[ad_1] Covering a wide spectrum of Indian sectors, the first Union Budget of Modi 3.0 focused on MSMEs, employment, skilling, youth, and the middle class. Yet, the Budget as such has failed to address several concerns of the real estate sector, including direct incentives to boost the affordable housing sector. It was widely anticipated that…
[ad_1] MUMBAI: The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in the financial year (FY) 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). This marks the highest ever APA signings in any financial year since the launch of the…
[ad_1] Key Takeaways: The United States is one of only two countries in the world that taxes its citizens’ global income. Annual tax returns for expats are due on June 15, but payments must be made by April 15. Other countries vary widely in how they may tax an expat’s work or retirement income, if…
[ad_1] Key Takeaways When deciding between a CFP and a CPA for retirement planning, it’s essential to understand their distinct roles and expertise. Integrating tax planning and financial strategy with CFPs and CPAs ensures comprehensive retirement planning. CPAs excel in tax planning, while CFPs receive extensive training in investment, estate planning and retirement strategies. Working…
[ad_1] Key Takeaways If you took out an educational loan for yourself, your spouse or your dependent, you may be able to deduct the interest you paid on your taxes. The amount you can deduct depends on your modified adjusted gross income and is capped at a maximum of $2,500. Your lender should send a…
[ad_1] Key Takeaways: The SECURE 2.0 Act changed the age for starting required minimum distributions (RMDs) to 73 in 2023, and it will increase to 75 in 2033. Depending on your income level, premium costs could increase once withdrawals begin, and your taxes could be higher. Missing an RMD could lead to a penalty, though…
[ad_1] Key Takeaways: The IRS treats interest earned on money in a savings account as taxable income. Your financial institution issues a 1099 form if you earned at least $10 in interest in the previous tax year. Some of the accounts that may generate taxable interest are traditional savings accounts, high-yield savings accounts, checking accounts…
[ad_1] Key Takeaways: Roth IRAs enable retirement savers to generate tax-free earnings. Income limits apply to Roth IRAs. Unlike a traditional IRA, contributions to a Roth IRA are made with after-tax dollars. You must be 59 1/2 or older and meet a five-year holding requirement to withdraw without taxes or penalties. A Roth IRA can…
[ad_1] Key takeaways You may qualify for the saver’s credit if you have a low to moderate income and contributed to a 401(k) or IRA in the past year. The saver’s credit reduces your overall tax bill by a certain amount, depending on your level of income and savings. There are eligibility requirements for the…
[ad_1] Key Takeaways: With a Roth IRA, you can pay taxes on your retirement savings during your working years if you meet the income limits. You make contributions to a Roth IRA with after-tax money. If you meet the requirements, including having the account open for at least five years and being 59 1/2 or…
