Category: Direct Tax

Welcome to your mid-2025 tax check-in! As we navigate this year, it's crucial for seniors to understand two things: the annual inflation-adjusted changes that impact your 2025 tax return, and the massive, looming changes set for 2026. This year isn't...

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Income‑Tax Calculator • AY 2026‑27 Income‑Tax Calculator (AY 2026‑27) Basic Information Age Category < 60 yrs 60 – <80 yrs 80 yrs & above Choose Regime New (default) Old Income from Salary Gross Salary (₹) HRA Exemption you can claim (₹) * Standard deduction (₹50,000) will be auto‑applied. For...

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Staying on top of Canada’s tax deadlines helps avoid penalties, interest, and delays in refunds or benefits. Here's a detailed breakdown of key filing and payment deadlines for 2025 across different taxpayer types. 1. Individuals & Self‑Employed For most Canadians,...

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Understanding Schedule K-1 from Form 1065: What Each Box Means If you’re a partner in a partnership or a member of an LLC taxed as a partnership, you’ll likely receive a Schedule K-1 from IRS Form 1065. But what does...

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Florida residents have the advantage of living in one of the few U.S. states that do not impose a personal income tax. While this simplifies tax filing and minimizes recordkeeping burdens, it also has implications for deductions—particularly medical expense deductions....

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Medical expenses can be a significant burden for many households, especially for those with chronic conditions, disabilities, or high out-of-pocket healthcare costs. While the federal tax code allows taxpayers to deduct certain unreimbursed medical and dental expenses that exceed 7.5%...

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When it comes to state income taxes, each U.S. state follows its own path—some conform closely to the federal tax code, while others break away to simplify their own systems. Two states that stand out for their stark departure from...

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Medical expenses can place a significant financial burden on individuals and families. While the federal tax code allows taxpayers to deduct qualifying medical expenses that exceed 7.5% of their adjusted gross income (AGI), this threshold often limits the deduction’s usefulness...

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Filing an extension with the IRS is a crucial tool for both individuals and businesses who need additional time to complete their tax returns. Form 4868 (for individuals) and Form 7004 (for businesses) can help avoid steep late-filing penalties—but only...

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Box L on Schedule K-1 (Form 1065) might seem less glamorous than income or deduction entries, but it carries crucial information about your investment in a partnership. This box provides a snapshot of your capital account — a record that...

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