The dos and don'ts of income-tax deductions

"Find the Deduction is a game with constantly shifting rules. Each year Congress changes something in the tax law, the Internal Revenue Service issues opinions, and tax courts make their rulings. If you like a challenge, learning this year's deduction options is like a game...

MoneyLine By Neil Downing: Few Taxpayers Can Claim Medical Expenses.

"Question: I see my [general practitioner] every three months, have blood work done every three months, and take a number of prescription medicines on a daily basis. Can I deduct any of this on my tax return? — B.C., Warwick Answer: You can try, but you’d be among the...

Free tax-preparation help

"Free income-tax preparation is available at Santa Fe Community College now until April 17 through a partnership of the city of Santa Fe, the federal Internal Revenue Service and other organizations. The mayor and City Council support the program, which provides a valuable...

What is Authority on Advance On Ruling ?

"What is Authority on Advance On Ruling ? Advance Ruling been defined in section 245N(a) of the Income-tax Act, 1961 . A ruling can be obtained by an applicant -either a non-resident or a resident having a transaction with a non-resident- in respect of any question relevant...

Even Autonomous bodies of States are subject to TDS!

"Even Autonomous bodies of States are subject to TDS! Advanced Topic Is Panchayat Udyog exempt from Income Tax, if yes on what grounds, If there is any section/direction/ notification, kindly give detail, TDS has been deducted wrongly by some dept. on furniture supplied by...

Prototypes Development Cost can be claimed as R&D cost u/s 35

"Prototypes Development Cost can be claimed as R&D cost u/s 35 Someone Asked on This Blog Can we consider prototype costs as R&D costs? If so, any guidelines as to how many initial productions we can consider as prototypes? From: san-bw@........com Yes, in my view you...

Rhetorical Question

""But big tax cuts cost big money. As the Star's Les Whittington reported this week, one of the anticipated cuts is income splitting, a neo-conservative pet project that would reduce federal revenues by — holy smokes — $5 billion annually.Is that good value?...

Fair Share

"The OECD reports that corporations are paying more in taxes now than in the 1960's. Corporate share of tax bill driven up in line with profits However what is not reported in this news story is the relationship between corporate and personal income taxes paid to the OECD...

Despite incentive, DeWine won’t sign anti-tax pledge

DeWine owes his allegiance to the voters whose votes are counted.