New answers tagged tax-deduction
3
Nope it does not work like that, what you are referring to is a tax credit there are some but the interest rate deduction is a reduction of their income not taxes paid.
In your hypothetical case, their income would be 60K (80k-20k) and they would pay around 15K in taxes. Granted it is not as easy as that, but close enough for illustrative purposes.
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5
The operation of PAYE means that the tax-free allowance is allocated monthly, but in the end tax is calculated on an annual basis.
If you haven't worked since the start of the UK tax year in April and your employer is aware of that, which they should be via the "new starter" checklist, then you should get the entire tax-free allowance for the year to date ...
0
In Canada, an individual CRA agent has a fair degree of leeway, in determining how charitable to be with a reassessment like this. This could be good for you, because there is no requirement for the CRA to accept refiled returns older than 3 years ago. But in my experience, it is quite likely they will, in a situation like this.
I strongly advise you to ...
0
This old question shown a common mistake made by many that rush to save their tax instead of inspecting the cost and risk of those "funds" they mentioned.
Most active managed mutual funds around the world usually bait the investor with best case scenario prospectus, which the purchase price rarely match the existing market price for the investor.
In fact,...
1
In your case, in order to pay no tax, you would have to bring down your taxable income to zero. Section 80C provides a maximum investment possibility of INR 1.5L. While there is no upper cap on how much you can invest in ELSS funds, it is important to note that since your deduction is limited to INR 1.5L, there is no reason for you to invest beyond 1.5L in ...
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You would need to talk to a tax expert to be certain, but in general medical expenses can be deducted to the extent that they are more than 10% of your adjusted gross income. So if your gross income is $100,000 and your total qualified medical expenses are $12,000, you can deduct $2,000. Plus you need enough other deductions (state/local taxes, mortgage ...
1
It really depennds how much the taxman will believe that you gifting the data cost you.
You would be better positioned if you had contracted the organisation to have your genome sequenced
3
Assuming you are not US citizen or tax payer.
Your visa is a business visa, then there is no taxes applicable for you.
2
Here's how you determine whether home ownership is financially advantageous to you:
If you aren't having cashflow problems (your mention of considering FIRE makes me think this isn't an issue for you), is ignore the monthly mortgage payment and look only at the costs of owning. Yes, a mortgage payment is more than just the cost of interest, but with excess ...
8
I have used the phrase
"Don't let the tax tail wag the investing dog"
and it applies here as well. The tax break means this; your cost of a loan is reduced from 4.5% (that's about the 30 year rate today) to 3.06% (this is the net if you are in the 32% bracket.) Now, we can also discuss whether you are saving to your 401(k), $19,000 limit this year, ...
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