A Tax Consultant’s Guide to a Successful Tax Return

The annual stress of filing taxes can be overwhelming. Tax laws have become increasingly complicated, and the stakes feel higher than ever before. If you make a mistake on your tax return, the consequences could be severe. The IRS has broad powers to penalize you— in some cases even jail time! In this article, we’ll give you an insider’s look at how to file a successful tax return as a…

Depreciation Under Income Tax Act

The Income Tax Act permits the use of the depreciation concept. According to the Income Tax depreciation is a deduction that a taxpayer may utilise to offset a portion of the actual cost of any tangible or intangible asset that they use. The Basics of Depreciation Income Tax The depreciation concept is primarily used to write off costs associated with assets over the course of their useful lives. According to…