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Tax season is here! What you need to make it easy

Tax season is here! What you need to make it easy

Finance
Jetta Productions IncBring out your box of receipts. Tax season begins today.Eager taxpayers can start filing their 2019 tax returns on Monday, Jan. 27. The IRS expects it will receive more than 150 million returns.People with elaborate returns can ask for a six-month extension to file, but they have until April 15 to pay 2019 taxes owed.While it may be tempting to procrastinate — especially if you know you owe money — your tax professional would prefer you show up early with the appropriate documents."If you prepare everything else early, you'll get your return handled much faster," said Ed Zollars, CPA at Thomas, Zollars & Lynch in Phoenix."The earlier you can push it through, the better chance you will have for your return being smoothly prepared, versus 'I'm sorry you have to go on
Here’s where younger generations expect their retirement income to come from

Here’s where younger generations expect their retirement income to come from

Finance
Hero Images | Hero Images | Getty ImagesMany Americans believe they will live longer than their parents.For younger generations, that has led to a big concern: how they will provide financially for those extended years.That's according to a new online poll from the Longevity Project and Morning Consult, which surveyed 2,200 U.S. adults in December.Of the individuals polled, 63% said they expect their lives to be longer than their parents'. That rate was even higher for members of Gen Z, those ages 18 to 22, with 70% indicating they expect to live longer.More from Personal Finance:Here's how to pay down debt and set yourself up for successThis online tool helps figure out how much cash you needHere's when your tax return could spark interest from the IRSDespite those hopes, many individuals...
Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Urban cooperative banks report nearly 1,000 frauds worth over Rs 220 crore in past five fiscals: RBI

Finance
Urban cooperative banks (UCBs) have reported nearly 1,000 cases of fraud worth more than Rs 220 crore in the last five fiscals, according to the Reserve Bank of India (RBI). Responding to an RTI query, the central bank said a total of 181 fraud cases involving Rs 127.7 crore were noticed during 2018-19. A total of 99 and 27 such cases involving Rs 46.9 crore and Rs 9.3 crore were reported during 2017-18 and 2016-16 respectively, it said. As many as 187 cases of fraud involving Rs 17.3 crore were reported in 2015-16 as against 478 such cases involving Rs 19.8 crore during 2014-15, the RBI said. During 2014-15 and 2018-19, a total of 972 cases of bank fraud worth Rs 221 crore were reported by the UCBs, it said. "Cases of frauds reported to RBI are required to be filed by banks as criminal co...
Relaxation, clarification on capital gains tax needed in Budget 2020: EY

Relaxation, clarification on capital gains tax needed in Budget 2020: EY

Finance
By Shalini JainWith the annual budget around the corner, the expectations of individual tax payers are high. Given the recent reduction in corporate tax rates, the individual tax payers expect reduction in tax rates and relaxations coming their way as well. Long-term capital gains on sale of equity shares and units of equity-oriented funds The recent years have seen changes in capital gains taxation which has increased the tax burden of individual tax payers. For instance, the long-term capital gains (LTCG) exceeding Rs 1 lakh on sale of equity shares and units of equity-oriented funds on which Securities Transaction Tax (STT) is paid, which were earlier tax exempt, were brought to tax at 10% for transfers made on or after April 1, 2018. To encourage small tax payers to invest in the stoc...
Here’s when your tax return could spark interest from the IRS

Here’s when your tax return could spark interest from the IRS

Finance
Just because the IRS is auditing fewer tax returns, don't assume you can dupe the taxman.With much of the agency's systems automated to spot certain discrepancies, and some parts of tax returns typically generating more scrutiny than others, the risk of hearing from the IRS still remains."A lot of this is done by analytics and computers … and the farther you are from the normal range for similar taxpayers, the more likely you are to get a love letter in the mail from the IRS," said CPA Jeffrey Levine, CEO of BluePrint Wealth Alliance in Garden City, New York.FreezeFrameStudio | E+ | Getty ImagesThe IRS will start accepting 2019 returns on Jan. 27 with a continually shrinking budget and reduction in staff, who will handle an estimated 150 million returns.While most people will never face an