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…
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…
IRS Tax Debt : Power of IRS to Collect It & What You Should Do
When a taxpayer has a tax debt , the Internal Revenue Code provides a number of legal provisions that can be used by the IRS to collect it. The IRS tax debt can actually increase the demand…
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
Ultimate Tax Filing Preparation Checklist
Tax season has started and you must have started to think about your tax filing . In order to cruise through this annual ritual smoothly , we have suggest you to use this checklist. This will…
How Long Do You Have to Keep Tax Records ?
The records that were basis for various claim in the tax return is required to be kept for at least the time upto which the IRS has power to initiate any kind of action under Internal Revenue Code.You…
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…
