Tax Management India’s Post

🔍 𝐌𝐚𝐱𝐢𝐦𝐢𝐬𝐞 𝐘𝐨𝐮𝐫 𝐈𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞! 💰 Here are some expert tips to reduce your Inheritance Tax (IHT) effectively: ➖ Gift Strategically: Use annual allowances and make tax-free gifts. ➖ Trusts: Set up trusts to manage your assets and reduce tax liabilities. ➖ Exemptions: Take advantage of IHT exemptions, such as spousal transfers. ➖ Charity Donations: Reduce your taxable estate by donating to charity. ➖ Professional Advice: Consult with financial advisors to optimise your estate planning. 𝗦𝗲𝗰𝘂𝗿𝗲 𝘆𝗼𝘂𝗿 𝗳𝗮𝗺𝗶𝗹𝘆’𝘀 𝗳𝘂𝘁𝘂𝗿𝗲 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲𝘀𝗲 𝘀𝗺𝗮𝗿𝘁 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀. Learn more here: https://lnkd.in/efwaZicc #InheritanceTax #EstatePlanning #TaxTips #FinancialAdvice #360LawServices

Did you know there are commonly overlooked tax deductions you might be missing out on? From mobile phone expenses to charitable donations, there’s more you could claim! Visit https://bit.ly/46wtEUy to discover these commonly missed deductions! Don’t leave money on the table. Visit https://bit.ly/3A8fs82 or call us at 13 23 25 to maximise your refund with our tax experts. #hrblock #hrblockau #taxconsultants #taxaccountants #taxagent #taxexperts #taxtime #taxseason #taxdeductions #taxreturn #taxrefund #maximumrefund

For investors who itemize deductions, charitable contributions can be a smart way to reduce tax bills. Instead of donating cash, consider gifting appreciated assets like stocks or real estate, allowing you to deduct the full value without facing capital gains taxes. If you typically take the standard deduction, you might benefit from "bunching" contributions in a single year to qualify for itemizing. Additionally, for those aged 70½ or older, qualified charitable distributions (QCDs) from an IRA can satisfy required minimum distributions tax-free when donated directly to a qualified charity. For more tax tips contact Tax@MyTaxFiler.com #taxtips #charitablecontributions #deductions #investing #financialplanning #capitalgains #appreciatedassets #bunchingcontributions #itemizededuction

🚨 Form 10BD: Compliance for NGOs 🚨 If you're involved in managing a charitable trust, section 8 company or society, understanding Form 10BD is vital for staying compliant with the Income Tax Act, 1961. 🔍 What is Form 10BD? Form 10BD is used by charitable organizations to report donations and This form must be filed annually to ensure donors can avail of deductions under Section 80G for their charitable contributions yo your NGO. 💡 Why is it important? Donors can only claim tax deductions if this form is correctly filed. Failure to file can lead to financial costs such as Fees and Penalties on NGOs. 🔗 Learn more about Form 10BD : https://lnkd.in/d3k4j58T #IncomeTax #TaxCompliance #Form10BD #NGO #Charity #NonProfit #IncomeTaxIndia #TaxExemption #Section80G #TaxFiling #India CA Raghuveer Singh Poonia

When itemizing your taxes, you can deduct up to 60% of your adjusted gross income (AGI) for cash donations to qualified charities or 30% for appreciated securities. To qualify, contributions must be made by Dec. 31. If you don’t itemize, consider a strategy called bunching—combining several years’ charitable donations into one year to maximize deductions, then skipping deductions in following years. This method can help you strategically optimize your tax savings. Ready to optimize your tax savings, contact Tax@MyTaxFiler.com #taxdeductions #charitablecontributions #taxoptimization #taxsavings #AGI #itemizeddeductions #nonitemizeddeductions #taxplanning #taxstrategy #taxmaximization

What is a will? 📜⁠ ⁠ A will is a legal document that allows you to control what happens to your possessions, money and property after you die. It lets you decide who inherits your house, car, valuables and investments, and even donate to charities. Without a will, the government will decide how to distribute your assets, which may not align with your wishes. ⁠ Ensure your wishes are known. We're here to guide you every step of the way. Contact us at 01603 989 010 to find out more. 🤝🏻⁠ ⁠ Will writing is not regulated by the Financial Conduct Authority. ⁠ #will #estateplanning #secureyourfuture #flintfinance

Wealthy individuals can be tempting targets for dishonest promoters pushing a variety of aggressive strategies designed to reduce taxes. The IRS is warning that these schemes can take different forms, including inflated art donation deductions, aggressive charitable remainder annuity trusts and detailed tax shelters that purport to delay paying gains on property. For example, one scheme involves buying art at discounted prices and then donating it after at least one year. Promoters instruct the taxpayer to claim a deduction for an inflated value. That value is substantially more than the original purchase price. For more details on this and other illegal tax schemes: https://bit.ly/4alPJGp #TaxSchemes #WealthManagement #IRSAlert

Optimize Tax Efficiency with a Charitable Remainder Unitrust: Identify Gains, Set Up CRUT, Transfer Assets, and Reap the Benefits #OptimizeTaxEfficiency #CharitableRemainderUnitrust #CRUTPlanning #TaxSavings #WealthManagement #CharitableGiving #SmartTaxStrategies #LegacyPlanning #FinancialFreedom #InvestmentGrowth #TaxDeferredGrowth #EstatePlanning #AssetProtection #PhilanthropyAndFinance

Income-tax Circular clarifies provisions relating to application of income in the nature of inter-charity donations Finance Act 2023 introduced amendments to the Income-tax Act, 1961 relating to charitable trusts whereby donations to other charitable trusts would be considered as application of income only to the extent of 85%. Under the provisions, where application of income falls short of 85%, the balance amount may be accumulated or set aside for application subject to conditions. One of the conditions is that such amount is invested in specified investments/ deposits. In view of representations, the Central Board of Direct Taxes, by way of a circular, has reiterated that only 85% would be considered as application however the balance 15% would not be required to be invested in specified investments/ deposits as the amount has already been disbursed.