#StandardDeduction

[otaviogilbert]

10 Mind-Blowing Money Secrets From 63 Finance Books: Unlock Hidden Wealth | WealthCannons

This video is about ten financial secrets you can learn from reading 63 finance books. The video dives into the importance of financial self-control, balancing offense and defense with your personal finances, and living within your means while also earning more. It emphasizes the power of compound returns and taking calculated risks. The video also talks about the importance of assets and liabilities, the wealth-generating potential of business ownership, and cracking the code on inflation. Thinking big and starting early are also covered as ways to achieve financial success.

[skfinancial]

🌟 Unlock Tax Savings! 🌟 Don't miss out on the standard deduction - it's your ticket to lower taxes! 💰💼 Click 👇 https://skfinancial.com/blog/standard-deduction

[usnewsper-business]

Big Changes to Taxes: What You Need to Know! #alternativeminimumtax #capitalgains #charitablecontributiondeduction #childtaxcredit #EarnedIncomeTaxCredit #medicalexpensededuction #mortgageinterestdeduction #standarddeduction #taxlaws #TaxpayerCertaintyandDisasterReliefActof2022

[parvej121]

Income Tax Slab for the Financial Year 2023-2024: A Comprehensive Guide

Income tax is a significant part of every citizen's financial responsibility, and understanding the income tax slab for the financial year 2023-2024 is crucial to manage your finances efficiently. In this blog, we will provide you with a comprehensive guide to the income tax slab for the upcoming financial year, helping you navigate your tax obligations effectively.

Income Tax Slab for Individuals Below 60 Years of Age

For individuals below the age of 60, the income tax slabs for the financial year 2023-2024 are as follows:

Income up to Rs. 2.5 lakhs: No tax payable.

Income between Rs. 2.5 lakhs and Rs. 5 lakhs: 5% of the income exceeding Rs. 2.5 lakhs.

Income between Rs. 5 lakhs and Rs. 10 lakhs: 20% of the income exceeding Rs. 5 lakhs, plus a cess of 4%.

Income above Rs. 10 lakhs: 30% of the income exceeding Rs. 10 lakhs, plus a cess of 4%.

Income Tax Slab for Individuals Aged 60 and Above (Senior Citizens).

For individuals aged 60 and above but below 80, the income tax slabs for the financial year 2023-2024 remain the same as for individuals below 60.

Income Tax Slab for Individuals Aged 80 and Above (Super Senior Citizens)

Super senior citizens, aged 80 and above, enjoy a higher exemption limit:

Income up to Rs. 5 lakhs: No tax payable.

Income between Rs. 5 lakhs and Rs. 10 lakhs: 20% of the income exceeding Rs. 5 lakhs, plus a cess of 4%.

Income above Rs. 10 lakhs: 30% of the income exceeding Rs. 10 lakhs, plus a cess of 4%.

Income Tax Rebates and Deductions.

The government provides certain rebates and deductions to help individuals save on their tax liability:

Standard Deduction: A standard deduction of Rs. 50,000 is available for salaried and pensioned individuals.

Section 80C: You can claim deductions up to Rs. 1.5 lakhs under Section 80C for investments in instruments like Employee Provident Fund (EPF), Public Provident Fund (PPF), and Life Insurance Premiums.

Section 80D: Deductions for health insurance premiums under Section 80D.

Section 24(b): Deductions for home loan interest up to Rs. 2 lakhs per annum.

Section 80E: Deductions for education loans.

Section 10(14): House Rent Allowance (HRA) exemption for salaried individuals.

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[finanzwealth]

Many people are misinterpreting new regime in following two points: 1. 1st misinterpretation is #Standarddeduction is Rs. 52,500 2. 2nd misinterpretation is it is applicable for assessee having income of 15.50 lakhs and more. These above misinterpretations are because of FM’s following statement in budget speech: “Each #salaried person with an #income of Rs. 15.5 lakh or more will thus stand to #benefit by Rs. 52,500.” Clarification is as follows: 1. As per Finance bill, Standard deduction as per sec 16(i) is Rs. 50,000 and not Rs.52,500. 2. This standard deduction is currently available in old regime also. Govt has just extended the same to new regime without any modification. 3. In FM’s above statement, govt is trying to compare the benefit the assesses would get in case of ‘Current new regime’ vs ‘Proposed new regime’. FM has nowhere mentioned that standard deduction is applicable for people having income of Rs.15.50 or more. Hence, it is applicable to all assesses irrespective of their income. Hence, if an #assessee is having income of Rs. 15.50 lakhs then his #tax liability would reduce by Rs. 52,500 in Proposed new regime as compared to current new regime. https://www.instagram.com/p/CoX3C0ZtKDu/?igshid=NGJjMDIxMWI=

[markweiboyelaw]

Did you know your issues can be resolved? Well they can!If you find yourself facing the IRS collections process and the related penalties and the consequences that come along with them, there are a few ways to resolve these issues and get back in good standing.Want to learn more? Give us a call at 248-395-3389 or visit our website at https://www.markweiboye.com.

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[amataxservices]

AMA Tax Services is happy to welcome Ms. Lowe @boss__ladi3 to our team of awesome Certified Tax Preparers‼️ She has over 10 years of experience and is guaranteed to get you the maximum refund allowed‼️ Contact her at (678) 827-6204 . . . . . . #linkinbio #taxseason #taxes #incometax #eic #ctc #aotc #itemizeddeductions #standarddeduction #fileyourtaxes #taxpreparer #wecometoyou #schedulenow #availableappointments #mobiletaxservices #mobiletaxoffice #atlantataxpreparer #decaturtaxprep #taxseason2020 #refundloans #taxrefundloans #taxprofessional # https://www.instagram.com/p/B7YbBbVHy9f/?igshid=cshgys0xhngu

[hausofkreme]

Let @amataxservices prepare your taxes‼️ Contact a Tax Specialist at 470-485-7416 www.amataxservices.com #linkinbio #taxseason #taxes #incometax #eic #ctc #aotc #itemizeddeductions #standarddeduction #fileyourtaxes #idotaxes #taxwriteoff #schedulenow #availableappointments #taxpreparer (at AMA Tax Services) https://www.instagram.com/p/Bu8xG5anx6M/?utm_source=ig_tumblr_share&igshid=1uchjzy5103z4

[otaviogilbert]

Practical Tips for Minimizing Taxes in the US | WealthCannons

The video introduces deductions as "tax magic tricks" that reduce taxable income, with the standard deduction for individuals in 2022 noted as $12,950. Viewers are encouraged to consider strategies such as starting a business, investing in municipal bonds, decluttering their portfolio, and contributing to Health Savings Accounts or retirement plans (e.g., traditional IRA, 401K/403b) before the tax filing deadline to reduce taxes. Additionally, the speaker suggests timing expenses, making charitable donations, deducting business travel expenses, and claiming tax credits to further minimize taxes and maximize benefits. Overall, the video offers practical advice for viewers to effectively manage their taxes and optimize their financial situation.

[usnewsper-business]

New IRS Tax Brackets: How They Affect Your Taxes #incometaxbrackets #IRStaxbrackets #standarddeduction #taxliability #taxseason

[dreamilycrazybird]

#Washington international #tax #lawyers discusses Tax Cuts & Jobs Act: 2018 #StandardDeduction and Exemptions http://ow.ly/cKo530jnI2t

The Tax Cuts and Jobs Act of 2017 made dramatic changes that affected pretty much every US taxpayer. This is the first article of the series of articles on the Act. I will start this series with the discussion of simple US domestic issues (such as 2018 standard deduction and personal exemptions), then gradually turn to more and more complex US domestic and international tax issues, and finish with the examination of the highly complex issues concerning E&P income recognition for US owners of foreign corporations and the new type of Subpart F income.

[markweiboyelaw]

When the IRS pursues wage garnishment as the chosen method for satisfying a , agents must follow a certain procedure.

The process starts with the IRS contacting your employer and letting them know your wages are to be garnished and your employer is legally required to take out a portion of your pay and send it to the IRS. If your employer fails to cooperate, they will be held liable for the amount not garnished.

If you’re facing the prospect of an IRS wage garnishment, give us a call at (248) 395-3389 or visit our website at

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[usnewsper-business]

New Tax Brackets and Deductions for 2024: What You Need to Know! #2024taxyear #inflationadjustments #IRS #standarddeductions #taxbrackets

[usnewsper-business]

New IRS Tax Brackets: How They Affect Your Taxes #incometaxbrackets #IRStaxbrackets #standarddeduction #taxliability #taxseason

[markweiboyelaw]

Did you know that because there are potential difficulties in seizing physical assets the IRS prefers to seize financial assets?

Besides being easier and safer to take they provide instant cash without the hassle of finding a buyer.

The seizure of a financial asset is often referred to as a "bank levy." In no way should that imply that the IRS is limited only to accounts that reside in a bank. They can seize your checking account, savings account, even your 401k account.

If you find yourself facing a Bank Levy or the threat of asset seizure, there are ways you can fix the problem and get back on good standing.

Give the Law Offices of Markwei Boye, PLLC a call or visit our us online at

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