Tax exemptions come in many forms, but one thing they all have in common is they either reduce or entirely eliminate your obligation to pay tax. Most taxpayers are entitled to an exemption on their tax return that reduces your tax bill in the same way a deduction does.

What’s the difference between exception and exemption?

An exemption is an varation of normal precedence, rules or law, allowed by such. An exception is a violation of normal precedence, rules or law, which is not usual or codified.

How long before IRS cashes your check?

IRS will cash the check as soon as it is received. It will post to your taxes the exact day received. The check should clear your bank about 10 days from the time you mailed it. IRS will process the refund returns first but payments are cashed as received.

Why did I fail to file my income tax return?

Many individuals and businesses fail to file their income tax returns for multiple years for a variety of reasons, usually stemming from life and business pressures that made it almost impossible for them to file their returns.

When do you Pay Pay as you earn tax?

Pay As You Earn (PAYE) PAYE is deducted monthly at the prevailing individual income tax rates, on or before 9th of the following month. How do I file for PAYE?

What happens if you file tax return after 6 months?

Filing after 6 months attracts a penalty. The Return covers one fiscal year which is a period of 12 months within which the corporation chooses to make its financial statements. Do I need an auditor for Corporation Tax filing?

When do you have to pay installment tax?

Installment Tax is paid in advance at four equal installments. It is paid before the year of income is over and before the accounts of the business are prepared to establish the actual tax payable. What is the rate of taxation for Installment Tax?