20% QBI Deduction Calculator

The amended Internal Revenue Code (courtesy Tax Cuts & Jobs Act ) now (from tax year 2018) provides 20% tax deduction for all self-employed or freelancers or estate or trust from a

How Far Back Can IRS Audit ?

One of the most common query of  taxpayers  is: How long before I can be sure I am safe from the IRS ? Basically he is asking " How long before he can consider himself safe from the IRS”? The answer…

Is health insurance deductible ?

The  very common question  "Is medical insurance  deductible? " has no definite answer. In most cases, answer to the question is YES, but there are situation in which you can't claim health insurance…

What is Hobby Loss Rules ?

If you have created a business out of hobby or wishing to adjust expens eon hobbies , you must be understanding hobby loss rule , because IRS will surely raise Red Flag on your claim of expense

What are 1031 Exchange Property?

1031 Exchange of property saves you a lot of tax . Use this calculator to find out tax savings due to  1031 exchange . But this tax benefit accrues to a tax payer only if the properties qualify for…

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