If you received a modest refund last year -- or actually owed money -- you may need to adjust your withholding to help offset what you'll need to pay come tax time. Otherwise, you'll get stuck with a larger bill when taxes are due. (There's also a chance your tax bracket may cha...
5. Filing and Payment Information:In this section, you will provide details about how you plan to file your tax return (electronically or by mail) and how you will make your tax payment, if applicable. Some individuals may be eligible for a tax refund, in which case they will need to p...
You see an entire section of your tax return devoted to adjusted gross income, or AGI as it’s commonly referred to, but do you know how to calculate it? Even though the tax return will instruct you on how to compute it, a better understanding of the calculation can provide s...
6.Claims and Refunds:If you have missed out on claiming deductions or credits in your previous tax returns, having a copy of your tax return enables you to amend your return and potentially receive a refund. 7.Tax Professionals or Accountants:If you switch tax professionals or accountants, pro...
Trying to compute and manage your employees’ withholding tax can be stressful, but here are a few tips to make the process easier: Make sure you’re withholding the correct amount of tax from each employee by reviewing their W-4 form carefully. The last thing you want is for your employe...
Before clicking on “SUBMIT” button, please check if any tax is due. If yes, then deposit the tax first and then show that tax under “Self Assessment tax”. Submit the return only if it is showing zero tax due or refund.(link to pay self assessemnt tax) ...
How to compute your Annual Income Tax or ITR dues Before you begin, you’ll need to check whether you’re on the 8% Income Tax Rate or the Graduated Income Tax Rate. The easiest way to do this is to check your Certificate of Registration from the BIR. This will indicate which tax sc...
distinct from net income, which accounts for all other costs. If you're self-employed, you report gross income on Schedule C as part of the process of figuring your taxable business income. You have to determine your gross income accurately if you want your business tax bill to be accurate...
You can refer to your bank passbook or even the Form 26AS to calculate any interest on income tax refund. 5. Claim all available deductions You will also need to ensure you claim all the deductions under Section 80C and 80D. Every deduction has its own limit and need to be properly ...
The tax refund your company received in the 2015 year as a result of carrying back 2014 losses to the 2012 tax year is not taxable. From an accounting perspective, you should have made a journal entry in the 2014 year to record the Tax Receivable from the loss carry-back, so that when...