November 2019 – Internal Revenue Code Simplified

Is scholarship taxable ?

November 10, 2019November 9, 2019 by Prashant Thakur

The question whether scholarship or fellowship taxable under US Code 26 is quite common among student community. Before we find out the answer to this question, an important distinction between -fellowship & scholarship -must be made clear.Fellowship grants can be issued to non-students, whereas scholarships only go to students. Definition of scholarship & fellowship for …

2020 Refund Estimate Date

November 9, 2019 by Prashant Thakur

Late January( Januaray 20, 2020 is estimated date ) is the period when the IRS officially starts processing e-filed and mailed-in tax returns but will not start processing returns with the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until mid-February 2020. Generally returns with refunds are processed and payments issued within …

2020 IRS Tax Rates & Brackets

February 21, 2020November 7, 2019 by Prashant Thakur

The 2020 tax rates that affect your tax filing for 2021, came out on Wednesday 6th Nov 2019 !Find the copy of IRS release on the 2020 tax rates and income brackets. While the seven slabs of tax rates remain unchanged, the income limits have been changed. You can consult 2019 tax brackets for filing in 2020.

Filed Tax Extension ? Now what?

November 5, 2019 by Prashant Thakur

Generally , tax extension is granted automatically if you apply for extension in time. But ,if you use the U.S. mail to send your extension, and did not receive a confirmation,you should contact IRS to inquire about tax extension application status. You can also call the IRS customer service number to determine if your request …

Cryptocurrency tax rule simplified !

November 4, 2019 by Prashant Thakur

Internal Revenue Service issued Revenue Ruling 2019-24 and also a large number of answers to frequently asked questions.The IRS guidance addresses some of the most common issues facing holders of cryptocurrency or virtual currencies. Readers should note that the IRS also released a draft Form 1040, Schedule 1 — which contains fields for reporting the …

Indiana Tax Calculator

November 2, 2020November 1, 2019 by Prashant Thakur

Indiana tax calculator is an easy tool for computing the amount of withholding tax on your salary income. The aggregate of Indian state income tax and local tax applicable in a county within the state of Indiana are taken along with the allowed personal exemption and exemption for dependents.You can also check federal paycheck tax …