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Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.
The Tax Cuts and Jobs Act of 2017 trimmed tax rates and significantly boosted the standard deduction, thus greatly reducing the number of taxpayers eligible to benefit from charitable deductions.
The Office of Professional Responsibility (OPR) at the U.S. Internal Revenue Service (IRS) is responsible for all matters related to "tax practitioner" misconduct, discipline and practice before the IRS under 31 CFR Subtitle A, Part 10 (Circular 230, Regulations Governing Practice before the Internal Revenue Service).
Section 183(b)(2) provides that a taxpayer may deduct an amount "equal to the amount of the deductions which would be allowable [ . . . ] only if such activity were engaged in for profit, but only to the extent that the gross income derived from such activity for the taxable year exceeds the deductions allowable [ . . .
Stay updated on the news about taxes, deadlines, deductions, laws, the IRS, and all things related to your income taxes.
In some cases, the standard deduction might offer higher savings, but talk with a tax professional to make sure you aren’t missing any itemized deductions. 6. Higher tax filing thresholds
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