4 Coronavirus Tax Relief to Businesses under CARES Act

coronavirus tax relief

Stimulus check is not the only relief given to taxpayers, but CARES ACT takes care of business suffering on account of Coronavirus pandemic. There are four distinct tax reliefs to businesses that will surely provide badly needed monetary help during these trying times. 1.Five Years Carryback of Business Losses The Tax Cuts and Jobs Act …

Read more4 Coronavirus Tax Relief to Businesses under CARES Act

7 IRS Deductions & Credits Individuals can Claim in 2019 Tax Filing !

The Federal tax filing due date for 2019 return is 15th July 2020 . Despite the onslaught of deadly Coronavirus pandemic , what is fixed is filing of tax return. So, here is reminder for taxpayers who are not carrying any business or professions- to forget to claim itemised deduction (in case they are not …

Read more7 IRS Deductions & Credits Individuals can Claim in 2019 Tax Filing !

Online tax withholding calculator for employers

IRS has published an excel spreadsheet named Income Tax Withholding Assistant to help small employers compute the amount of federal income tax to withhold from their employees’ wages. Further, the spreadsheet is designed to help employers for the transition to the new Form W-4 for 2020. Online Income Tax Withholding Calculator We earlier created a paycheck tax …

Read moreOnline tax withholding calculator for employers

Who must file tax return to IRS?

who must file tax return

If you want to know whether filing tax return is required under law for you , then you must first ask whether you are self employed person or a salaried or a person with income from other sources. This is so because of tax law regarding filing of tax return -Internal Revenue Code section 6612 …

Read moreWho must file tax return to IRS?

How Gig Economy Worker Can Prevent Tax Penalties !

gig economy worker

What is a Gig? The Oxford dictionary defines a Gig as “a performance by musicians playing popular music or jazz in front of an audience; a similar performance by a comedian”. What is gig economy? But , nowadays, a gig is not just music or jazz but all sorts of small jobs that a person or …

Read moreHow Gig Economy Worker Can Prevent Tax Penalties !

IRS Warns of Stimulus Check Scams Ahead !

stimulus check scams

The Covid-19 relief package vide CARES ACT for lower income earning citizen of USA has another side .It may just add to the misery of fighting an unknown mysterious virus that originated in Wuhan China and now became deadly in Europe and USA . The main focus of this post is not the reasons or consequences of …

Read moreIRS Warns of Stimulus Check Scams Ahead !

How to Find Prior AGI Easily ?

The adjusted gross income or AGI is used as the basis for lots of things, like calculating your stimulus check or tax liability when you file your income tax return. The AGI is also often used for  computing certain tax credits and deductions allowable to you. Most current example of use of AGI is from IRS …

Read moreHow to Find Prior AGI Easily ?

Malcare WordPress Security