Most recents (6)

@AdvisorJohn

#LoanOfficers and #Realtors continue to butcher the #TaxSavings conversation regarding having a mortgage. When they do, they usually make it appear bigger than it really is which misleads the buyer.

You might want to bookmark this!

Here is how the calculation really works:

The Standard Deduction means you do NOT pay income tax on the first $13,850 earned as a single taxpayer or $27,700 for a married couple.

If your write-offs exceed those limits, you receive an additional tax refund, as your payroll providers do not consider this.

An easy way to calculate the mortgage deduction is to deduct the SALT (State and Local Tax) limit of $10k from the standard deduction. SALT is essentially your state income tax and property tax. In high-cost markets, you can assume the $10k will be met with those two fees.

Read 10 tweets

Yogesh Katariya

@CAYogesh4u

Are you tired of paying too much tax? If so, you're not alone.

Check out this comprehensive list of available deductions to taxpayers! 🧵
#TaxPlanning #Taxsavings

All in one Page!

Retweet if you like it and share it with others!

It is crucial that individuals plan their finances ahead keeping these options open so that they do not end up paying more taxes than necessary every year.

The majority of these deductions are allowed if you choose Old Tax Regime!

Let's start👇

▶️ 80C:

Most popular tax deduction. Taxpayers can claim deductions of up to Rs. 1.5 lakh (Including all) :

- Employee Provident Fund (EPF)
- PPF, NSC
- Equity Linked Saving Scheme (ELSS)
- Life Insurance Premiums
- Home Loan Premium
- Tuition Fees
- Sukanya Samriddhi

Read 24 tweets

ithoughtplan

@ithoughtplan

Entrepreneurs, are you tired of paying hefty taxes?

Don't worry! We got you covered!

Check out these top tax-saving tips that can benefit your business and your bottom line. (1/n)

#entrepreneurs #taxes #taxsavings #taxtips

#1 Hire Family Members & Relatives:

You can reduce your tax liability by paying salaries to family members, which are tax-deductible. Their income may also be below the taxable threshold. (2/n)

#tax #taxexemption #taxliability

#2 Deduct Business Expenses for Travel & Accommodation:

Business travel expenses such as tickets and accommodation can be deducted from your taxable income, thus reducing your tax liability.
(3/n)

#taxliability #businessexpenses #deductions

Read 14 tweets

ithoughtplan

@ithoughtplan

If you are looking for an efficient investment to save tax in India, this is for YOU!

The BEST way is to invest in ELSS Mutual Funds. You can save up to ₹46,800 in taxes under Section 80C!

Here is how! (1/n)

#ELSS #mutualfunds #taxexemption #thread

Every year in March, as the financial quarter comes to an end, there is a rush to invest in tax-saving funds.

And with the quarter end so near, let's look at why ELSS is so popular as a tax saving scheme. (2/n)

#ELSSfunds #taxsavings #investment

What is ELSS Fund?

ELSS fund, or Equity Linked Savings Scheme fund, is a tax-saving scheme that allows you to save tax while investing for your long-term goals. (3/n)

#savetax #financialgoals #taxsavingschemes

Read 18 tweets

Yogesh Katariya

@CAYogesh4u

Thread on Taxation and Tax Planning through Minor’s Income

We will see:
👉🏻PAN & ITR filing of Minor
👉🏻How Clubbing of Income happens?
👉🏻Taxation of Minor Income
👉🏻Tax Planning

@Spaysocial @investyadnya @AdeParimal @gaurav28jain #minor #TaxTwitter #taxplanning

Q. Can minor apply for PAN?

Absolutely yes, Income Tax Act does not bar minors from applying to PAN. Even today’s born baby can also apply for PAN.

There is no age limit for applying for PAN.

Q. Can Minor file his ITR?

Yes again. There is no provision in income tax act which says minor cannot file his ITR.

Income tax return can be filed by his representative also.

#incometax #IncomeTaxReturns

Read 19 tweets

Chowkidar Ravindran K M

@musicalmice

🇮🇳 NAMO NAMO🇮🇳
This thread will list down the 75 reasons why everyone should vote for @narendramodi and @BJP4India

Thanks to @muglikar_ and @IndiaPeCharcha for coming up with these brilliant 1 minute videos.

My effort here is to list all the 75 reasons in a single thread