Kiddie Tax Calculation Made Simple !
Kiddie tax is a special rule for taxation of a child's unearned Income if certain other conditions are fulfilled. In other words, a child's earned income like wages etc - suffer taxation same as…
Nanny Tax : Do You Have to Pay Taxes for a Caregiver ?
Nanny tax is federal withholding tax including social security and Medicare employment taxes that you become responsible to deduct at source and deposit to treasury from the payments made to a…
Are home equity loans tax deductible after TCJA?
HELOC or a home equity line of credit , is a line of credit allowed by the lender against your home. This ( heloc mortgage loan ) is a revolving credit line . You can use it for large expenses or to…
List of Federal Exempt Income
Under the Internal Revenue Code or 26 US Code all types of income are taxable unless they are specifically excluded by law. So , whenever you receives any money or benefit in any form…
FAQ on 2290 Tax on Heavy Highway Vehicle Use
What is Form 2290 ?IRS Form 2290 is for paying federal tax on the first use of a taxable highway motor vehicle on a public highway. The vehicle must be more than 55,000 pound should be…
Child Tax Credit 2018 & 2019 Simplified !
The Child Tax Credit law under section 24 of the 26US Code has changed a lot from the tax year 2018 with the passage of the Tax Cuts & Jobs Act. Earlier i.e before TCJA, a taxpayer could…
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…
What is Failure to Deposit Penalty & Interest?
Let me first elaborate on "failure to deposit penalty" which is imposed on employer not paying payroll taxes within scheduled time. Internal Revenue Code makes Employers responsible for…
Filing Taxes After Marriage- What You Must Know!
One of the most common life-changing events is the marriage of a person and when that happens, your financial life will also change on account of tax issues - some positively and some negatively. The…
7 FAQs on Mortgage Interest Deduction while Computing Taxable Income
The mortgage interest deduction is one of the most commonly utilized tax relief under 26 US Code ( i.e Internal Revenue Code) by an Individual. Section 163(h) of the Internal Revenue…
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…
Student Loan Interest Tax Deduction Simplified
Section 221 of Internal Revenue Code deals with student loan interest tax deduction allowed to a taxpayer if certain conditions set therein are satisfied. If you made federal student loan…
