About tax calculations and Maoney Savings to reduce the Income tax?
131294
If you are from India,\n\ncheck the web site of the Income Tax Department at\n\nwww.incometaxindia.gov.in  which tells you about the LAW.\n\nIf you want any further clarifications, mail me and I can help you in this regard as I am a Chartered Accountant.
125791
Easiest way to avoid paying taxes is to make sure you put enough money into 401Ks (or retirement funds) and you donate to charities.  You realise bringing clothes to a donation site for helping of poor people is the same and you can use it as a tax write-off?  Look up a list of tax write-offs.\n\nHope you were looking for a serious answer!  Good luck ;)
16999
No you won't get penalized.  It is like giving an interest free loan to the IRS but a good way o trick yourself into saving money.  $100 might make too big of a difference in you paycheck try $50.
204282
I just spoke to the principal of an international school about this last week.  His school has worked out a Roth with an office that is in a U.S. territory nearby.  The tax is prepaid so there's no tax or penalty paid at retirement.  Email a investor in the Mainland to see what they can offer.  Some offices are just ignorant of the law, as most folks are for most things like voting, taxes, shipping things to people who are abroad.  You may want to email an investment group someplace like the Virgin Islands, Guam, Puerto Rico...  They're more familiar with policies and retirement programs for Americans living outside the Mainland.
291495
Here is a good place to start:\nhttp://www.co.columbia.ga.us/asp/tax/\n\nHope this helps!
15989
As you seem to already know, you can reduce or increase the withholding by filing a new W-4 form with your employer. \nhttp://www.irs.gov/pub/irs-pdf/fw4.pdf\n\nThat will only reduce your take home pay and wouldn't accomplish any more than saving a portion of your pay would acheive. What you really need  is to find some more deductions. Consider filing a 1040 rather than a short form and look for more deductions. Do you have school loans? Do you have tuition? Travel expenses or employee expenses? Charitable donations? State taxes? Self-employed? Make sure you are claiming all the deductions you are entitled to. \n\nDoes your employer have a plan that will allow you to deduct child care expenses BEFORE taxes?  These are called Flexible Spending Accounts. Any money that you put into it must be used during the year for qualified expenses, like child care. Otherwise you lose the money. BUT, the money is deducted before taxes so it lowers your total income and will probably save you some taxes over just itemizing the deduction.\n\nI've listed the IRS, and then the three best tax software packages, in my order of preference. The last link is an explanation of an FSA.
399285
Excellent question that is sure to get a wide variety of answers.\n\nPersonally, I'd take the loss and use the $3000 against other income.  This will lower your AGI and your taxable income...both are usually good things.  Lower your tax burden now.  Use the windfall to purchase more of the mutual fund.  If you are happy with the fund, why sell it?\n\nThe federal government taxes LTCG at 15%...CA taxes all gains the same.  If you don't sell the mutual fund, you save 28% + 9% x $3000 or $1110 in taxes for two years straight.  If you sell the mutual fund now, you will lose out on that windfall.  If you sell the mutual fund 5 years from now, the extra tax burdon will be 15% + 9% x $3000 = $720 ... a net gain of $390.  Not only that, but you will be able to make interest off the government's $720 for five years before having to pay it back AND you won't be out the 1% sales expense.\n\nIn general, it is best to offset short-term capital gains with losses, but try to not offset long-term capital gains.  A better way to say this may be to say never use long-term gains to offset any capital loss.  Take the loss, lower your income, and enjoy the tax break.\n\nOne big caveot is you never know what Congress will do with tax rates, especially capital gains.  A shift to a Democratic congress may cause the LTCG rate to go back to 20%.  Even at 20% this type of tax planning makes sense, but the benefit drops considerably.
271802
Income is taxable.\n\nYou will receive paperwork along with your settlement (probably a 1099-Misc or similar) that will give you the info you need to determine how to handle the money, taxwise.\n\nGood Luck!
143699
You would be better off spreading it out, but if you want the money now, just claim more exemptions on your W-4 so they take less tax out. In the end, it doesn't matter because you'll just resolve it on tax day, so it only matters whether you want the money all right now.
470295
i think the word youre looking for is "exemptions", the more exemptions you have the less taxes will be withheld from your salary, and the higher the net check will be.  you fill out this info on the form w-4 when you start a job.  if you feel that they are taking too much/too little out you can change this with your human resources dept.\nalso if you do have dependants this will help reduce your taxes, but do not make up imaginary children b/c you will get caught.
348296
First, whatever you save, don't take out for whim purchases (try to keep it to true, true emergencies).  Keep putting in as much as you can afford and when you get your tax refunds back in April/May (based on your salary, I'd say you'd be due for a refund from the IRS and perhaps your state too), don't spend that money, save it (as you never has access to the money in the first place).\n\nGMAC Bank (primarily online, FDIC insured) offers 5.16% interest on their Money Market Accounts (MMA) with roughly a 5.25% Annual Yield (this varies as they change up their interest rate when the Feds do).  They won't slash your interest after six months (or after a certain period of time) although you need to keep a Daily Average of $500+ with them.  It's also a great vehicle to prevent spending since you get charged $10 for every withdrawal over the limit of three (3) you make in a month although you're free to deposit as much as you like whenever you like.  You can set-up automatic bank-transfers and direct deposit very easily.
33426
and here is another....you can do prepayment savings analysis on this one too!!  Enjoy\n\nhttp://www.jeacle.ie/mortgage/
56177
It is possible to negotiate with the government to get your tax debt reduced.  I suspect this will only happen if it is realistic to expect that the debt won't be paid at all otherwise.  A personal accountant could probably help for under $1K.
445472
No income tax is applicable on all income up to Rs. 100,000 per year. (Rs. 135,000 for women and Rs. 185,000 for senior citizens) \nFrom 100,001 to 150,000 : 10% of amount greater than Rs. 100,000 (Lower limit Rs. 135,001 for women and n/a to senior citizens) \nFrom 150,001 to 250,000 : 20% of amount greater than Rs. 151,000 + Rs. 5,000 (For women: Rs. 1500) (For senior citizens, the lower limit is Rs. 185,000) \nAbove 250,000 : 30% of amount greater than Rs. 250,000 + Rs. 25,000 (Rs. 21,500 for women and Rs. 13,000 for senior citizens)
29466
The safest (and maybe smartest) way to approach this is to look into filing a 1040ES, Estimated Tax for Individuals.  It helps you estimate what your income not subject to withholding (such as your business) will be, and to calculate the estimated tax payment so you can make quarterly payments to the IRS.\n\nThis is advisable because if you under-withhold based on your income, you can be penalized by the IRS for it.  Here is a link to the form and its instructions.  You'll need Adobe Acrobat and/or its web plug-in to view it:
635834
I haven't done this in forever, but I'll try.  If I get something egregiously wrong, let me know via email.\n\nIn the interests of laziness, I used M instead of MM for million.\n\nIn time 0, there's\n-15M\n-150k\nSum = -15.15M\n\nIn year 1,\nthere's\n-1M from fixed costs\n-5.65M from change in NWC (58M in sales -> 5.8M total)\n+8M from (sales - VC)\n-2.8M in tax\n+1.5M from deprecation tax shield\nSum = .05M\n\nIn year 2,\n-1M in fixed costs\n-2.9M from change in NWC (87M in sales)\n+12M from (sales - VC)\n-4.4M in tax\n+1.5 from depr\nSum = 5.2M\n\nIn year 3,\n-1M in fixed\n+4.35M (43.5M in sales)\n+6M from (sales - VC)\n-2M in tax\n+1.5 from depr\nSum = 8.85M\n\nAt the end (still year 3),\nthere's\n+4.35M from recovered NWC\n+3.75M in salvage value (might be less if the book value is less than 3.75...I don't exactly remember how to handle this, but it might be 60% depending on if the sale is taxed from whatever cost basis)\nSum = 8.1M\n\nSo, -15.15M + (.05M/1.2) + (5.2M/1.2^2) + (8.85/1.2^3) + (8.1M/1.2^3) = -1.69M\n\nThe IRR is relatively trivial from here.\n\nHm, so it's looking negative.  I'm not sure.  There's definitely something off in my calculations somewhere.  *shrug*
586718
There is a web site http://money.cnn.com/pf/101/ that offers a calculator for helping to determine what amounts of income should go for different types of expenses.  Also on that page are articles on various matters such as "Investing in Stocks" and "Saving for College"