Denise Davis’ Post

Here are several points where the income tax department might trigger scrutiny. Please promptly review these points: Savings bank account deposits or withdrawals exceeding ₹10 lakhs in a fiscal year. Current bank account deposits or withdrawals exceeding ₹50 lakhs in a fiscal year. Fixed deposits exceeding ₹10 lakhs in a fiscal year. Sale or purchase of immovable property exceeding ₹30 lakhs in a fiscal year. Investments in stocks, mutual funds, debentures, or bonds exceeding ₹10 lakhs in a fiscal year. Credit card payments exceeding ₹10 lakhs in a fiscal year. Foreign currency sales exceeding ₹10 lakhs in a fiscal year.

Limited Time Offer: 5% Rate Guarantee for 5-8 Years (THIS RATE EXPIRES DEC. 1) Consider this for your safe money. Lock it in. If under 59 1/2, a 10% penalty applies to gains upon withdrawal, effectively reducing the rate to 4.5%. This is higher than most high-yield savings accounts.

🔍 Early Withdrawal from Fixed Deposits: Key Points 🔍 Need to access your FD funds early? Here’s what you should know:  🔹 Penalties: Early withdrawal often means reduced interest and possible penalties. 🔹  Interest Rates: You might earn less than the agreed rate. 🔹  Partial Withdrawals: Some banks allow partial withdrawals without closing the FD.  🔹 Tax Implications: Tax on interest remains, regardless of early withdrawal. Consider these factors and consult with your advisor before making a move. #Finance #FixedDeposits #InvestmentTips #FinancialPlanning

Lets talk interest 🗣️ Don't have your savings sat in a current account earning very little to no interest. Lots of banks offer savings accounts with a fixed interest rate which will help your savings grow while you do absolutely nothing! 😅 REMEMBER: If you earn over £1000 in bank interest within the year, you MUST be completing a self-assessment return or £500 if you are a higher rate tax payer. Contact us for more information 📲 #bankinterest #UKSavingsWeek #selfassessment

Consider taking a look at the current offering as an alternative to cash being held in a checking account. In the United States, the average checking account at a bank is .08% on your hard-earned money. The money market rates are still substantially higher as well as some good options to lock in CD rates given the current economy. Please give me a call if you would like to discuss this or money market options. (561) 383-3904

Since the banks are closed today here are some bank secrets! When the bank requests bank statements what are they looking for? 🧾 Alignment with recent Tax Returns They would want to see that your bank statements should match or exceed the income reported on your recent tax returns. Example: If your 2023 tax returns show a gross income of $1.2M, your monthly bank statements should show a minimum of $100K incoming funds. 📊 Monthly Ending Balance They would want to see that the ending balance is higher than your opening balance. This shows positive cash flow and growth. 💵 Daily Balance They would want to see your daily ending balance in a positive, and preferably above $5K. This indicates consistent financial stability. It’s always smart to be on top of your bank account even though you're not looking for financing right now, but if you think you might need some funds start working on it 3 months ahead

Some good rules to follow for ideal account balance are: Just over 1 month's expenses in checking. 50% as much in savings at the same bank. 3 months of take-home pay in a HYS or bonds.

Some good rules to follow for ideal account balance are: Just over 1 month's expenses in checking. 50% as much in savings at the same bank. 3 months of take-home pay in a HYS or bonds.

Wondering how to make the most of your cash savings? You’re in the right place! Here are 5 effective ways to maximise your cash savings 👇 1️⃣ Use your full ISA allowance (£20,000 in 2024/25) to save in a Cash ISA 2️⃣ Research and compare different banks to find the savings account offering the highest interest rates 3️⃣ Consider fixed-rate savings accounts where you lock your savings in for a specific time period in return for a higher interest rate 4️⃣ Check for any forgotten or unused accounts that may still hold unclaimed funds 5️⃣ Choose accounts and investments that offer interest rates higher than the inflation rate Do you do these 5 things?

Is it good to maintain a high bank balance? ✅Pros: 1. Easy access to funds for unexpected expenses or opportunities. 2. Provides liquidity for market opportunities. 3. A higher average bank balance helps in visa applications. 4. Enhances financial security and peace of mind. 5. Can facilitate larger purchases without needing to liquidate investments. ❌Cons: 1. Minuscule rate of interest. 2. Pay tax on the entire annual savings bank interest (under the new tax regime). 3. Pay tax on annual savings bank interest above Rs. 10,000 (under the old tax regime). 4. Higher losses in case of online scams/frauds. 5. Opportunity cost of not investing in higher-yield assets. 6. Frequent calls from bank personnel to buy an investment 😆 There can’t be a stone-carved rule for how much to keep in the bank, but on average, keeping 20-25%of your entire emergency corpus (which is usually six months' expenses parked in safe assets) in the bank is a decent figure. #bankbalance #tips #interest #tax #emergency #personalfinance