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FAQ

You are given an endless supply of money, but for every dollar you spend, 1 second is subtracted from the end of your life. How much do you spend?
Oh boy. This takes some planning. So first off, I would have to budget myself. I don’t want to think of it as a lump sump. I would essentially give myself a salary of $350k after taxes for 30 years to live a very nice life, even if I eventually start a family. (That would be like earning $583k/yr before taxes for 30 years) I wouldn’t act as though I had an endless supply because then I would blow money that I wouldn’t need to. So by giving myself that nice upper class salary, I would take $10.5 million. So now let’s do the math and see how much that would set me back.WOW! I have only shortened my life span by 121 days. Honestly, that’s nothing! If all I had to do was give up not even half a year of my life to have that kind of money and never have to work a day in my life, I would gladly do it! I mean, think of how much time you’d spend at a job. That’s just time you have to do whatever you want now.Now if I don’t want to get bored, obviously I’ll pick up some hobbies. Since I’m essentially a retired and decently affluent man, I’d probably get into sailing. I have the rest of my life ahead of me with nothing to do, so lemme pick up a hobby that allows me to see the world! It would be great to learn to sail and travel the world. So the 2019 Beneteau Oceanis 51.1 is $625k. That would only take like a week off my lifespan so let’s dream bigger.Now I just looked this up and Isla Gallina is a 22 acre private island for sale off the coast of Panama. It costs $1.85 million. Not bad for a private island. Honestly thought they’d be way more. Then building a home and dock, etc. on my island would be another $2.5 mil let’s say.I’d likely settle somewhere in southern California so that I could easily sail to my private island in Panama. My house in Cali would run me maybe $2.5 mil to look something like this from some cursory research.So add all that up and we have a total around $18 million. And when you do the math, that only shortens my life by only 208 days! Not even a year is taken off my life with all of this!Now, I’m sure there are things I haven’t accounted for. Boat upkeep is expensive, and so will be traveling the world. That property tax would be pretty insane as well. My very nice budgeted salary should take care of some of that but just to ensure that I am comfortable, let’s round it out to $22.5 mil. All in all, I’ve shortened my life by 260 days, not even a full year, and I have a private island, a 51 foot sailboat, a nice house in SoCal, a budgeted yearly salary of close to $600k for 30 years, and a nice nest egg of close to $5 mil as well if set a cap of 260 days. Sounds pretty luxurious to me!But since I just felt terrible about myself after writing that post, I’d take another 2 and a half weeks off my life, donate that $1.5 mil to charity, and do loads of volunteer work to give my life purpose with all the free time I’d have. Anyway, that’s how much I’d be WILLING to spend. Of course the money is endless but I would cap it there and not let myself take anymore out after that point barring some unforeseen tragedy. And whatever I don’t spend would be donated as well.And NOW I think I’m done.
How can I get tax relief in California if someone did the Facebook scam with me? I lost my $6000 in January 2018
I dont think it is possible.Consult with the Professional tax advisor.
How do you fill out the bank interest income in ITR?
I get the IT statements (Form 16A) from the bank(s) holding my fixed deposits in the end of June. These statements give the interest income accrued or paid, and the tax deducted at source (usually only at 10%). I counter-check these figures against the Scheduke 26AS on the income-tax site e-Filing Home Page, Income Tax Department, Government of India (takes you to TRACES, the site that gives you details of tax remitted to your income-tax account by the banks, other payers, yourself). I then pay the additional balance tax due on interests at my slab (20%, 30% as the case may be), if necessary… this all goes into my ITR statement online.One other hint is that I do an advance tax calculation right from 2nd quarter on a “guesstimate” of interest receivable on FDs, at the applicable rate of interest on the original principal invested, on each FD (using a spreadsheet), and keep paying advance tax proportionately through the year, so that I do not have too much of a problem in June/July after getting the final figures from the banks. I also add interest at 1% per month on the balance of tax due from 1 April to the date of filing the return.All this entitles me to a bronze certificate of appreciation from the IT authorities :)
What is your view on Subramanian Swamy’s statement of abolishing income tax?
Q : What's your take on Subramanian Swamy calling for the abolition of IT?A : Even if the message is right, it has to be shared at at the right time and at a right place. I do not think the present time is right to abolish Income Tax. Income Tax is direct tax which the tax payer has to pay from his pocket while GST is indirect tax which is included in the price of the product itself. Needless to mention that all the people whether poor or rich pay GST whereas only those who have their income above taxable limit pay income tax. Therefore, in a way GST is compulsory while while paying Income Tax the businessman do resort to certain accounting jugglery to evade tax.Ideally the direct taxes should get more revenue to government treasury than indirect taxes so that the burden of taxes goes on shoulder of the rich than the poor. However in India whose population is around 132+ crore not even 10 crore people pay income tax. Although the gross revenue figure out of income tax has increased by around 84% since 2014, it it still less. The tax base needs to be enhanced to include more and more people. This is still not the case in India.Many film actors like the Bachchans and the Kapoors are agriculturists who club their unaccounted income as agricultural income and evade the tax. These are really rich people who should be paying 30% income tax, however, because of the prevailing legal provisions these people legalize their black money without paying any tax. Therefore, for abolishing income tax, I don’t think this is the right time. Let at least 25% of middle aged Indians start paying some income tax and more specifically the some tax be levied on agriculture. After this move the threshold income tax rates can be lowered and basic exemption limits can be enhanced.However, the income tax cannot be abolished.
How do you fill out tax forms?
I strongly recommend purchasing a tax program, Turbo tax, H&R block etc.These programs will ask you questions and they will fill out the forms for you.You just print it out and mail it in. (with a check, if you owe anything)I used to use an accountant but these programs found more deductions.
How do I fill out 2013 tax forms?
I hate when people ask a question, then rather than answer, someone jumps in and tells them they don't need to know--but today, I will be that guy, because this is serious.Why oh why do you think you can do this yourself?Two things to consider:People who get a masters degree in Accounting then go get a CPA then start doing taxes--only then do some of them start specializing in international accounting.  I've taught Accounting at the college-level, have taken tax classes beyond that, and wouldn't touch your return.Tax professionals generally either charge by the form or by the hour. Meaning you can sit and do this for 12 hours, or you can pay a CPA by the hour to do it, or you can go to an H&R Block that has flat rates and will do everything but hit Send for free.  So why spend 12 hours doing it incorrectly, destined to worry about the IRS putting you in jail, bankrupting you, or deporting you for the next decade when you can get it done professionally for $200-$300?No, just go get it done right.
Which forms do I fill out for taxes in California? I have a DBA/sole proprietorship company with less than $1000 in profit. How many forms do I fill out? This is really overwhelming. Do I need to fill the Form 1040-ES? Did the deadline pass?
You need to file two tax returns- one Federal Tax Form and another California State income law.My answer to your questions are for Tax Year 2018The limitation date for tax year 15.04.2018Federal Tax return for Individual is Form 1040 . Since you are carrying on proprietorship business, you will need to fill the Schedule C in Form 1040Form 1040 -ES , as the name suggests is for paying estimated tax for the current year. This is not the actual tax return form. Please note that while Form 1040, which is the return form for individuals, relates to the previous year, the estimated tax form (Form 1040-EZ ) calculates taxes for the current year.As far as , the tax return under tax laws of Californa State is concerned, the Schedule CA (540) Form is to be used for filing state income tax return . You use your federal information (forms 1040) to fill out your 540 FormPrashanthttp://irstaxapp.com