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Income Tax Filing Procedure And Exemptions

Tax is a source of revenue for federal government so that it can carry out various works in interest of its citizens. The federal government in USA releases a tax deduction slab at the start of every financial year. All individuals, Companies and business men are charged according to this income tax slab. Any person who is earning above the ‘no tax applicable limit’ has to pay income tax according to the slab. It is very easy to calculate income tax, if you have tax deduction slab. There are softwares and calculators available that calculate your income tax.

Ways to file Income tax returns:
1.The easiest option available today to file income tax is Internet.
2.Paper works have been made easy. You can take help of financial advisor while filling the form.
3.You can solve your queries by calling the helpline number.
4.EFTPS: The Electronic Federal Tax Payment System, or EFTPS is a free, 24×7 online and telephone tax payment system that has been devised for individuals and business organizations. It is made available by the U.S. Department of Treasury. You can pay the taxes online or over the phone 24 hours a day and seven days a week. You can also schedule transfer of payments from yours to the Treasurys account.

The earlier you file your taxes, the sooner youll find your return. Don’t wait for the deadline to come closer.

There are many conditions in which you get exemption from income taxes:
When you file a joint income tax with your spouse, you get opportunity to claim one exemption, even if he or she is not dependent on you.
You can claim exemption in taxes for every person you show dependent on you, even though that person files income tax separately.
The donations you make to charitable organizations or investment in certain kinds of schemes offer you tax exemption benefits.

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