हिंदी में देखें |

General

Tips For Lower Your Taxes



TipsForLowerYourTaxes


Contents :-



Tips for lower Your Taxes


Financially successful people often pay high income taxes. Reducing taxes can go hand in hand with making wise life decisions.

Instructions

1) Study tax law each year. Read IRS publications, particularly the 1040 instruction booklet, and articles about new tax laws.

2) Have your tax return prepared by an expert every three years or so if you normally do your taxes yourself.

3) If you have your taxes prepared for you, either see a different, experienced tax preparer every few years or make a list of questions to ask during the off-season and while being interviewed.

4) Keep and organize receipts and documents for investments, property, business and employee expenses, mileage, donations, medical bills, and casualties and other losses.

Buy and Put Away

a) Purchase a home.

b) Purchase rental property.

c) Put the maximum amount allowed into a retirement account.

d) Put up to 100000 each year into a traditional IRA if you are not covered by another retirement account at work or if your income is below the IRS limit.

e) Put up to 100000 each year into a spousal IRA if your spouse is not working or is not covered by a retirement plan at work.

Plan Ahead

A. Be aware of deadlines for making retirement contributions at work and for opening up retirement accounts for the self-employed.

B. You have until April 15, the deadline for filing the past year's tax return, to make an IRA contribution.

C. Estimate and plan any medical, dental and eye care costs and payments for the upcoming year if your employer offers a medical benefit.

D. Estimate for the upcoming year and pay during the tax year for child and dependent care if your employer offers this benefit.

F. Have taxes withheld or make estimated payments if you receive gains from sales, prize winnings, bonuses, spousal support, unemployment compensation or other significant amounts of income.

G. Track purchases, reinvestment of dividends and sales of stocks.

H. Keep records of property and investment purchases, sales and improvements.



.....Previous     Same     Next.....

Tags- How can I reduce my taxable income? | How do small businesses reduce taxes? | How can I reduce my taxable income in India? | Do traditional IRA contributions reduce Magi? | What reduces taxable income? | How can I lower my tax bracket? | What percentage does a small business pay in taxes? | How do I lower my business taxes? | Can I pay my personal taxes from my business account? | Do I have to pay taxes on hobby income? | How much can a small business make before paying taxes? | How can I lower my taxes? | How does the government raise money? | What is an income tax deduction? | How can I save my income tax in India? | Is SIP tax free? | How can I save tax in India other than 80c? | How can I reduce my income tax? | How much can be saved under section 80c? | What is taxable income from salary? | How much should I invest in PPF to save tax? | Is PPF a good investment? | What is interest rate of PPF in SBI? | Which bank is best for PPF account? | What is the interest rate for PPF in post office? | How PPF interest is calculated monthly or yearly? | Can I deposit more than 1.5 lakh in PPF? | How many times we can deposit money in PPF account in a month? | Can I open two PPF accounts in SBI? | Can we deposit cash in PPF account? | Which bank gives highest PPF interest rate? | How can I withdraw money from my PPF account? | What is the age limit for PPF account? | How can I withdraw my PPF amount? | Can PPF account be closed before 15 years? | What is the minimum lock in period for PPF account? | Is PPF withdrawal taxable? | Can we withdraw money from PF? | Can I withdraw money from PPF account before maturity? | Can we withdraw PPF amount after 5 years? | Can I close my PPF account before 5 years? | How can I withdraw my PF money?



UpImage
Home|Indian Doctors|Indian Hospitals|Utility|Career|Electronics|Family|General|Health|PC Tips|Technology|About Us|About Admin|Feedback|Apply For Job Computer Courses|Login| Created by - Er. Sanjay Singh