How to Donate Car For Tax Credit ?

donate car

donate carIf you want to  make charitable contribution , it is wise and logical to  donate car for tax credit .Your contribution in form of a car will   not only help non-profit organization’s missions, this charitable contribution will  make you eligible to claim maximum tax credit . It is also simpler now because the changes brought in by IRS in valuation of car in the month of  January of 2005 law greatly simplified the whole process and claim of tax credit on car donation to charitable organization.  you can claim your tax deduction in the year that you donated your car. 

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Substantial Presence Test Calculator : Test if You are US Tax Resident

Substantial presence test calculator is here to let you test if you are tax resident or not. As you know ,your tax liability under US code 26 i.e Internal Revenue Code is dependent primarily on one fact. That is whether you are resident of USA for tax purpose. There are many tests to determine US …

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What is 401k Catch Up Contribution limit?

catch up contribution limit
catch up contribution limit

A catch-up contribution additional retirement savings contribution to 401(k) accounts and individual retirement accounts (IRAs) only available for people aged 50 or older .. Catch-up contributions are larger than the standard contribution limit. The basic idea is to enhance the savings for the retirement years. As you know, there is a contribution limit imposed on retirement plans by a taxpayer. Therefore, catch up contribution is intended for taxpayers who have attained 50 years of age to save little more each year for their retirement kitty.

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Top 7 of Tax Deductions List for Individuals

tax deduction list

tax deduction listThe Tax Cuts and Jobs Act (HR 1, “TCJA”), which took effect in 2018,  abolished personal exemption .But still there are  seven specific  personal tax deductions  that an individual tax payer cam claim under itemized deductions .Readers must be aware that these itemized deductions are available only if you have not opted for standard deduction. Here is the list of seven common personal tax deductions  irs tax deductions.

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Who Must File Estate Tax Return & When ?

There are certain situation in which the estate tax return must be filed as per Internal Revenue Code.

2019 Tax Bracket for Estate & Trust

The new tax rates for year 2019 announced .There is slight increase in the  Estate Tax Exclusion amount in this year. So a decedent dying between Jan. 1 and Dec. 31, 2019, may be subject to an estate tax, with an applicable lifetime estate duty exclusion amount of $11,400,000 (increased from $11,180,000 in 2018). The top marginal …

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Annual & Life Time Gift Tax Exemption Simplified !

Let me start with very basic question – what is a gift tax ?  26 U.S. Code Chapter 12 – GIFT TAX deals with all aspects of gifts and its taxation under Internal Revenue Code and it basically says that  if you  gift money or transfer property to another person without any consideration in return, you will have to pay tax on the amount of gift . But , the imposition of tax on such gifts is only if the amount of gift is more than the two limits set under the law – annual gift tax exemption limit of $ 15,000 and lifetime gift tax exemption limit of $11.4 million. 

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2019 Standard Mileage Rates Announced !

2019 Mileage Rates

The Internal Revenue Service (IRS) has issued the 2019 standard mileage reimbursement rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for …

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