging ...

ITR forms with pre-filled investment data soon Economic TimesPre-filled forms will soon be able to pick salary breakup directly from an individuals Form 16.

Income Tax Department issues checklist to trace unaccounted demonetisation cash Economic TimesNEW DELHI: In a bid to seize illegal cash, the Income Tax Department has issued a 17-point checklist to tax commissioners across the country to track those ...

Cut taxes to reduce entrepreneurs’ burden: Kotak Mahindra AMC MD Nilesh Shah The Financial ExpressOur market is currently compartmentalised in four parts. Super large-caps are trading above their historical average. Large-caps are trading around their ...

What is the Payroll Tax and How Much Does It Cost You? Yahoo FinancePayroll taxes are taken out of your paycheck -- but what exactly are these taxes and how much are you paying for them?

Deadline for filing income tax returns extended to 31 August LivemintNEW DELHI: The government on Tuesday extended the deadline for filing income-tax returns for the FY20 assessment year by individuals and certain ...

Jammu traders demand extension of deadline for filing income tax, GST returns India TodayCity-based traders' body Monday demanded an extension of deadline for filing income tax and GST returns as internet and other communication channels are ...

Sajid Javid will 'simplify' the tax system in first Budget BBC NewsChancellor Sajid Javid has said he wants to simplify the tax system ahead of his Budget in the autumn. In his first interview since becoming chancellor, Mr Javid ...

How a small tax-paying elite funds the Indian state LivemintThe move to raise surcharges on the incomes of India's super-rich taxpayers has led to a barrage of criticism from tax experts who have questioned such ...

Income Tax Department conducts searches at Oberoi Realty, Capacite Infra MoneycontrolThe Income Tax Department August 20 conducted searches at offices of Oberoi Realty and its vendor Capacite Infraprojects to probe suspicious fund trails in the ...

'Woo Private Sector, Keep Corporate Tax At 10%' BW BusinessworldToday, the private sector feels harassed. They, instead, need to be wooed. So many people are going abroad. Create incentives for them. Corporate taxes ...

Send harassment-related cases directly for necessary relief: FM to tax payers BusinessLineTo consider uniform 25 per cent corporate tax rate for all categories after buoyancy in tax collections.

Hiking income tax appeal limit to reduce litigation, help govt focus on high-value cases: Experts MoneycontrolThe finance ministry's decision to significantly increase the limit for the income tax department to appeal disputes in higher forums will reduce litigation and ...

Finance Ministry to cut tax on prize post PM nudge Economic TimesNEW DELHI: The Finance Ministry has withdrawn the tax exemption it had granted to the cash prize of Rs 1.3 crore received through the Seoul Peace Prize by ...

Trump Administration Considers Moves to Bolster Economy The New York TimesWhite House officials have begun preparing options to help bolster the American economy and prevent it from falling into a recession, including mulling a ...

Could the public do better than Congress at controlling the deficit? Washington PostMany observers are shaking their heads in bewilderment as Congress has — in the midst of a thriving economy and low unemployment, and with barely a ...

CBDT extends angel tax relief to startups facing tax demands LivemintThe move seeks to ensure that genuine entrepreneurs are not affected by the provision that allows the government to demand tax on share premium, treating it ...

Indian markets may extend gains on hopes of tax relief for companies LivemintIndian stocks markets may extend gains on Tuesday tracking global peers while a government panel mulls tax relief for companies. Asian equities rose further ...

Higher tax surcharge on super-rich: FPI lobby sends wishlist to government MoneycontrolWith the issue of higher tax surcharge proving to be a thorn, a lobby of FPIs has urged the government to use information on beneficiaries to identify them and ...

Initiative would increase state oil taxes, eliminate tax credits KTOOA group has proposed an initiative that would raise state taxes on the largest oil companies. An application was submitted on Friday for legislation that would be ...

ITR filing: TDS related queries answered by income tax department Economic TimesAt the time of filing your income tax return (ITR), it is important to ensure that all TDS-related details are correctly filed in the ITR form. Consequently, questions ...

Nirmala Sitharaman silent on withdrawing higher taxes for foreign investors LivemintNew Delhi: Finance Minister Nirmala Sitharaman gave no indication at a meeting with foreign portfolio investors on Friday that she would withdraw a proposal to ...

As Mamata Slams Durga Puja Tax, Top I-T Officer Says Clamour Based on 'Misleading Facts' News18Kolkata: Income Tax officials have rubbished West Bengal Chief Minister Mamata Banerjee's claim that the I-T department had issued notices to Durga Puja ...

Online platforms, CAs arent responsible for wrong income-tax filing Business StandardFor filing income-tax (I-T) returns this year, say, you take services of an online tech platform. The platform makes a mistake, which doesn't catch your attention at ...

IRS misses out on $34bn in corporate taxes economiaThe Internal Revenue *Service* (IRS) could have collected an additional $34.3bn (£28.4bn) of tax from large publicly-traded US corporations since 2000.

IRS begins tax clampdown on unreported cryptocurrency profits ZDNetIf you've been trading but not declaring, the tax *service* might be on your case.

Deciding residential status for taxes, a complex affair MoneycontrolA taxpayer's foreign income is charged to tax in India if he is a resident in India.

What is Direct Tax Code? Report likely today LivemintThe new direct tax code will try to make personal income tax rates more 'progressive'.Prime Minister Narendra Modi had last year told tax officials that the old ...

Taxes drive New Yorkers to Florida by the truckload in just a decade Fox BusinessNew York has lost more than a million taxpayers over the last decade, state GOP Chair Nick Langworthy said.

Tax avoided by corporate groups can eradicate global poverty Down To Earth MagazineAs economic slowdown murmur becomes loud across the world, the debate over income inequality gains volume.

All tax letters, notices to carry identification numbers to be verifiable online from Oct 1, 2019 Economic TimesStarting October 1, 2019, all letters and notices from the income tax department will carry a computer-generated Document Identification Number (DIN) which will ...

Opinion | Let the system tell you your capital gains tax LivemintA government plan to pre-fill income tax return forms online with details of your capital gains could ease your compliance burden. In time, its coverage could ...

Tighten scrutiny of tax exemption claims on farm income: CAG to I-T Departement LivemintClaims of tax exemption on farm income have attracted the attention of the Comptroller and Auditor General of India (CAG), which has called for greater efforts to ...

Freedom from tax burden for angel funds Economic TimesExemption from angel tax even if assessment order was passed before February 19.

GST on electric vehicles, chargers slashed BusinessLineThe Goods & *Service* Tax (GST) Council on Saturday decided to lower the duty on all electric vehicles (EVs) and the charger for such vehicles. This is the ...

ITR Filing 2019: 5 incomes you must not miss to report in your Income Tax Return for AY 2019-20 The Financial ExpressIt is advisable to be extra careful while filing income tax return this year as even a small mistake can result in the issue of a notice from the Income Tax ...

Is your tax money well spent? MoneycontrolA major concern that citizens have is how taxpayers' money is spent. It seems like the money collected goes into a black box with no clarity on how it is being ...

Red Meat Could Be the Next Sin Tax After Sugar, Fitch Says BloombergMeat could be a target for higher taxes given criticism of the industry's role in climate change, deforestation and animal cruelty, according to a report by Fitch ...

Added Import Taxes in USA will Only Help Samsung, Tim Cook tells Donald Trump News18US President Donald Trump has praised Apple CEO Tim Cook for "making a good case" that tariffs on China will help Samsung gain more as it is based in South ...

Here's why Jeffrey Epstein likely paid little in the way of taxes CNBCJeffrey Epstein was worth an estimated $559 million, yet he may have paid little in the way of personal income taxes. The late financier, accused of sexually ...

Amazon is under scrutiny for not paying federal income taxes. Here's how it got its tax burden down to less than $0. Business InsiderAmazon recorded a net federal tax credit for 2017 and 2018 and the company has paid a low tax rate for years. Here's how it did it.

10 salary components that can help employees reduce tax burden Economic TimesYour salary structure consists of several components which can help you reduce your tax burden. While some of these components are fully or partially taxable, ...

When Public Schools Rely on Local Property Taxes: Letters The AtlanticReaders discuss the phenomenon of school districts being isolated from financial resources in their communities.

Africa's financial inclusion at risk from mobile money taxes Quartz AfricaMuch has been written about the need for African countries to collect more tax revenue from citizens and businesses. The IMF has been imploring sub-Saharan ...

10 reasons why you may get a notice from the income tax department Economic TimesYou may anytime come under the taxman's lens. Here are 10 reasons taxpayers can get an income tax notice.

How does Manitoba’s income tax compare to other prairie provinces? Global NewsIt's three weeks until Manitobans head to the polls to pick the province's new leading party. One of the issues concerning Manitobans is taxes and how much ...

Bill de Blasio’s “tax the hell” out of rich people plan, explained Vox.comThe New York City mayor is basically taking a bunch of progressive tax proposals and making them bigger.

How to get the most from this tax-free source of retirement income CNBCCash value life insurance can complement your retirement plan by acting as a source of tax-free income. Just make sure you don't mismanage your policy.

Tax terrorism: Embedded in laws & practice Business StandardRead more about Tax terrorism: Embedded in laws & practice on Business Standard. Blaming tax officials will not help us get to the root of the issue.

California Is Headed Toward a Titanic Battle Over Raising Property Taxes New York MagazineUnless a legislative compromise is worked out, California will host a classic left-versus-right ballot initiative fight in 2020 over a bid to remove commercial ...

How to File Income Tax Returns aka ITR Online in India Gadgets 360ITR aka income tax returns can be easily filed online for free in India. Here's how you can do that.

Everything You Need to Know About Employee Tax Forms Inc.As a business owner, knowing which tax forms you need to complete or to collect from your employees can be tricky--especially if your background is something ...

BMC to impose property tax on individual flat owners directly to improve accountability: Report MoneycontrolIn a move aimed at improving accountability, the Brihanmumbai Municipal Corporation (BMC) will tax individual flat owners directly, rather than buildings.

Reduce corporate tax to 25% to kick-start investment: Kiran Mazumdar Shaw Economic TimesWe are one of the few companies actually expanding our businesses and investing in both brownfield and greenfield projects, says Kiran Mazumdar Shaw, ...

We Could Eliminate Extreme Global Poverty If Multinationals Paid Their Taxes TruthoutThe cost of global corporate tax avoidance is $500 billion and poor countries are bearing 40 percent of it.

For Tax On Durga Puja, Mamata Banerjee Plans Protest Against Centre NDTV NewsBengal Chief Minister Mamata Banerjee is a planning a protest against the tax the BJP-led Central government is trying to impose on Durga Puja committees of ...

Rich Canadians are getting out of paying taxes with 'estate freezes' — and the CRA endorses it Financial PostOpinion: The CRA's position is baffling: It views an estate freeze as garden-variety tax planning. Other countries aren't as lenient.

How to show your trading and F&O income in the tax returns? BusinessLineBL Research BureauFor traders, aside from predicting the stock market, reporting income from intra-day trading or Futures & Options (F&O) in the tax ...

These Portfolio Tracking Tools Will Also Prepare Your Crypto Taxes Bitcoin NewsTax season is months away, which is why you need to start preparing for it now. Leave everything to the last minute and you'll only end up cursing your.

Have you filed your income tax return correctly? Find out Economic TimesFiling income tax returns (ITR) incorrectly can get you a notice from the taxman. ET Wealth puts together a short quiz to help you understand if you are on the ...

Tax deductions that can be availed for reconstructing a house Economic TimesI took a loan 16 years ago to buy a house. I availed of the tax deduction on interest outgo. I want to demolish the old house and build a new one on the plot now.

Trump argues NY tax return case should take place in DC | TheHill The HillPresident Trump on Monday filed an amended complaint in his case challenging a New York law that allows Congress to obtain his state tax returns.

Government's budget gap goal threatened by tax evasion as demand wanes LivemintThe number of GST returns filed have declined, according to a report by CAG India.As per the provisional numbers, the government's total tax revenue in the last ...

Flemish bosses call for fairer taxation, greening The Brussels TimesIn an open letter, more than 50 Flemish directors give 36 pieces of advice to politicians, l'Echo and De Tijd reported on Tuesday. The letter places the.

WeWork Gets Tax Rebate Meant for Its Small-Business Tenants Yahoo Finance(Bloomberg) -- WeWork, which has grown into a global giant in just nine years, is claiming tax breaks in Britain intended for small business.The New York-based ...

Don’t Ban Assault Weapons—Tax Them The AtlanticThe nation is debating what to do about assault-style weapons, what gun-rights advocates like to call modern sporting rifles. Gun-rights champions argue that ...

How to claim tax exemption on long term capital gains? Answers to your personal finance queries The HinduQ. I sold a flat for ₹40 lakh in February 2019. I had bought the property in my name in September 2001 for ₹12 lakh. Now, I want to use this entire money to ...

Trump Sues House Panel, New York to Protect Tax Returns TIMEPresident Trump on Tuesday sued a House committee and New York officials to prevent his state tax returns from being turned over.

IRS Warnings to Bitcoin Traders Offer Clues to Coming Tax Guidance CoinDeskThe Takeaway: The IRS' recent warning letters to 10,000 traders offer hints at what its forthcoming guidance on crypto taxes might say. While the letters are not ...

Textile companies seek tax incentives, DBT for farmers Economic TimesNEW DELHI: Indian textile and clothing industry players say one-third of their production capacity is lying idle due to sluggish exports, poor domestic demand, ...

Deadline for Real Property Taxes approaches for Kauai, Oahu residents Hawaii News NowHONOLULU, Hawaii (HawaiiNewsNow) -The Real Property Tax deadline is this week for Oahu and Kauai residents. This covers the 2019-2020 tax year.

IRS is going after cryptocurrency users with warning letters about back taxes CNNIRS has begun sending thousands of letters to US cryptocurrency holders warning them they may have incorrectly reported the taxes they owe on their ...

IRS launches a new way to estimate next year’s tax refund The Seattle TimesSummer will soon be fading out of view and, like it or not, 2019 will move toward a close. So what exactly have you done to withhold more money out...

If you owe the IRS back taxes, you may lose your passport CNBCYou may not be able to get a new passport or renew your existing one if you owe the IRS more than $52000. Worse, your existing one might simply be revoked.

The Future of Tax & Legal - Embracing Change with Confidence ForbesTax and legal professionals today face increasing complexity, risk, and ambiguity as technology, regulatory and business transformation converge.

You might need to maintain tax returns records for seven years LivemintIn today's digital age, income tax records can be maintained at little or no expense for long periods of time in a digital format. However, it is important to know the ...

FM to Launch Taxpayer E-assistance Campaign at 'Income Tax Day' Event on Wednesday News18New Delhi: A country-wide 'taxpayer e-assistance campaign' will be launched on Wednesday by Finance Minister Nirmala Sitharaman to mark the 159th ...

Will I owe the 'exit tax' if I change my residency to Florida? lehighvalleylive.comThe so-called exit tax is an estimated tax payment on the sale of your home.

We can’t fund the progressive agenda by taxing the 1% alone Vox.comThe tricky politics of taxing the 1%, the middle class, and everyone in between.

Trump's tax cut isn't giving the US economy the boost it needs CNBCIf ever the U.S. economy could use a strong tax cut tail wind, it could use one now as conditions weaken around the world. But the tail wind isn't there. Instead ...

Trump sues over California law forcing candidates to turn over tax returns CNNPresident Donald Trump sued California Tuesday challenging a state law that requires candidates for president to disclose income tax returns before they can ...

When tax planning becomes tax avoidance - experts weigh in Fin24The International Ethics Standards Board for Accountants is looking into whether aggressive tax planning is ethical, even if it is legal.

Amazon.com defeats IRS appeal in U.S. tax dispute ReutersAmazon.com Inc on Friday defeated an appeal by the U.S. Internal Revenue *Service* in what the online retailer has called a $1.5 billion dispute over its tax ...

Maruti Suzuki seeks tax relief for hybrid, CNG cars LivemintMaruti Suzuki said there is a need to promote hybrid, CNG cars as it will take some time for mass acceptance of EVs considering the high cost of technology.

Do I have to pay tax for the capital gains earned by my homemaker wife? Economic TimesMy wife is a homemaker and she has invested Rs 40,000 of her savings in stocks. If she sells these stocks and earns short-term capital gains, will I have to pay ...

Denel ordered to hand over taxes – union Moneyweb.co.zaSouth Africa's High Court ordered state arms maker Denel to hand over millions in employees' tax payments to the government, union officials said – a case that ...

Three different routes to save tax on long-term capital gains LivemintThere are provisions under different sections of the Income-tax Act that can help you save on LTCG tax.Capital gains exemption will be reversed if you sell the ...

Angel tax row: Income Tax department gives a breather to start-ups Business StandardRead more about Angel tax row: Income Tax department gives a breather to start-ups on Business Standard. After protests by start-ups, the government had ...

Effort to lower threshold for raising local California taxes fails KCRA SacramentoA proposal to make it easier for local California governments to raise taxes or issue bonds for infrastructure projects has failed in the state Assembly. The effort ...

Modi has a message for 'growth ambassadors', 'tax black sheep': 10 key highlights from PM's interview Economic TimesPrime Minister Narendra Modi, in a free-wheeling interview to ET, said government is willing to go as far as possible to fire up the animal spirits in the economy.

Europe's brain drain is getting worse — so some countries are scrapping income tax for young people CNBCCentral and Eastern European (CEE) countries are proposing radical tax incentives for young people, as part of a drive to stem the flow of skilled workers to ...

Kamala Harris uses fuzzy math to suggest her tax cut is paid for The Washington PostThe 2020 presidential hopeful touts her plan to give middle-class taxpayers $500 a month, but misleadingly suggests that the money to pay for it will come from ...

Dividend income, partnership firms two ways to reduce income tax liability Business StandardMumbai-based M K Rajendran (name changed on request), director at a leading private bank, has been calling his chartered accountant regularly since July 5 ...

Fiscal Deity: Tax Consultant

Tax Tax