Jafar Sadique TT’s Post

Income Tax Computation 💡 Understanding Income Tax Computation Income tax computation involves calculating your total income to determine your tax liabilities. This process begins by introducing a pro forma, which serves as a structured format for calculating taxes. By ensuring accurate income reporting, you can avoid overpaying or underpaying taxes. Proper computation is key to staying compliant with tax laws while optimizing your financial situation. Key considerations include income sources, allowances, and deductions that influence the final tax payable. https://lnkd.in/gnKWyBVN https://lnkd.in/gxRhppFj

HERE’S A CHECKLIST OF THE BASICS, as well as some changes that income tax filers will be seeing for the first time... 78 unique views so far #taxfilingbasics #taxfiligchanges #earlybirdtaxfilers

Federal Income Taxes Are Set To Increase S Corporation shareholders and partners in a partnership may face a significant increase in their effective federal income tax rate by the end of December 31, 2025. The expiration of certain tax laws is expected to lead to a 30% rise in the tax rate for pass-through entity owners, soaring from 30% to 39.6%. Additionally, taxable income could see a surge due to various provisions under the Tax Cuts and Jobs Act sunsetting, such as changes in 199A deduction and limitations concerning research expenditures, bonus depreciation, and interest expenses. Stay informed and prepared for these upcoming changes in the tax landscape. #Taxation #IncomeTax #Finance #IRS

Companies that issue stock options often have questions regarding Incentive Stock Options, also known as ISOs. Here is some great information on the tax treatment of those awards from the team at OptionTrax. If you would like to learn more about ISOs or OptionTrax, feel free to reach out to me at jkunecki@optiontrax.com #OptionTrax #stockoptions #ISO #IncentiveStockOptions #tax #CFO #Controller #SECreporting #financialreporting #HR #Benefits #equityawards

ISOs offer special tax benefits that can put a lot more money in the pockets of your employees when the IRS requirements are met. See below for a quick primer from the experts at OptionTrax.

Knowing the difference between tax offsets and deductions can significantly impact your finances. Both reduce tax liability but work differently under ATO guidelines. Proper understanding and management are crucial to avoid penalties and errors on your tax returns. Our latest blog will help you to understand the differences between tax offset and tax deduction. #OracleAdvisoryGroup #taxreturns #TaxOffset #TaxDeductions #ATO #accounting

Many taxpayers focus only on what they owe or will get back when filing their tax return. Folks can save money by learning how tax brackets work and how their bracket affects their effective tax rate. #effectivetaxrate #taxbrackets

Choosing between Old and New Tax Regimes 🔍 What is Form 10-IEA? Form 10-IEA allows taxpayers to exercise their right to select between the old and new tax regimes. Specifically, it applies to individuals, HUFs, AOPs (except co-operative societies), BOIs, and Artificial Judicial Persons (AJP) with business income. This form can be filed twice in a lifetime: once for opting out of the new tax regime and once for re-entering it. 📝 Purpose of Filing Form 10-IEA: Individuals with income sourced from profession/business must submit Form 10-IEA before the due date for filing income tax return. It allows taxpayers to switch from the new tax regime to the old one or vice versa. Accurate information in Form 10-IEA ensures transparency and maintains precise tax records. 📅 When to Submit: File Form 10-IEA before the due date prescribed for filing an income tax return.i.e 31.07.2024 Remember, informed choices lead to better financial planning! 🌟 #Taxation #FinancialPlanning #IncomeTax #Form10IEA Feel free to share this post with your network! 😊👍

Incentive Stock Options (ISOs) offer a unique tax advantage if you meet certain IRS requirements. 🌟 Key points: - Tax Treatment: Long-term capital gains rate if qualifying disposition, else ordinary income but no social taxes due - Tax on Grant Date: No - Tax on Exercise: No  - Tax on Sale of Security: Yes  - If qualifying disposition: long-term capital gains on difference between sale price and exercise price and possible AMT if qualifying) - If disqualifying disposition: ordinary income  - Tax Reporting Form: W-2 and Form 3921 - Tax Deduction: If a disqualifying disposition, tax deduction equals amount reported as employee’s income, no deduction if a qualifying disposition The application of long-term capital gains rates instead of ordinary income tax rates can result in significant savings for your employees Optimize your tax situation with ISOs. Reach out to learn more! #EquityCompensation #TaxStrategy #StockOptions

Were you surprised by how much you paid in capital gains tax this tax season? 😰 If you, or your financial advisor, is not making use of strategic tax-loss harvesting you could be missing out on significant opportunities for tax savings. Complete a FREE, comprehensive tax return analysis here: https://lnkd.in/gD3CEjpr. Let's see how we can use tax-loss harvesting in the future to prevent you from paying any more in taxes than you should! 🙌