Tax Cuts & Jobs Act : 14 Changes Every Individual Must Know About

Tax Cuts & Jobs Act brought under the Trump tax plan is now a reality . Here is my selection of fourteen tax changes that affect Individual Americans in the year 2018 .There are many other changes in the tax provisions that will indirectly affect individuals . but these 14 tax changes are most important …

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Federal Tax Brackets For Current & Next Year

Tax Cuts and Jobs Act new Federal tax bracket are here . These rates are  important as the final tax on your total income for a tax year for the current tax year i.e 2017 and next tax year 2018 to year 2025 are out now and legally applicable. So both are given below : …

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What are 529 college savings plans tax issues!

Parents contribute to 529 college savings plans (529 plans)  for future college expenses of their kids.Section 529 plans  have no income limits, age limits or annual contribution limits.Further , you can change your 529 savings plan investment options twice per calendar year. This post is to bring four major tax issues that one should note …

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Why & How to file a tax extension ?

extension to file tax return

extension to file tax returnFirst , let us know why one should file tax extension . In fact , I should start with fundamental question “what is tax extension”. The answer is : a tax extension is nothing but the grant of time to file tax return beyond tax day . If you apply , an automatic six months extension of filing date. For example , for Tax Year 2017 , the tax day is 15th April 2018 . If for any reason you think you are not able to file tax return by 15th April , you can file a Form to IRS before 15th April . That filing application will make you eligible to extension of time till 15th October 2018 ( for Tax Year 2017)

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IRS 1040 Form : 19 Reasons You Are Compelled to File This Tax Return Form !

reasons to use Form 1040

irs formIRS Form 1040 is one of the most comprehensive individual tax return form in comparison to other two popular tax return form for Individuals – IRS 1040EZ and tax Form 1040A . It is true that when you sit to think about filing tax return first question is to decide ” what tax form do I use ?” the Form 1040 requires lots of data and information , but this also provides maximum chance of tax deduction and claim of expense by a tax payer. This post is , however , enlisting  circumstances when an Individual tax payer will have to file his/her tax return in irs tax forms only and not in other types :

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IRS Late Payment Penalty Calculator

IRS late payment penalty calculator

IRS late payment penalty calculatorThe IRS late payment penalty calculator is answer to find out the answer to the question ” how much does it cost to file taxes late ?”. So use this tool for fast estimation of amount that may imposed as penalty for failure to pay tax in time by a tax  payer. The quantum of failure to pay tax is less than the penalty imposed for failure to file taxes. But , it is always prudent to not only file taxes in time , but also estimate tax penalty for underpayment and pay it as soon as possible ! Below is a Beta version of IRS tax penalty calculator

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