#tax deduction

[whatareyoureallyafraidof]

[oww666]

Democrats Plan Tax Giveaway To The Rich, Bailout To Blue States

Democrats want working-class families in states like Florida and Texas to subsidize residents making $200,000 or more in New York and New Jersey.

the payoff for election 2020 

[darlenecbd]

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[enthusiastindia-blog]

Let’s start with what ELSS is all about. ELSS, also called Equity Linked Saving Scheme, is a particular separate type of Mutual Fund from other kinds of MFs. It is solely focused and used for tax saving and deduction purposes with a 3 years lock-in period. It falls under Section 80-C of the Income Tax Act, giving deduction up to Rs. 1.5L per financial year. It sounds great, especially for payers falling in high tax brackets who can save every penny from tax.

ELSS is “Thanda Thanda Cool Cool” powder to Indian taxpayers through which not only the investors can enjoy the benefits of a tax deduction but also tax-free (or itch-free) returns during withdrawal. Unlike most extended lock-in period of PPF and 5-year FD schemes, ELSS is the shortest route to save the tax with just 3 years. That’s the significant benefit of investing in ELSS Mutual Funds.

You can either invest as small as Rs. 500 per month – minimum investment in case of SIP [Systematic Investment Plan] or Rs. 5,000 in case of lump sum investment. There is no restriction to withdraw after the end of 3 years lock-in period of investment. You can either stay long for 10 years or withdraw after 3 years of investment, thus enabling greater flexibility.

The biggest plus point for investing in ELSS is the wealth builder or power of compounding. Your investment multiplies even greater for a longer period of time [if you understand what compound interest is all about.]

From the above points, we can conclude that not only if it offers the best and shortest tax saving option, but also gives better returns as compared to all other financial instruments with minimal risk.

Here are some quick FAQs about ELSS investment to clear up the common doubts.

Q: Is ELSS giving guarantee returns? A: NO! ELSS MF operates with market risk.

Q: Is ELSS giving better returns? A: YES! Usually, it gives the minimum of 12-15% CAGR or 36-45% absolute returns for 3 years of investments.

Q: Does ELSS ever end in a loss for more than 3 years of investment? A: Not really if you pick one of the good funds like the suggested answer below.

Q: What are the top 3 ELSS funds in 2019? A: Axis Long Term Equity Fund, Aditya Birla Sun Life Tax Relief 96’ Fund, Mirae Asset Tax Saver. [Suggestions only]

Q: Which are the best brokers or advisors for investing in Mutual Funds? A: Finvasia, 5Paisa, Bajaj Capital

Q: Can I withdraw the entire amount after 3 years? A: Yes in case of lump sum investment, you can withdraw all units/amounts after making one investment. However, in case of SIP, you can withdraw all amounts only if all the monthly investments you made have completed 3 years in the fund.

Q: Can I withdraw within 3 years lock-in period? A: No! You can’t withdraw once you made an investment. Note that you can stop the investment anytime, but there is no option for withdrawal if less than 3 years. In case of emergency, you can take a loan against ELSS.

Disclaimer: ELSS Mutual Funds are heavily dependent on the equity market, subjecting to the market risk.

[turbotax]

What is the Educator Expense Tax Deduction?

The Educator Expense Tax Deduction allows teachers and certain academic administrators to deduct a portion of the costs of technology, supplies, and certain training. To learn more about taking the Educator Expense Deduction on your tax return, see the full TurboTax article.

[phroyd]

Yup!  Indebt You and Take Away Your Tax Deduction For It!  

That’s The GOP!

Phroyd

[fashionfotorecccluse]

$antax, by Fashionfotorecccluse

[usatodayopinion]

Last year’s election was supposedly about forgotten working-class Americans rising up against the elites. You wouldn't know that, however, from the Republican plan released Wednesday to overhaul the federal tax code.

Our view. Opposing view.