2020 Self Employment Tax Calculator

The self employed tax calculator is a quick tool based on Internal Revenue Code, Ā§ 1401 to help a freelancer or self-employed taxpayer to compute two taxes – the Social Security tax and Medicare tax. These taxes must be paid by every individual carrying on business or profession on his employment income if such an …

Read more2020 Self Employment Tax Calculator

What if IRS Rejects your eFiled 1040 or an Extension after the Deadline !

Federal tax returns and extensions have to be filed by midnight your local time on the normal due date of the return, i.e  April 17, 2018. It may just happen that your e-filed 1040 return or an extension is rejected by IRS before the deadline. That situation is quite perplexing. You may be wondering what to do now because the tax deadline to file tax return or extension has gone.

Read moreWhat if IRS Rejects your eFiled 1040 or an Extension after the Deadline !

Quick IRS Tax Calculator for 2020 and 2019

US tax calculator is a web calculator for quickly finding the tax on your total income. The purpose of this calculator to give you an idea about your tax liability so that you can plan for tax payments and filing taxes. The calculator will give you a quick tax idea for the tax year 2019 …

Read moreQuick IRS Tax Calculator for 2020 and 2019

2020 Failure to File Penalty Calculator

Failure to file penalty is imposed on a taxpayer who owes some money as per tax return but does not file his/her tax return by the tax deadline. For example, if you owe taxes for the tax year 2019 and miss filing your tax return by the due date – Wednesday, April 15, 2020 , …

Read more2020 Failure to File Penalty Calculator

How to Use IRS First Time Penalty Abatement to Save on Taxes?

First time penalty abatement (FTA ) is an IRS procedure under which you do not need to give any “reasonable cause ” for requesting the waiver of penalty. This administrative procedure gives a discretion to IRS to waive penalty for one year only if certain conditions are fulfilled.So, you have requested for penalty abatement for …

Read moreHow to Use IRS First Time Penalty Abatement to Save on Taxes?

Standard Deduction :3 Types of Nonresident Aliens Can Claim It ?

standard deduction

Standard deduction is substantially increased after passing of Tax Cuts & Jobs and is a major deduction for US taxpayers who do not want to claim itemized deduction while filing taxes.However, the standard deduction is not available for nonresident aliens. But , to your surprise , nonresident aliensĀ  are still allowed to claim standard deduction in three exceptional circumstances.

Capital Gains Calculator For 2019 & 2020

Capital gains calculator will help you to estimate tax on long term capital gains or short term capital gains

Malcare WordPress Security