CFONow’s Post

In the town of Taxville, people had to decide how they wanted to pay their taxes. There were two choices: the Old Tax and the New Tax. Mr. Deduction liked the Old Rules. He kept careful track of all his expenses, like medical bills and donations, so he could lower how much tax he had to pay. Mrs. Simplicity preferred the New Rates. She liked that it was easier to understand and had lower taxes for more people. She didn't want the hassle of figuring out lots of deductions. Everyone in Taxville picked what worked best for them. Some liked saving more money with deductions, while others liked the easier way of the new rates. Comment below what kind of tax payer you are.... #income #incometaxfiling #incometaxreturn2024 #itr #filing #oldtax #newtax #choice #becompliant #incometaxindia #incometaxindiaefilling #itfilingservices #taxreturn #tax

In the town of Taxville, people had to decide how they wanted to pay their taxes. There were two choices: the Old Tax and the New Tax. Mr. Deduction liked the Old Rules. He kept careful track of all his expenses, like medical bills and donations, so he could lower how much tax he had to pay. Mrs. Simplicity preferred the New Rates. She liked that it was easier to understand and had lower taxes for more people. She didn't want the hassle of figuring out lots of deductions. Everyone in Taxville picked what worked best for them. Some liked saving more money with deductions, while others liked the easier way of the new rates. Comment below what kind of tax payer you are.... #income #incometaxfiling #incometaxreturn2024 #itr #filing #oldtax #newtax #choice #becompliant #incometaxindia #incometaxindiaefilling #itfilingservices #taxreturn #tax

The House has passed the Tax Relief for American Families and Workers Act of 2024, reinstating key tax provisions including the EBITDA-based business interest limitation and the 100% 'bonus' depreciation retroactively until the end of 2025. The Act also emphasizes domestic investment in R&D, allowing U.S.-based R&D expenses to be fully expensed in the year they are incurred. Check out the enhanced child tax credit provision, expanded low-income housing tax credit, disaster tax relief, expanded small business expensing, and Forms 1099-NEC and 1099-MISC information reporting relief included in H.R. 7024. Stay tuned for more updates as we continue to monitor legislation traction. KerberRose

Inheritance Tax (IHT) Planning Gifts made more than seven years before your death are exempt from IHT. You can also gift up to £3,000 each tax year (annual exemption), which is IHT-free. Consider putting assets into trusts or making use of Business Relief to reduce the inheritance tax burden. #uktax #opentowork

What the 2024 Tax Bill Means for You: Child Tax Credit and R&D #taxes2024

💡 Maximize Deductions with Tax Credits 💡 Did you know that tax credits can put more money back in your pocket? Research and claim the credits you're eligible for, like the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). 📉 Earned Income Tax Credit: Helps low- to moderate-income workers and families get a refund, even if you don’t owe any tax. 👶 Child Tax Credit: Reduces your tax bill if you have qualifying dependent children, and it’s partially refundable! Start exploring these credits to maximize your savings and reduce your tax burden. 💸📊 #TaxTips #TaxCredits #FinancialSavings #EITC #ChildTaxCredit #MaximizeDeductions #TaxPlanning #SmartSaving #FinancialFreedom

Unless Congress acts, current tax rates and many provisions in the tax code are scheduled to expire at the end of next year. One change may be to the Child Tax Credit, impacting families. 👨👩👧 As a reminder, the current credit is $2,000 per child (under 17), with income phasing out starting at $400,000 for couples. In 2026, the credit may return to the pre-TCJA (Tax Cuts and Jobs Act) level at $1,000 per child, and phaseout may drop to $110,000 for couples. 😮 The Child Tax Credit is just one potential change. Remember, tax rules can change without notice, and there is no guarantee that the treatment of certain rules will remain the same. This post is not intended as real-life advice, so you may want to review any specific questions about the TCJA with a tax, legal, or accounting professional. 💼 #TaxChanges #ChildTaxCredit #FinancialStrategy #InvestmentStrategy #FinancialProfessional #PersonalProsperity

Last week, in the third episode of our Make Taxes Less Taxing mini-series, we explored how non-resident landlords can manage their income tax obligations. Joined by Bianca van den Berg from GetGround, we unpacked key topics such as: - Income tax on UK rental income for non-resident landlords - Non-Resident Landlord Scheme compliance - Deductible expenses to reduce taxable income - How tax treaties help avoid double taxation If you missed it, this episode is essential for anyone managing UK property from abroad! Catch up here - https://lnkd.in/dBKTjgqP Later today we’re releasing the final episode in this series, where we’ll dive into the complexities of inheritance tax for non-residents. Stay tuned for exclusive discounts too! #UKPropertyInvesting #TaxPlanning #NonResidentLandlords

Hiring your child to work for your business can be a win-win situation. It allows you to shift income to your child, who is likely in a lower tax bracket, and offers several tax advantages. Here are the key benefits: https://lnkd.in/evqzh3YV

An often-overlooked category of people who need to file their self-assessment tax return: HIGH INCOME CHILD BENEFIT! If you or your partner have an income, of more than 50K, you have to declare it as a self-assessment tax return until next Wednesday to avoid any penalties. #deadlinealert #childbenefit