Families which have been considered to be poor or low income are given assistance through earned income credit, or EIC. The EIC can be a tax credit that helps such families with low earnings to accomplish a better standard of just living. An EIC can translate into a tax refund of somewhere between $400 and $4,500. This article will explain how you can figure out if you are eligible for the EIC.

If both you and your spouse each put 5000 dollars on your 401k account, that would cut back your annual taxable income by ten thousand dollars. This means that your adjusted gross income is $66 500. That will yield a substantial tax savings. Another significant tax break comes to you when buy a house -- and itemize complete deductions.



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You had not committed fraud or willful xnxx. You cannot wipe out tax debt if you filed the wrong or fraudulent tax return or willfully attempted to evade paying taxes. For example, content articles under reported income falsely, you cannot wipe the actual debt once you have caught.

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If any books of accounts, documents, assets found or seized belong to your other person, the concerned AO shall proceed against other person as provided u/s 153A and 153B. The assessment u/s 153C should be also completed with twenty one months from your end of the financial year when the search was conducted like assessment u/s 153A.

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