Tax

If You Inherit a Taxable Account or IRA, Here’s What You Need to Know

When a loved one passes away, one of the assets you might inherit is an investment account. Sometimes, this is an investment account that doesn’t carry the restrictions of a retirement account, called a taxable account. Other times, it’s an individual retirement account or IRA. You might be familiar with these investment vehicles, but if you’ve inherited one, you need to increase your understanding of how they work. In this…

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How to File TDS Return Online Via TRACES Utility (RPU & FVU)

The integration of technology with the tax filing system has brought many changes in the old school tax filing procedures. The changes have highly facilitated many tax filers while some still find it a challenge. Today write-up is an important piece of information for those who are struggling with the TDS return filing on the government TRACES portal and are dealing with complexities related to data processing. In its latest…

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10 Common Tax Mistakes That You Need to Avoid

The new year is full of new possibilities and new paperwork to fill out for the IRS. While you’re watching your mailbox for W2s and 1099s, it is a great time to get prepared for the somewhat harrowing journey into tax season. Many of the most common mistakes made during tax season are simple ones. By being aware, you can keep an eye out for them. Hiring a professional accountant…

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What are the Benefits of Choosing the Best Accountant?

Companies need accounting support, regardless of the specifics of work. Nowadays, outsourcing of accounting services is gaining more and more popularity, it consists of conducting accounting by an external organization.  The responsibilities of the accounting service include maintaining records of material assets, payroll, tax accounting, calculation and payment of tax payments and contributions to extra-budgetary funds, reporting to the regulatory authorities. Accountants develop an accounting policy for the enterprise, internal…

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How TDS (Tax Deduction at Source) Deduction Plays its Role in Compliance

The payslip of every salaried individual contains a section called TDS. The TDS is referred to Tax Deducted at Source. In India, the policies and regulations associated with tax deduction are handled by the Central Board of Direct Taxes (CBDT). The Income Tax Act describes TDS as the deduction of tax at the point of source of income. The employer/deductor deduct tax on behalf of the deductee/taxpayer and pass it…

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Tax Preparation Accountant vs. Tax Software: Making the Right Choice

When tax season arrives, many people dread the obligation of having to compute and their taxes. So, they turn to services that readily make the computation for you. One option is a personal tax preparer. These are available in every state such as those of the Columbia MD Accountants. They personally analyze, compute, and file the taxes for you. However, modern technology has also paved the way for a digital option.…

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Know About ITR Filing Challenges for Taxpayers

Every taxpayer is required to file an accurate Income Tax Return (ITR) so that the correct amount of data can be collected by the Income Tax Department and contributed to the government revenue. The process of filing an accurate ITR is not that simple and demands the presence of mind & adherence to the norms & guideline set by the Tax Department. Any errors or faults occurred out of negligence…

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10 Corporate Tax Deduction Tips for Business Owners

Deductible business expenses help businesspersons with many of the costs of running a company. Business owners know that most expenses can be written off, although there are some limits and timing issues. So what are the most common tax deductions for small business? The IRS allows business deductions for general and essential business expenses. Current expenses are needed to keep the corporation running, and these expenses are fully tax-deductible. You…

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Negating Common Tax Misconceptions amongst New Yorkers

Most New Yorkers see tax as the financial burden but sadly, like the rest of us, are enforced by law to pay them. Whether an individual does or doesn’t like paying taxes, they constantly search for better understandings of the amount of money they owe to the government and ways to legally reduce their tax bill. With each passing year, it is increasingly difficult to keep hard-earned dollars in our…

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Tax Savvy or Terrified of Taxes?

Tax is a terrifying word for most people. When is the due date to file tax? How much tax do I need to pay this year? What if I may not be able to pay? How many penalties will be imposed? And if I couldn’t pay penalty, would I be going to jail? So many questions spring to mind and people envision all kinds of frightening possibilities when they think…

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