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How do I claim medical expenses under 80D?
50,000 is the overall limit of section 80D. Hence, you can claim the maximum deduction of Rs. 50,000 from the health insurance premium, Central Government...
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What is capital gains only?
Capital gains are profits that occur when an investment is sold at a higher price than the original purchase price. The tax rate for dividend income diffe...
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How does Upwork work for taxes?
If you’re a freelancer whom the Internal Revenue Service (IRS) defines as a “U.S. Person” and earn money working with your client through Upwork, you need...
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Can you get tax forms at local IRS office?
A) Yes, you may visit a local IRS office or a post office or library that carries tax forms. You may also use computers that are often available for use i...
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Is adjusted gross income after taxes or before?
Adjusted Gross Income is simply your total gross income minus specific deductions. Additionally, your Adjusted Gross Income is the starting point for calc...
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What is the IRS slogan?
The IRS mission is to “provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the ...
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How do I get TurboTax free instead of Deluxe?
Change from turbotax deluxe to free version? If you haven’t already done so, sign in at TurboTax.com and select the blue Take me to my return button. On t...
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Can I retroactively contribute to IRA?
You get three extra days to file your taxes. Fortunately, however, you can make prior year IRA contributions up until the tax filing date. So if you meant...
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Where do I enter third party sick pay on W-2?
Third-party sick pay reported in box 12 with Code J is not taxable. (Additionally, a return containing a W-2 with $0 in box 1 will reject if e-filed.) Thi...
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Can uncle gift to nephew?
Consequently, any sum of money gifted by uncle to his nephew shall not be chargeable to tax in the hands of the nephew. However, reverse shall be taxable ...
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