Pease Limitation Calculator

pease limitation calculator

Pease Limitation calculator is here to make the life of taxpayers easy ! As you know the Pease limitation  was added to the Internal Revenue Code under section 68 in the year 1991. This provision limits the amount of certain itemized deductions . The Pease limitation affects taxpayers who are  in the 33% marginal table …

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Easy Net Investment Income Tax Calculator

Net investment income tax is a Medicare tax charged on Individuals who have income from capital gains, interest, dividend exceeding a threshold specified under the Internal Revenue Code. This extra medicare tax is known as Net Investment Income Tax (NIIT) .You should not confuse this extra Medicare tax with 0,9 % additional Medicare tax that …

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What are 501 c 3 non profit organization?

501c 3 OrganizationsSection 501 c 3  of  Internal Revenue Code of US  allows tax exemption to certain nonprofit organizations that are set up as public charities, private foundations or private operating foundations.US Department of Treasury regulates all  three types of 501(c) organizations,through the Internal Revenue Service.

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Record of Charitable Contribution is a Must for Claiming Deduction !

Records of charitable contribution like donation receipts etc. are a prerequisite for allowance of tax deduction against your charity donation . In earlier post , it was explained that readers should note 7 important points related to tax deduction on account of donation to charity organization . Then it was also explained that in general …

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8 FAQs on Exempted Days That are not Counted for Tax Residency ?

exempted daysExempted days are  days of your physical presence in USA , but still those days are out of counting of number of days present in USA for the purpose of tax residency. As readers are already know that tax residency of a person is found out by a test called substantial presence test . But it is equally important to know that while counting your physical presence  in USA ,you can actually reduce certain days of visit to USA undertaken in special circumstance. These days are called Exempted Days  .Here are eight FAQs on exempted days

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Is Charitable Contributions Allowed on Schedule C ?

charitable contribution on schedule C

schedule CCan You Deduct Charitable Contributions on Schedule C Business? is one of the most often asked question by people involved in sole proprietorship business .The answer is short “NO” , but as is the case with most tax clauses, there is a good chance that contribution to a charitable organization can not be outright rejected by the Internal Revenue Service that usually not allow such expenditure from profit out of self employment businesses, provided you prove that it was made for business purpose.

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Tax Deductible Donations to Charity Organizations – 7 Important Points

contribution to charitable organization

tax deductible donationsTax deductible donations are much better tax planning . Why ? Because you not only help society , but do the tax savings also. As you know , Internal Revenue Code allows a tax payer to claim  itemized deduction for  a voluntary charitable contributions  in cash or gift to, or for the use of, a qualified charity organization. Given below are the seven most important point to remember for claiming of deduction for  charitable contribution

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How to Do Taxes ? I mean How to Compute Taxable Income & Tax ?

That is a very commons question –how to do taxes ? Under Internal Revenue Code , there is a fixed procedure to compute your gross income , tax deductions, claim tax credits ,arrive at the taxable income and pay income tax as per your income tax bracket .Actually claim irs tax refund faster than others . Often , for a taxpayer the starting point of tax computation is most difficult and then claiming ta deductions and tax credits which have many ifs and buts conditions. Yes , there are many websites that provide how to do taxes online, but that helps a lot to those guys who understand some basics of the computation of income and taxes. So here are simple steps that one should follow to calculate his tax liability under IRC.

So here are the step :

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