Better Tax Relief’s Post

In the spirit of Halloween today (my favorite holiday), I wanted to remind everyone of two scary IRS penalties: Failure to File and Failure to Pay 👻 If you owe taxes and do not pay by the deadline (maybe you never got around to that 2020 return during COVID), you may be assessed a Failure to Pay penalty. It's a bit less scary of the two: 0.5% of the unpaid amount per month, capping at 25%. If you owe $1,000, the most you can be penalized for is $250 (plus interest). Failure to File is the real horror show. If you do not file your tax return on time, the IRS charges 5% of the unpaid taxes each month, capping at 25%. The killer with this one is that by failing to file, you're also most likely failing to pay. You may be exposed to both penalties. CPAs recommend filing by the deadline, even if you cannot pay on time, for this reason. You can apply for "First Time Abatement" if you qualify or set up an installment plan with the IRS to pay off the balance. I'll leave a link in the comments to my free newsletter, where I covered this topic in my debut copy. I'll stop with the Halloween puns, too...

Are you waiting for Santa to file your Self Assessment? Spoiler: He’s busy delivering presents, not tax returns. You need to file before Christmas Eve so you can enjoy the holidays stress free. If you miss it? - Penalties. - Stress. - A not-so-merry Christmas. Here’s how to stay on the nice list: - Gather your income and expenses. - Check for allowable deductions. - Submit it online…don’t leave it to chance. Done early? You can enjoy the holidays stress-free. P.S. Don’t wait for Santa. File it today with us.  We are just 1 message away. Even Santa has filed his self assessment with us and saved on allowable deductions. 😁

🎁 Christmas gifts and parties are fun, but watch out for HMRC’s rules! Keep your festive cheer tax-friendly with these key tips, discussed in our newest blog! 🎄 https://buff.ly/49AEWsj #TaxTips #PayrollAdvice #ChristmasPlanning

🎃👻 Spooky Good Tax-Saving Tips for Halloween! 👻🎃 This month’s newsletter is packed with frighteningly good tax-saving tricks you won’t want to miss. 🍬 Here’s what’s inside: 🐾 3 Ways to Deduct Your Dog or Cat: Yes, in some circumstances, your pet could actually help you save on taxes! Find out how your furry friend can offer more than just companionship. 🕵️♂️ Got IRS Penalties? Know the Rules and Pay Nothing: Don’t let IRS penalties haunt you! Learn the rules to avoid paying a dime. 🏡 3 Ways the Tax Law Treats Personal Property Rentals: Thinking about renting out personal property? Discover the tax strategies that can turn a potential scare into savings. These tax tips are no trick! 🎃 Don’t miss out on these Halloween-themed ideas that could give your wallet a treat. 💰 📩 Check out the full newsletter here, and feel free to contact me if you'd like to discuss more or connect! Protegro, Inc. is a registered investment adviser and insurance producer based in Massachusetts. It is not a tax professional. The information presented is for educational purposes only. It does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk. Positive returns on investments are not guaranteed.    Please do not rely on the information discussed. You should seek advice based on your particular circumstances from an independent tax advisor, counsel and/or accountant.

Festive Gifts and Tax Implications– What You Need to Know! 🎁 As the festive season approaches, many of us exchange gifts to celebrate joy and festivals. But did you know that receiving or giving gifts can have tax implications from Income-tax perspective. Here’s a quick guide to keep in mind while celebrating: Gifts from Relatives: Gifts from relatives like parents, siblings, or spouses are tax-free under the Income Tax Act, no matter the amount. Festive Bonuses or Perks from Employers: Any gifts, vouchers, or bonuses from your employer could be taxed under “salary income”. However, gift up to Rs. 5,000 in a financial year is exempt, if the amount exceeds Rs. 5,000 then the whole amount received will be taxable. Non-Relatives & Cash Gifts: If you receive gifts from non-relatives, be cautious! Gifts exceeding ₹50,000 in a year may be taxable as “income from other sources.” *Exemptions: Gifts received on occasions like weddings, inheritance, or under a will are fully exempt from tax. As you enjoy the festive season, make sure to keep these tax rules in mind to avoid surprises later. Wishing everyone a joyful and prosperous festive season! 🎊💼 hashtag #FestiveSeason hashtag #GiftTax hashtag #TaxPlanning hashtag #PersonalFinance hashtag #TaxTips

On Election Day, Santa Cruz passed a sugar-sweetened beverage tax. To get there, public health advocates effectively built a diverse community coalition and wrote strategic opinion pieces to take on Big Soda — winning despite the industry outspending advocates 30:1 and spreading disinformation. Beyond the immediate positive impacts sugar-sweetened beverage taxes have on communities (better health and revenue for important community programs), this public health win offers hope that local and state policies can continue to advance health and equity despite an increasingly inhospitable national political climate. Read more: https://ow.ly/48fY50Uzrsp.

Good vs Godly At the time when the gospel of Luke was written, tax collectors were synonymous with dishonesty. They earned a living by adding to the total that was due for the taxes and pocketing what was left over. And based on their plush lifestyles and poor reputation with the people, we can gather that they charged as much as they could get away with. John’s instruction to the tax collectors told them not only to do their job well (“do what you have been ordered to”), but also to be fair to the people. So many times, I think we associate working “well” with our work wins, bonuses, promotions, recognition, etc. But working well from a godly perspective means we are to do the job we’ve been given to do—but in a way that focuses on the best interests of those we’re serving—not our own benefits. John’s instruction stands for us too: we must do our jobs well and fairly. As we think about setting goals, we must remember that more than getting to our desired result, how we get there matters. Around She Works His Way, we say this all the time: how we work is often our greatest opportunity for ministry, not merely the task at hand. Think about the ways you can be counter-culture in your job and do it: Promote your competition. Refuse to exaggerate if you fall short of the goal. Pray for your enemy. Correct your mistakes instead of covering them up. Trust that God will honor work done His way. God, renew our minds to see our work as You see it. Help us refuse to just see the task and miss the opportunity You give us in every step. Regardless of what may be “industry standard” in our field, God, hold us to Your standard. We love You, and we trust You. Amen.

Festive Gifts and Tax Implications– What You Need to Know! 🎁 As the festive season approaches, many of us exchange gifts to celebrate joy and festivals. But did you know that receiving or giving gifts can have tax implications from Income-tax perspective. Here’s a quick guide to keep in mind while celebrating: Gifts from Relatives: Gifts from relatives like parents, siblings, or spouses are tax-free under the Income Tax Act, no matter the amount. Festive Bonuses or Perks from Employers: Any gifts, vouchers, or bonuses from your employer could be taxed under “salary income”. However, gift up to Rs. 5,000 in a financial year is exempt, if the amount exceeds Rs. 5,000 then the whole amount received will be taxable. Non-Relatives & Cash Gifts: If you receive gifts from non-relatives, be cautious! Gifts exceeding ₹50,000 in a year may be taxable as “income from other sources.” *Exemptions: Gifts received on occasions like weddings, inheritance, or under a will are fully exempt from tax. As you enjoy the festive season, make sure to keep these tax rules in mind to avoid surprises later. Wishing everyone a joyful and prosperous festive season! 🎊💼 #FestiveSeason #GiftTax #TaxPlanning #PersonalFinance #TaxTips

Check out this video on taxes. #IncomeTax

Don’t let taxes give you a fright this Halloween!  From deductions to deadlines, NS CPA is here to banish those spooky tax worries and keep your finances in check. Treat yourself to a stress-free tax season with us! 🎃 #happyhalloween #halloween #accountingservices #accountingservices #taxreturn #taxseason #wegetitdone