How do you find the net annual value of a house?
The value arrived at after deducting the municipal taxes, if any, may be referred to as the Net Annual Value (Annual value as per Income-tax Act). From su...
Category: General
How do I calculate working capital?
Working capital is calculated by using the current ratio, which is current assets divided by current liabilities. A ratio above 1 means current assets exc...
How does social assistance affect tax return?
The social assistance payments amounts are not taxable, but you must include them in your net income. Including the social assistance payments ensures tha...
Can the IRS go back more than 7 years?
We usually don’t go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed. The statute of limitat...
How do I send my income tax return by post?
On receipt of the ITR-V form, the taxpayer has to sign the copy of the form (in blue ink) and need not send any supporting documents with it. The envelope...
Do you pay taxes on cash dividends?
Investors receiving cash dividends are often subject to taxation on that income. The tax rate on qualified dividend income is lower than that on ordinary ...
Which tax form allows you to claim an exemption?
W-4 Form To claim exempt, you must submit a W-4 Form. Do not complete lines 5 and 6. Enter “Exempt” on line 7. Note: You must submit a new W-4 Form by Feb...
What are the requirements to sponsor a parent to USA?
You must be a U.S. citizen and be able to provide documentation to prove your status; To sponsor your parents, you must be at least 21 years old; You must...
How do I know how much to pay the IRS?
You can access your federal tax account through a secure login at Once in your account, you can view the amount you owe along with details of your balance...
Do you have to pay taxes on money you win online?
Online winnings are fully taxable so you must report gambling winnings, even those that didn’t have tax withheld. You might be able to deduct gambling los...
