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FAQ

What are the consequences of a short tax year in the USA?
If you chose to file as a fiscal filer you should be fine as long as you usethe established months as your fiscal year.A tax year whether fiscal or calendar that is less than one year in length.Short tax years occur either when a business is started or the method ofaccounting is changed. Short tax years occur only for businesses never forindividual taxpayers because individuals must file on a calendaryear basisand do not have the option of choosing a fiscal year.BREAKING DOWN Short Tax YearIf a business begins in the middle of May and the business owner wishes tofile on a calendaryear basis the business will have a short tax year withincome and expenses for only 8.5 months reported on the 1040. A similarsituation would occur if the business owner wished to use a fiscal year thatbegan in a different month than that in which the business was established.A short tax year can also occur when a business desires to change its taxableyear. For example a business that reports income from June to June every yeardecides to change its fiscal year to begin in October. Therefore a short taxyear from June to October must be reported.A fiscal year FY is a period that a company or government uses foraccounting purposes and preparing financial statements. A fiscal year may notbe the same as a calendar year and for tax purposes the Internal RevenueService IRS allows companies to be either calendaryear taxpayers or fiscalyear taxpayers. Fiscal years are commonly referred to when discussing budgetsand are often a convenient period to reference when comparing a governmentsor companys financial performance over time.Choosing Between Calendar Years and Fiscal YearsIn the United States eligible businesses can adopt a fiscal year for taxreporting purposes simply by submitting their first income tax returnobserving that fiscal tax year. At any time these businesses may elect tochange to a calendar year. However businesses that want to change from acalendar year to a fiscal year must get special permission from the IRS ormeet one of the criteria outlined on Form 1128 Application to Adopt Changeor Retain a Tax Year.Individuals and corporations can use a relief procedure to figure the tax forthe short tax year. It may result in less tax. Under this procedure the taxis figured by two separate methods. If the tax figured under both methods isless than the tax figured under the general rule you can file a claim for arefund of part of the tax you paid.For more information see section 443b2.Also for additional information you may read more at this website Short TaxYear httpwww.investopedia.comterm...Hope this information is helpful.
How are cryptocurrencies taxed in the US for 2021 tax year? I thought it wastaxable only on profit (after conversion back into USD.) Coinbase tax reportis listing every conversion to a different altcoin as a short-term taxableevent.
The tax situation for cryptocurrencies in the U.S. is quite confused. IRSguidance is generally to treat cryptocurrencies bought for investment purposesas a capital asset in much the same way that you would treat a stock purchaseor buying an expensive painting.That may work for buyandHODL investors but it’s sort of nonsense if youwere actively trading and it’s ridiculous if you were just using bitcoin as ameans of exchange like buying stuff for a discount through Purse .There’s an argument to be made that at least for 2021 certain kinds ofexchanges of cryptocurrency should be treated as “like kind exchanges” underthe tax code which are not taxable events. That’s really a quite cogentargument for buying or selling those cryptocurrencies which do not have USDmarkets where you have to buy bitcoin as an intermediary and then exchangebitcoin for the desired coin.Unfortunately for the coming year Congress’s rushed tax code eliminates thiskind of “like kind” treatment for 2021 leaving it only as an option for realestate developers swapping land.If you’re planning to do a lot of crypto trading in 2021 then it may be betterfor you to treat cryptocurrencies as a commodity under the tax code and makesomething called a Section 1256 election. This allows you to just total up thedollar value at the start of the year and the dollar value at the end of theyear and pay tax on the difference without all the buyingandselling inbetween. You get a tax rate between that of longterm and shortterm capitalgains. This is what people who deal with regular currency trading often do.Technically you’re supposed to make that declaration before you start tradingbut maybe you have that letter in your files from last January and you forgotabout it .How aggressive or creative you want to get with the tax code is up to you andyour accountant and tax lawyer of course.
I'm 24 year old, planning to save 2-3k p.m in short term investment plan fortax exemption, how do I go about it?
You need to invest for minimum 3 years for any tax saving scheme. The minimumperiod of 3 years is available in ELSS Equity Linked Savings Scheme funds.Investment in these is deductible from taxable income under section 80 Cwithin the overall limit of Rs 150000Stocks are one of the best performing asset class. Bombay Stock Exchange indexSENSEX has given a compounded return of about 15 during last 40 years despiteall the major economic upheavals in World subprime crisis Brexit majormarket crashes in India in 2021 when the whole market was put to down freezenot once but twice within a week. If one had invested only Rs 10000 in aSystematic Plan increasing the contribution by 10 every year his corpus todaywould have been a whopping Rs 53 crorehttpjagoinvestor.comcalculat...Oh it is bad that you missed it Never mind. The opportunity continues here.The best option to invest in Stocks is via Mutual Funds. These generatematching income from stock markets.BENEFITS OF INVESTING IN MUTUAL FUNDS Qualified professionals manage yourmoney. SEBI Securities Exchange Board of India regularly monitors them.Expense ratio is from 1 to 2 .Tax benefits Units sold after 12 months are exempt from capital gains.Dividend income is Tax Free too. you can redeem all or part of your investmentany time at the current value.You can invest even Rs.1000 in Systematic Investment Plan SIP. A fixed sumis invested at monthly intervals. More units are bought when the price is lowand fewer units when the price is high. This reduces the impact of marketvolatility. You can updatecancel SIP anytime.ELSS Funds 3 year compounded returnAxis Long Term Equity Fund G 28.2 Birla SL Tax Relief 96 G 25.8 Reliance Tax Saver 30 SBI Tax Advantage Sr 1 28 A word of caution Past performance is not a guarantee of future performance.Equity based funds are subject to market risks. Be advised to carefully studyall the related information before investing in these schemes.Some of the web sites which prthe relevant information are moneycontrolIndiabulls httpsin.finance.yahoo.com mutualfundindia nseindia
What are the best short term (2 years) tax saving investment options in Indiaif someone falls in 20% tax slab?
While everybody is blindly recommending you to invest in ELSS that decisionis not so straightforward. While choosing the most ideal tax saving optionthere are two things you need to consider The amount of tax saving investments you need to do This is a function of your taxable income and also the fact that 80C Investments like ELSS PPF Life Insurance etc. all combined have to upto a maximum of Rs. 150000 The right product that you should use This is a function of expected returns risk involved and lockin periodAlso keep in mind the following for ELSS ELSS has a lock in of 3 years so you can’t withdraw your money before that Taxation is the same as normal equity taxation You can invest in ELSS via lumpsum or SIP. The total investments you make from April to March constitute the investment for the particular fiscal year. The amount you invest is not the amount of tax you save it is the amount which is deducted from your total taxable income. For eg. if you invest 100000 in ELSS funds your taxable amount reduces by that and based on the tax slab you are under you save on a corresponding amount of tax.Having pondered on that I will list below my contrarian picks on ELSS.Instead of the usual Tax Saving Funds recommendations like the Aditya BirlaTax Relief 96 Fund Axis Long Term Equity Fund DSP Tax Saver etc. I willrecommend a highly undervalued ELSS fundICICI Long Term Equity Fund Undervalued Portfolio may not have been an outperformer in the past few years but I believe it will outperform in thefuture which is what matters.A good investment made is only a job half done you would always need toperiodically monitor your portfolio and the individual funds to check if theyconfirm to your initial investment thesis.Do visit our online platform Moneyjar where we pick mutual funds for you toinvest in using a similar thought process and not only advice you and help youmake investments online but also constantly monitor your portfolio to ensureyou are on track.
Can I adjust the short term capital loss for assessment yr 2008-09 againstshort term capital gain in current assesment year (income tax india)?
Absolutely.Short term capital loss can be carried forward up to 8 assessment years andset off against short term capital gains in future.So if you have short term capital gains in AY 201617 FY 201516 than youcan set off you carried forward short term capital losses since AY 200809.The only condition is that you should have filed the loss return for thatparticular assessment year before the due date as per sec 1391.While filing your return you will have to mention the date of filing for theassessment year to which the loss pertains to.You can also reach us at helpquicko.com in case of any further queries.
Does my LLC need to file a federal tax return for a short year with noactivity (financial or otherwise) of any kind?
The laws of the state where the LLC is domiciled control whether you have tofile. Similarly corporations and other types of partnerships are controlledby state tax laws. Of course alongside with any Federal tax filingrequirements. If there is money involved I suggest hiring a licensed taxpractitioner of some type.
Which is best tax saving scheme under section 80c?
Most ask that how much tax can be saved on 80C. There are quite a few schemesunder Section 80C like ELSS NPS PPF and the like.Here you will know what is section 80c of income tax act and all otherinformation about 80 c. The maximum tax benefit is Rs 1.5 lacs under Section80C. Among these schemes the highest returns can be expected from ELSS whichis around 15 to 17. The other schemes have a return of around 7.5 and 8.5.There is also a lock in period of 3 years and no withdrawals may be made then.If one is between the ages of 20 to 35 and has an income of more than Rs 3lakhs the ELSS mutual fund is the best tax saving scheme that one can optfor. This is because with the young age one can take some amount of risk andthat will result in better returns. One can also opt for a proportionateinvestment 50 in ELSS and the balance in safe investment options like a5year bank Fixed Deposit or even invest in National Savings Certificate orPPF.