Archive for the ‘Tax’

  • India – Left Leaning Congress Ups Social Spending by 17 per cent>
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    India – Left Leaning Congress Ups Social Spending by 17 per cent
    Pranab Mukherjee, Finance Minister of India unveiled the Union Budget for the financial year 2011-2012 yesterday, 28th February. The new financial year starts from 1st April. The budget focused on a good number of reforms aimed at the poor or the “aam aadmi” (the common man). The budget promised several populist measures such an as increase in social expenditure 17 % and decrease in inflation, especially food inflation. Social spending means the money earmarked for the various welfare schemes by the government to eradicate illiteracy, unemployment and other social evils. Spending was increased for the benefit of education, rural employment, food programs, and agriculture. The poor and rural masses form the large percentage of the country’s population, and are also the core support group  [...]
    at March 2nd, 2011 at 05:03 am
  • Marginal tax rates and how they are set to impact you in 2011>
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    Marginal tax rates and how they are set to impact you in 2011
    A few weeks ago, President Obama along with the Congress gave life to a bill that would see an extension of the Bush era tax cuts. Now if the Republicans hadn’t gained a majority in the house, it most certainly wouldn’t have passed. But facts are facts and it most certainly did pass. H.R.4853 is what you have to look out for. For some time now, there has been talk that Congress would start to only tax the rich in an increased manner, but the November election scotched all of that. The Democrats and President Obama had not option but to deal with the marginal tax rates in this manner. So what does all of this mean for you, for the tax brackets, for the marginal tax rates and for the year 2011? What it means is that these rules will remain as is for the next years as is and there will only  [...]
    at January 3rd, 2011 at 01:01 am
  • Income tax deductions you don’t want to overlook>
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    Income tax deductions you don’t want to overlook
    Every year, there are millions of Americans that end up overpaying their taxes. Some of these income tax deductions are small, but over time these small income tax deductions can add up to a large amount if overlooked. Make sure you’re not one of those Americans that overpay on your taxes by watching for these simple opportunities that are frequently ignored. Charity costs We can deduct donations made for cash or goods, and most of us know about this. But how many of us know that we can also put down our out of pocket expenses by way of income tax deductions? This includes transportation and everything else you can think of. All that is needed is that you back up these expense claims with the correct documentation and don’t try and pull the wool over the IRS’ eyes. Job hunting If you  [...]
    at December 22nd, 2010 at 04:12 am
  • Mortgage escrow accounts and what you need to know>
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    Mortgage escrow accounts and what you need to know
    In essence, Escrow is a term that is used by businesses to define a transaction where buyers and sellers cannot make a direct exchange of money or goods or services and neither wants to take the risk of non-delivery later. These trust issues are solved by a third party, known as the Escrow, who releases what is entitled to the party in question once they have fulfilled their part of the bargain. This Escrow can also come into play as real estate escrow accounts. In this, the buyer gives the money to the escrow and the seller gives the rights to the escrow as well and neither gets what they are entitled to unless the escrow gets both the funds and the title in question. Similarly, it can come into play as mortgage escrow accounts. Mortgage escrow accounts are not the same as a real estate escrow  [...]
    at December 8th, 2010 at 05:12 am
  • A taxing issue>
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    A taxing issue
    President Barack Obama has championed the cause of tax changes to the current US tax code in an effort to increase taxes on companies that go about exporting its jobs to foreign shores. For long now, there have been those that have decried the flight of jobs and capital to countries such as India and the Philippines and there have been voices (loud, clear voices) that have wondered why the administration wasn’t stepping in to try and stop this flight of jobs to non-American workers. Perhaps as a response to those exhortations or of his own accord, President Obama has finally spoken out against this phenomenon that is a reality of our and will now hopefully set the ball rolling for tax reforms that will not only swell America’s coffers, but also hopefully create more jobs on American  [...]
    at October 20th, 2010 at 12:10 am
  • America needs a tax cut>
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    America needs a tax cut
    It’s been a few years since the onset of the financial crisis now, and the continued wobbling of the financial, employment and real estate markets is still a worry now as it was a few years ago when all of this exploded in our face. The lack of any distinct centralized stimulus has meant that a double dip recession is now a far greater likelihood than at any other point in this sequence of events that has led us up until this point. The government has done a lot to help alleviate the troubles that ail us. It setup the Troubled Assets Relief Program, initiated stimulus spending to help prop up a wobbling economy and offered near zero percent interest rates. This has helped stop the spiral of the American economy into the sort of situation that brought about the Great Depression. But all of  [...]
    at September 20th, 2010 at 12:09 am
  • Tax Sheltered Annuity Plans For Retirement>
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    Tax Sheltered Annuity Plans For Retirement
    Tax Sheltered Annuity, or simply a TSA, is a plan that permits employees of public organizations to contribute some amount every month, without paying taxes on it. So, the contributor can invest of part of his gross annual income toward a tax-sheltered plan (403(b) or TSAs). People who are eligible to contribute toward such plan includes employees in public schools (1 to 12), universities, colleges, churches, charity organizations, and libraries. The contributor must keep investing in this plan until the age of retirement (59 ½ years) to receive tax benefits. If he withdraws money after retirement age, taxes applicable on such withdrawals are comparatively low. The funds toward which the contributor has to pay is usually chosen by the employer. Quite similar to other retirement plans, transfer  [...]
    at June 14th, 2010 at 03:06 am
  • List Of Tax Deductions That Would Never Change>
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    List Of Tax Deductions That Would Never Change
    There are various tax deductions available for an average American. The sad part, however, is most of them don’t make use of these deductions. Here is a complete list of tax deductions that wouldn’t change for many years now. 1.    Loss on Investment Deductions If you incurred any losses from your investment products like mutual funds, bonds, stocks, etc. you ca deduct that amount from your taxable income. You must contact your broker and ask for an electronic statement, which might be useful to prove your loss. 2.    Charity Donations If you made any donations to a recognized charitable organization, it’s deductibles. You don’t necessarily have to give cash, you can give away furniture, clothes, and any other item in good condition as charity, and they are all deductible. This  [...]
    at May 4th, 2010 at 04:05 am
  • A List of Medical Expenses Tax Deductions>
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    A List of Medical Expenses Tax Deductions
    There are several ways to deduct taxable income. However, people find it extremely difficult to it itemize their medical expenses tax deductions. While majority of us are aware about the common expenses that can be deducted, there are many others that are still not known widely. Let’s have a look at few of them. You can, as a tax payer, include expenses that are paid for your family or any other dependents, for deductions. The common ones are: Payments made on premiums for long term care insurance, dental, and all other medical insurances. Deductibles on insurance including co-payments Any visiting charges paid to dentists, psychiatrists, doctors, health practitioners, and chiropractors Payments made to long term care facilities, hospitals, lab fees, nursing homes, and so on. Expenses paid  [...]
    at April 20th, 2010 at 12:04 am
  • Tax Deduction for Home Based Business Owners>
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    Tax Deduction for Home Based Business Owners
    This year, if you are a freelancer owning a business, you can save a huge amount, or precisely, reduce your deductible tax income considerably. Let’s have a look at some of the very common ways: Office Space As a freelancer, if you are using your home space for business, you are entitled to waive off your office space. The amount, otherwise, paid as rent or mortgage can be deducted from your taxable income. Thus, working a s a freelancer can earn you more than a regular employee. Also, a part of your renters or homeowners insurance is can also be deducted as non-taxable income. Bills Working from home means using personal telephone lines, internet, and other utilities. These expenses, however, can be deducted up to the amount used for commercial purposes. If you have a dedicated phone line  [...]
    at March 18th, 2010 at 01:03 am
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