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Seasonal Fever Income Tax-2011
Seasonal Fever Income Tax-2011
Seasonal Fever Income Tax-2011
This is the time of the year again, when we all are stressed so much and accounts
department, after our lives to provide documentation for Income tax..
So before, you loose your mind and get stressed, here is some information for all of you to
get rid of income tax woes….
Income exempted from income tax India for Assessment Year 2010-11
1. Filing Basics. It is important to know what to report on the tax return. Include the
correct name, social security number, and mailing address on your return. If filing
electronically include the routing and account number for each account that you will
use for direct deposit and payments.
2. Types of Forms. There are different types of forms for individuals and which one
to file depends on taxable income, filing status, qualifying dependents, and any
eligible credits. Business income tax forms vary as well. The correct one will depend
upon the type of business structure that applies.
3. Filing Requirements. Reporting income is not a requirement for everyone but
varies with the amount and type of earnings. Check before filing to see if you qualify
for filing exemptions.
4. Reporting income. Knowing what income is taxable and non-taxable makes a
difference in what to report on a tax return. It can also determine whether there is a
need to file at all.
5. Minimize income taxes. When it comes to taxable income it is not how much you
make but how much you get to keep that matters. Monitor the latest changes in tax
law so that you pay the least amount possible.
6. Tax compliance. While avoiding tax payments is illegal, lowering taxable income
is not. Stay in compliance by reporting taxable income and deductions that you are
legally entitled to claim. Also, be sure to file on time and send payments by the due
date.
7. Monitor changes in tax law. Monitor changes in tax law throughout the year to
proactively reduce your tax bill. Keep an eye on new credits and deductions as well
as those that you may have been eligible for in the past that are set to phase out.
8. Take eligible deductions. Know what deductions you can and cannot claim to
save time, money and frustration at tax time.
9. Know your filing options. The Internal Revenue Service allows two ways to file
income taxes. Electronic filing enables you to transmit returns easily and quickly over
the internet. Those who are uncomfortable with e-filing can mail hard copies.
10. Get good advice. For most people, income tax is not a topic in which they have
extensive experience. The complexity in tax law can be confusing so get good advice
for preparing the return.