The Tax Preparation Blog

Archive for July, 2008

Question: What are some good tips for getting the best tax return?

It’s the beginning of the new financial year and I’m looking at doing my etax online. As I don’t have an accountant guiding me, I was wondering if anyone has some ideas about things you can claim legitimately and things you can’t.

Answer: Two tips that might be relevant from David Koch’s latest column –

1. Take advantage of the education tax refund

If you are the parent or carer of a child in primary or secondary school, you may be eligible to claim an education tax refund. Eligible carers or parents can claim up to $750 in education expenses for each child in primary school, with a maximum refund of $375 per child and up to $1,500 in education expenses for each secondary school child, with a maximum refund of $750 for each secondary school child.

Expenses that are covered by the education tax refund include things like computers, software, textbooks and stationery. Things that are not covered include things like school fees, uniforms and excursions. To claim a refund the item must have been purchased between 1 July 2008 and 30 June 2009.

2. Make sure you claim every eligible tax deduction

To reduce your total tax bill, it’s essential to claim every eligible tax deduction you can. If you donated money to the Red Cross during the Victorian bushfires, for example, make sure you include this in your tax deductions for the 2008-2009 tax year. If you incurred education expenses directly related to your work, make sure you claim this as well. If you have medical expenses in excess of $1,500 you may also be able to claim a 20 percent tax offset for these expenses.

There are also a host of other deductible expenses, depending on your job and your income. But it’s essential if you want to claim these as tax deductions to keep receipts to prove you actually incurred the expense.

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Be prudent when picking a tax preparer

Be prudent when picking a tax preparer

Brookson – Join The Revolution

Adams Home Office Budget Book, Weekly/Monthly Format, 7 x 10 Inches, White (AFR31) $9.08 Home/Office Budget Record helps you budget and track personal spending. Format offers weekly and monthly tracking and a ledger-style. Budget record includes yearly summary….

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Simple Tips to Save Money

RISMEDIA, January 12, 2010—(MCT)—If you’ve weathered this past year’s wallet-squeezing, here’s some how-to advice for keeping more money in your pocket now that the New Year has arrived. Use, don’t lose, those new gift cards. In California, most gift cards cannot have…

Pupilo Income Tax (En Español)

Question: Where can I find out how much i paid in prior property taxes?

I live in Ventura California and would like to view previous property tax bills online.

Answer: City hall is the place to go. Online may not have all the info.

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Remodeling your home without home equity

No equity in your home? These five ideas can help you find cash to remodel anyway.

Israel denies Aid ship, UK Real Estate $865 billion Debt, Geithner didn’t pay taxes

Continued Growth for Cogeco Cable in the First Quarter and Upward Revision of its Fiscal 2010 Guidelines

MONTREAL, QUEBEC–(Marketwire – Jan. 13, 2010) – Today, Cogeco Cable Inc. (TSX:CCA) (“Cogeco Cable” or the “Corporation”) announced its financial results for the first quarter of fiscal 2010, ended November 30, 2009. For the first quarter of fiscal 2010: – Revenue increased by 6% to reach $317.4 million; – Operating income before amortization(1) grew by 5.9% to reach $122.6 million; – Net income …

Question: I basically want to know all the tax rates applicable in India ( Income tax, TDS, Sales tax, Tax on foreign?

Answer: No one can answer for all your questions. But I am giving you Income Tax and TDS rates details. Sales tax is state matter and it differs from state to state. Tax on foreigh..What??

Income tax rates for FY:2007-08 (AY:2008-09);

Male (<65 years) or HUF :
Upto 1,10,000 - No tax.
l,10,001 to 1,50,000 - 10% of the amount exceeding 1,10,000
1,50,001 to 2,50,000 - 20% on the amount exceeding 1.5 lakhs
2,50,001 & above - 30% on the amount exceeding 2,50,000

Females:(<65 years)
Upto 1,45,000 - Nil
1,45,001 to 1,50,000 - 10% of the amount exceeding 1,45,000
1,50,001 to 2,50,000 - 20% of the amount exceeding 1,50,000
2,50,001 & above - 30% of the amount exceeding 2,50,000

Seniour Citizans: Male or female >65 years.
Upto 1,95,000 – Nil
1,95,000 to 2,50,000 – 20% of the amount exceeding 1,95,000
2,50,001 & above – 30% of the amount exceeding 2,50,000

+10% S.C if the income exceeds Rs.10,00,000/-
+3% Education Cess on Tax payable.

Now about TDS rates: Click on the below link and open/down load the file details in excel format. It contains all TDS details in full and clear.

http://download-v5.streamload.com/250becd9-78ee-46be-a7fc-546e2d26f1b8/guptarajin2002/Hosted/INCOMETAX/TDS_Rates_2007-2008-1.xls

The pros and cons of Direct Taxes Code

Direct Taxes Code will make politically difficult changes feasible