Please note that if the taxpayer fails to pay the tax according to the instalment plan granted then the instalment plan and the waiver of surcharge will be cancelled immediately. The IRD will add a 5% penalty on top of the amount still owing to the tax and will move...
For example, the earned income tax credit rolled out in 1975, to help lower-income earners have more money for staples like groceries and gasoline amid a period when inflation was rising fast. Or, the Child Tax Credit came out of the Taxpayer Relief Act of 1997 as a $400-per-child tax...
For individuals who are not eligible for Social Security, the IRS will issue a taxpayer identification number. This number is often assigned to immigrants who are not permanent US residents. Permanent residents who are not eligible for a Social Security number also can receive an ITIN. The numbe...
Other education loans or relief programs that help provide health services Canceled debt that would be deductible if an individual paid it as a cash-basis taxpayer A qualified purchase price reduction on a property provided by the seller Pay-for-Performance Success payments that reduce the principal...
If you’re a federal student loan borrower struggling to pay bills, opting for one of the government’s several income-based repayment plans could bring some welcome relief. An income-driven repayment plan, also known as an IDR plan, offers borrowers a lower monthly payment based on their ...
As we all know that H4 visa holders are not eligible to have aSocial Security Number (SSN), but for filing U.S. tax returns and claiming them dependent on H1 visa holders, they do require a unique identification number, which is calledIndividual Taxpayer Identification Number(ITIN). ...
In a like-kind exchange, relief from a liability is treated as boot. (a) True (b) False The federal income tax is an example of a regressive tax system. A) True B) False For a taxpayer in the 35% marginal tax bracket, a $100 tax CREDIT saves the taxpayer...
But while it may be known as a ‘tax reference’ on some documentation, the official name for it is always the unique taxpayer reference (UTR). Who needs a UTR number? Anyone who completes a tax self assessment will need a UTR to file their tax return. This applies if you’re self-...
Albeit with GST registration, an average taxpayer can alleviate much of the complexities of the taxation system, he still has numerous unsolved queries regarding refund of GST. Recently, t Read More 01 Jan 1970Posted By: E-StartupIndia Supreme Court extends the due date for Aadhaar-linking ...
Albeit with GST registration, an average taxpayer can alleviate much of the complexities of the taxation system, he still has numerous unsolved queries regarding refund of GST. Recently, t Read More 01 Jan 1970Posted By: E-StartupIndia Supreme Court extends the due date for Aadhaar-linking ...