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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:

Does Amazon pay ‘$0’ in taxes? The HinduFor 2018, the tech giant reported owing $322 million in taxes to U.S. State governments and another $563 million in the rest of the world.

Amazon in Its Prime: Doubles Profits, Pays $0 in Federal Income Taxes Just Taxes BlogFact-check: Does Amazon pay '$0' in taxes? Times NowAmazon will pay $0 in federal taxes this year — and it's partially thanks to Trump CNBCAmazon made an $11.2bn profit in 2018 but paid no federal tax The GuardianAmazon paid no federal taxes on $11.2 billion in profits last year, according to group's analysis Chicago TribuneView full coverage on Google News

Your parents, wife and children can help you save taxes. Here's how Economic TimesSalaried individuals can save tax by paying rent to their parents and availing the HRA exemption benefit.

Taxes for senior citizens: Here's a list of benefits and exemptions available Moneycontrol.comSeniors can claim deduction of up to Rs 50000 p.a. for medical expenses and/or health insurance premium.

Minimise your taxes in February Independent OnlineFebruary is tax month and time to review your investments and take advantage of some of the few breaks from the taxman. The two most important taxes to ...

GoM favours uniform tax on lottery, GST Council to decide rate on February 20 Economic TimesNEW DELHI: A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on ...

New Zealand To Target Internet Giants With Digital Tax NDTV NewsNew Zealand said on Monday that it plans to update its laws so it can tax revenue earned by multinational digital firms such as Google, Facebook and Amazon, ...

Rubio’s Misguided Buyback Tax National ReviewSen. Marco Rubio's misguided plan for a stock-buyback tax would create a triple-taxation scheme rather than spurring investment.

5 Early Warning Signs From Tax Reform's First Year Motley FoolMillions of Americans have looked forward to potential tax savings from the reform efforts that took effect at the beginning of 2018. This tax season is the first ...

Notional rent: How to calculate it and how much tax do you pay? LivemintNotional rent was introduced to discourage taxpayers from leaving houses vacant and create supply of properties for tenantsNotional rent is calculated using the ...

Watch Out. Tax Season Is Even More Stressful Than Usual. The New York TimesWith millions of people filing tax returns under a new tax law and after a long government shutdown, this is a challenging year. We offer survival tips and ...

New tourist taxes from Venice to Bali aim to curb overtourism QuartzCountries and cities have generally tried to encourage tourism—based on the premise that holidaying visitors and the money they spend fosters economic ...

Budget 2019: Only those with income up to Rs 5 lakh to pay no tax, rates remain same for all others Economic TimesUnion Finance Minister Piyush Goyal in his interim budget 2019 has proposed that individuals with taxable income up to Rs 5 lakh will get full tax rebate under ...

Lamont seeks new sin taxes Norwich BulletinGov. Ned Lamont's first budget will include a series of new "sin tax" proposals, including levies on sugary drinks, electronic cigarettes and plastic bags, and ...

Tax ombudsmen abolished: Experts raise concern LivemintIn the absence of the tax ombudsmen, taxpayers should be alert to the structure of the available alternative grievance systems and their limitationsGovt said the ...

Lamont to propose expanded taxes on sugary drinks, plastic bags, vaping products, tobacco and liquor bottles Hartford CourantGov. Ned Lamont is rolling out new taxes he'll propose, including one on sugary drinks.

A wealth tax is a bad idea CNNDavid A. Andelman, drawing on several European examples, writes that Elizabeth Warren's proposed wealth tax in the United States would likely be an ...

Important tax change for South Africans working abroad Fin24SA law has been changed in relation to the exemption of foreign employment income and effective 1 March 2020 this exemption will be capped, says a tax ...

Tax the rich, but bring in only progressive reforms: Bill Gates Moneycontrol.comCongresswoman Alexandria Ocasio-Cortez has supported the idea of taxing income over $10 million at 70 percent, which is currently 37 percent.

More benefits, courtesy of tax returns | News, Sports, Jobs Evening ObserverIt is tax time again for those of us who pay taxes so those who live off of us can survive and enjoy the same life that we do, only they don't have to pay int.

4 Overlooked Tax Deductions That Could Save You Big Bucks The Motley FoolTax filing time is fast approaching, and at this time of year it's important to keep in mind all of the tax deductions that can help improve your bottom line.

The 8 Most Common 2019 Tax Return Questions, Answered by Experts The New York TimesThe most important changes to the tax code in decades have taken effect — and filers are confused. We asked CPAs and other tax-prep pros to simplify things.

Angel tax exemption may be hiked to Rs 25 crore Economic TimesAngel tax is a term used to refer to the income tax payable on capital raised by unlisted companies via issue of shares.

Watching Your Wallet: Experts explain the new tax code in simple terms KXII-TVChesterfield, VA (InvestigateTV) - Tax season is here, and this is the first time everyone is experiencing what it's like to file under the most sweeping changes to ...

A Man in Florida Mistakenly Received a $980,000 Tax Refund, and Officials Say He Tried to Keep It The New York TimesThe average tax refund is usually a couple of thousand dollars, but a man in Florida who earned less than $3,500 mistakenly received a check for a much higher ...

Bill Gates says tax policies like Alexandria Ocasio-Cortez’s are ‘missing the picture’ The VergeSpeaking on The Vergecast this week, Gates said that while marginal tax rates in the United States can be "more progressive" there are now some politicians ...

‘Accredited’ tag may still not save startup angels from tax Economic TimesBENGALURU: The Central Bureau of Direct Taxes (CBDT) is unlikely to allow startups that have raised money from 'accredited investors' to be exempt from ...

Tampa man reported income of $18,497; IRS sent him a refund check for $980,000 CNBCBy now, you may know that withholding a lot of income for taxes will result in an eventual refund. However, a Florida man pushed the envelope and claimed that ...

5 Ways to Cut Your Tax Bill in Retirement Yahoo FinanceRetirement is the time to enjoy the fruits of many years of laboring away at a job. Following are several ways to trim your tax bill during retirement. Once you near ...

The U.S. Cut Taxes. Why Will Fewer Folks Get Refunds? BloombergU.S. taxpayers are filing their first returns under the 2017 tax code overhaul that lowered rates for most people. What makes the paperwork headaches tolerable ...

Crumbling infrastructure is a hidden tax on all Americans | TheHill The HillThe impact will only grow, threatening U.S. economic vitality and America's future.

When Republicans Favored Taxes The New York TimesA Williams College professor recalls the thinking of President Theodore Roosevelt.

Karnataka businessman jailed for income tax default of Rs 7.35 crore The News MinuteA Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite ...

All Talk, Little Action: What to Expect on Tax Policy This Year The New York TimesDon't count on big changes. But the heated debates in Congress and on the 2020 campaign trail give clues about legislation to come.

After 27 years, Harshad Mehta and family free of tax cloud Economic TimesMUMBAI: After 27 years of tortuous battle, involving claims, counter-claims, and cross-appeals, the income tax tribunal has scrapped almost the entire tax ...

How can we tax the footloose multinationals? The GuardianApple and companies like it claim to be socially responsible, but that should mean paying your fair share of tax.

They’re Rich and They’re Mad About Taxes (Too Low!) The New York TimesAn affluent few are raging against a tax law that puts more money — a lot more — in their pockets. Friends call them 'traitors to their class.'

The 70% top tax rate, explained with potatoes Vox.comA few weeks ago, Rep. Alexandria Ocasio-Cortez (D-NY) suggested that the top tax rate for the very rich should be 70 percent. The current top income tax rate is ...

Russiaville tax service denies gay couple, citing religious beliefs WTHRAn Indiana couple says a Russiaville tax *service* refused to do their taxes. The two women, Bailey Brazzel and her wife, Samantha, say the tax *service* told them ...

Tax planning for 2019-20: Know what interim Budget offers to reduce your tax outgo Times NowBudget 2019 came in full swing even though it was an interim one. With the announcement of full tax rebate for the salaried individuals earning up to Rs 5 lakh in ...

Rev up your calculators: What you need to file your 2018 taxes CNBCPolitical gridlock notwithstanding, here's one thing you can count on: The start of tax season. The IRS has said it will begin receiving your 2018 tax returns on ...

How did Netflix get away with not paying income tax in 2018? The GuardianThe company posted its largest ever profit in 2018 – $845m – but paid no federal (or state) income tax, and there are a few clues as to why.

Let's talk about capping pay hikes for cops, firefighters, and giving tax help to the charitable, Republican leader says NJ.comIt's time for the Legislature to hold public hearings on some structural reform that could significantly reduce taxes.

Tax time: What's changed in Canada for 2019 CTV NewsIf you own an Airbnb rental, have a *service* animal or attend a post-secondary institution, then you may be affected by changes to Canada's tax code.

Alphabet's Sidewalk Labs wants a cut of Toronto taxes to build a smart city there CNBCAlphabet's Sidewalk Labs proposed taking a portion of Toronto property taxes, development fees and increased land value to build a smart city on the eastern ...

Angel tax: New startups may look to register overseas Times of IndiaIndia Business News: The threat of foreign incorporation comes even as the rechristened DPIIT (department for promotion of industry and internal trade) and ...

These are the tax changes you can expect in this week's Budget, according to PwC Business Insider South AfricaA list of expected changes to taxes in the 2019 budget speech.

4 Reasons Your Tax Refund Could Be Larger Than Last Year's The Motley FoolTax reform won't boost everyone's refund, but here are some of the reasons you could get a bigger check.

No tax liability if your income is up to Rs 9.5 lakh, but conditions apply Business StandardStressing that tax concessions have been provided with a view to help poor and middle-class people living on a tight budget, Finance Minister Piyush Goyal on ...

Just who are the taxpayers? Bangalore MirrorIndia has one of the worst ratio of taxpayers to voters . If we want to become a developed country, we need more people filing taxes. Have you wondered how ...

The impact & significance of tax changes Economic TimesThe only sector that saw substantive changes in the Finance Bill was real estate.

Filing Taxes on Your Phone? Insert Frustrated-Face Emoji Here The New York TimesMillions of people are expected to submit their returns via mobile platforms this year. I won't be one of them.

Medical expenses that can be claimed as tax break under section 80DDB Economic TimesThe deduction under section 80DDB can be claimed irrespective of whether you have paid a premium for a health insurance policy or not.

The tax code treats all 1 percenters the same. It wasn’t always this way. The Washington PostWhen we debate income tax policy in the United States, we typically focus on what's in the chart above, which shows the top marginal tax rate from 1913 to the ...

These red flags on your 2018 tax return could spark interest from the IRS CNBCMost taxpayers will never face an audit or even receive correspondence from the IRS. Nevertheless, certain things on tax returns generate more attention from ...

Tax queries: How much of my gratuity amount is tax-exempt? Economic TimesDilip Lakhani, Senior Chartered Accountant, answers queries from our readers on income tax and other levies. I retired from a bank on Oct 1, 2018. My gratuity ...

UK's richest man moves to Monaco to 'save £4bn in tax' The GuardianBrexiter Sir Jim Ratcliffe's company Ineos is working with PricewaterhouseCoopers to reduce bill.

Lyft donates $700,000 to Oakland after quietly battling city taxes The GuardianDonation will aid transportation in low-income neighborhoods, but tax could have generated far more money. Darwin BondGraham in Oakland. Wed 13 Feb ...

Road tax, registration fee and parking charges exemption for electric and hybrid vehicles! Check details Times NowNew Delhi: The Union Cabinet is likely to consider approval of the second phase of FAME India scheme this month to boost clean mobility, with an outlay of Rs ...

Tamil Nadu government presents 2019-20 budget with no new taxes India TodayThe Tamil Nadu government Friday proposed no new taxes in the state budget for the financial year 2019-20 and an assurance that the revenue deficit will come ...

Smaller Tax Refunds Surprise Those Expecting More Relief The New York TimesMany early filers under President Trump's tax plan are surprised that their refunds are smaller or that they owe the I.R.S., even as their tax burdens have ...

Tax Refund Fiasco Is Political Payback For Republicans HuffPostThey stepped on this rake last year and now it's hitting them in the face.

Letters: Amazon, property taxes, education, teachers, Catholics, e-cigarettes Dallas NewsHedRe: Dallas to Amazon: Take another look Downtown has a plan to expand - Downtown still open to welcoming HQ2 -- or another company, Wednesday...

The tax rebate proposal promotes inequity BusinessLineThe interim Budget's tax proposals have led to certain anomalies, that must be corrected in the full Budget.

How reachable is zero-tax income level of Rs 5 lakh using deductions, exemptions? Economic TimesAnjali Behl has not been able to hide her excitement since the Budget was announced on 1 February. “My net income after all deductions will be below Rs 5 ...

Munger Asks, ‘Who Wouldn’t Want Rich People?’ in Tax Pushback BloombergCharles Munger, the longtime business partner of Warren Buffett, is skeptical of recent Democratic proposals to tax the wealthiest Americans.

Budget 2019: Income up to Rs 5 lakh can pay zero tax but still need to file ITR Economic TimesIf you thought that having a taxable income of up to Rs 5 lakh meant bye-bye to the tax department think again. You can avail of the zero tax benefit announced ...

Tax reforms, not coercion, will boost revenues LivemintFirst four years of UPA-I saw faster growth in direct tax-to-GDP ratio than the first four years of the Modi regime, despite the absence of comparable aggressive ...

How your employer can help you reach zero-tax Rs 5 lakh income Economic TimesAs a salaried taxpayer, you are eligible for various tax benefits that can bring down your taxable income. Here is a look at six such benefits.

Elizabeth Warren’s popular plan to tax the rich is probably unconstitutional The Washington PostAs she officially kicked off her presidential campaign last weekend, Sen. Elizabeth Warren rallied her supporters behind her signature proposal: a wealth tax on ...

If you are waiting on a big tax refund, then you aren't doing it right | Opinion Philly.comAsk any competent accountant and they'll tell you that in the best of circumstances the taxes a small business owner pays during the year from withholdings and ...

Cabinet approves abolition of Ombudsman for direct, indirect taxes Economic TimesThe approval comes against the backdrop of people preferring online grievance redressal mechanism.

How Much Do You Have to Make to File Taxes in 2019? TheStreetYour income, filing status and age all play a role in whether you have to file a tax return and what your requirements are. Here's what you need to know.

Your employer can help you reach zero-tax income level of Rs 5 lakh: Here's how Economic TimesHere are six benefits that can help the salaried bring down the taxable component of income from the employer.

Most Americans Support Increasing Taxes on the Wealthy: Poll FortuneSupport for raising taxes is widespread, according to a new poll, which found that 76% of registered voters want the wealthiest Americans to pay more.

Wealth tax calculator: Try your hand at taxing the super rich Vox.comSen. Elizabeth Warren (D-MA) recently proposed a wealth tax on the very rich as a way to curb wealth inequality. It's a simple 2 percent tax on fortunes over $50 ...

For Democrats Aiming Taxes at the Superrich, ‘the Moment Belongs to the Bold’ The New York TimesThe only thing more startling than the flurry of tax proposals Democrats have unveiled in recent weeks is the full-throttle response they've gotten from the public.

#Budget2019: Black farmers urge Mboweni not to hike excise taxes IOLJOHANNESBURG – The recently launched Black Tobacco Farmers Association (BTFA) on Monday called for the government to keep excise taxes at their ...

‘Opportunity Zones’ Offer Tax Breaks and, Maybe, Help for Communities The New York TimesBy enabling investors to postpone paying the tax man, new funds may draw money into distressed communities. But succeeding at both may be challenging.

Social Security: Democrats Want To Hike Payroll Taxes By $1.5 Trillion Investor's Business DailyAmid all the hoopla about Democrats wanting to raise taxes on the rich, they are quietly working on a bill that would increase taxes on every working family in ...

KRA demands Sh10.3bn tax on SportPesa winners Business DailyThe betting firm says the order issued by the Magistrate's Court on May 22, 2014, restrained it from deducting withholding tax from winners' cash prizes.

New York Millionaires Tell Albany: Tax Us, Please The New York TimesA former BlackRock executive urged lawmakers in Albany to create a multimillionaire's tax to help pay for schools and affordable housing.

South Africa’s expat tax: what SARS says about exemptions BusinessTechThe South African government is making a move towards changing its tax on remuneration earned outside South Africa – which could see some expats pay as ...

Richest in U.S. Have a Few Tricks to Avoid Democrats' Tax Plans BloombergIf Democrats want the wealthy to pay more into the U.S. Treasury, they'll need to contend with one fact: the rich are very good at dodging taxes.

Linking Aadhaar-PAN is mandatory for tax filers; to be completed by March 31: CBDT Economic TimesNEW DELHI: The CBDT has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be ...

Did you believe these myths on tax deductions? Economic TimesSchemes like health insurance, term plans, ULIPs allows tax payers to claim deductions.

By the numbers: The frequency and length of tax evasion sentences AxiosArt dealer Mary Boone was sentenced to 30 months in prison this week, despite receiving support from a wide range of art-world boldface names. She evaded ...

Want to reduce your taxable income to Rs 5 lakh? Here's a list of all deductions you can claim Economic TimesInterim Budget 2019 has proposed rebate under Section 87A on full income tax liability for all those earning up to Rs 5 lakh taxable income for FY2019-20.

Have four or more babies in Hungary and you'll pay no income tax for life, prime minister says CNBCHungarian women that have four or more children are to be exempted from paying income tax for life, the prime minister has said.

Americans continue their march to low-tax states | TheHill The HillThe continued exodus of Americans away from less economically competitive states remains evident in the new census numbers.

Man Arrested For Rs 12 Crore Tax Default From Mumbai Airport NDTV NewsThe Income Tax Department has invoked a rarely used power and arrested a Karnataka-based businessman for alleged tax default of about Rs 12 crore, ...

‘There Is No Tax Called Angel Tax,’ Interim FM Questions The Opposition Inc42 MediaOnly bogus companies and not genuine startups will face the wrath of angel tax, says interim FM. 182 startups funded under Fund of Funds for startups (FFS) as ...

Ocasio-Cortez wants to raise the tax rate on high earners. The Tax Cuts and Jobs Act already did Brookings InstitutionIn the 2017 Tax Cuts and Jobs Act, Republicans imposed a top tax rate between 60 to 70 percent on high-income corporate executives. Adam Looney argues ...

Netflix 'didn't pay a dime in state OR federal income taxes last year and even got a $22m REBATE' Daily MailThe Institute on Taxation and Economic Policy said corporations like Netflix are still 'exploiting loopholes' under the Tax Cuts and Jobs Act. The streaming giant's ...

Are you on the right tax code for 2018/19? You could be owed HUNDREDS of pounds The SunMillions of us don't bother to check our tax codes which could see us overpaying income tax by hundreds of pounds.

The super rich at Davos are scared of Alexandria Ocasio-Cortez's proposal to hike taxes on the wealthy CNBCThe super rich attending Davos have misgivings about Ocasio-Cortez's proposal to boost the tax rate on earnings above $10 million to 70 percent.

Budget 2019: Tax system to be made more progressive and resilient Channel NewsAsiaTax incentives will also be extended and strengthened to enhance Singapore's business competitiveness, Finance Minister Heng Swee Keat said in his Budget ...

Suspicious income tax refund claims under I-T Dept scanner Moneycontrol.comMinister of State for Finance Shiv Pratap Shukla in a written reply to a question in Rajya Sabha said there has been an increase in detection of suspicious refund ...

Trump’s U.N. pick Heather Nauert withdraws over nanny’s work status, unpaid taxes ThinkProgressState Dept. spokeswoman Heather Nauert, President Donald Trump's pick to be Washington's next U.N. ambassador, has withdrawn from consideration for the ...

Tax queries: Gifts received from a relative are tax-exempt Economic Times"According to Section 56(2)(vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and ...

Fiscal Deity: Tax Consultant

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