Taxes are a necessary part of society. They fund essential public services like schools, roads, and hospitals. However, there are some people who manage to avoid paying their fair share of taxes. How do they do it? There are a number of ways that people can get away with not paying taxes. Some of the … Read more

The year 2021 brought about a wave of significant changes to the tax landscape, impacting individuals and businesses alike. Understanding these new tax laws is crucial to ensure accurate tax filing and avoid potential penalties. This comprehensive guide will delve into the key changes introduced for the 2021 tax year, providing a clear and concise … Read more

Understanding Cash Deposit Limits in India In India, cash deposits into savings accounts are subject to certain limits set by the Income Tax Act. These limits are intended to curb money laundering, tax evasion, and other illicit financial activities. Cash Deposit Limit in Savings Accounts As per the Income Tax Act, individuals are required to … Read more

Navigating the complexities of tax filing can be daunting, especially when dealing with multiple returns. H&R Block, a renowned tax preparation service provider, offers a range of software options to cater to your tax filing needs. This article delves into the specific question: can you e-file more than 5 returns with H&R Block? By analyzing … Read more

Tax avoidance and tax evasion are often used interchangeably, but they represent distinct concepts with significant legal implications. Tax avoidance involves employing legal strategies to minimize tax liability, while tax evasion is an illegal act that involves concealing income or assets to avoid paying taxes. This article delves into the nuances of tax avoidance, exploring … Read more

TurboTax, a leading tax preparation software, plays a crucial role in assisting taxpayers in claiming the Recovery Rebate Credit, a tax credit introduced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. To ensure accurate and efficient processing of tax returns, TurboTax inquires about stimulus checks received by taxpayers. This information is … Read more

TurboTax has long been the dominant player in the tax software market, but there are a number of other options available that may be a better fit for your needs. In this article, we’ll compare TurboTax to some of its top competitors and help you decide which software is right for you. TurboTax TurboTax is … Read more

Understanding Estimated Tax Payments Self-employed individuals and freelancers are responsible for paying estimated taxes quarterly to the Internal Revenue Service (IRS). These payments cover income taxes and self-employment taxes, ensuring that taxes are paid throughout the year rather than in one lump sum at tax time. Consequences of Skipping Estimated Tax Payments Failure to make … Read more

When you give away money or assets, there are potential tax implications that you should be aware of. The tax laws governing gifts are complex, and it is important to understand them before you make any large gifts. What is the gift tax? The gift tax is a tax on the transfer of property by … Read more

The Internal Revenue Service (IRS) conducts audits to ensure that individuals and organizations comply with tax laws and report accurate financial information. While audits can be triggered by various factors, one common concern is whether filing an amended tax return increases the likelihood of an audit. This article delves into the relationship between amended returns … Read more