2020 Paycheck Calculator based on New W4 Form

W-4 is an tax withholding certificate that all salaried & wage earners are required to complete Form W-4 ( download w4 form 2020 pdf)so that their employer can withhold the correct federal income tax from your pay. Form W4 is also to be submitted even when you start a new job. This is important because …

Read more2020 Paycheck Calculator based on New W4 Form

What are Closer Connection Exceptions for Substantial Presence Test?

closure connection exceptions

Closer connection exception provides a relief to a person who fulfills three years presence condition as provided under the substantial presence test but was not present in USA for 183 days . In such case, on account of Closer Connection Exception, he can claim to be non-resident alien in current year. in other words, even …

Read moreWhat are Closer Connection Exceptions for Substantial Presence Test?

How to calculate the adjusted basis of the property?

cost basis of real estate

When you sale a property that you inherited, you will have to examine if there was any taxable capital gains . This is so because you are liable to pay tax on any capital gains earned on such a sale or transfer of the inherited real estate property. At that point in time terms like …

Read moreHow to calculate the adjusted basis of the property?

Depreciation calculator for home office

If you carry business or profession from a portion of your home, you are allowed home office tax deduction as also depreciation on the property. Please read Home Office Deduction Calculator If you are using Form 8829, after calculating your deduction for the business use of your home (Part II), you can figure your depreciation …

Read moreDepreciation calculator for home office

Home Office Deduction Calculator

If homeowners and renters carry on business or profession from a part of the home, the expense incurred on the said office -directly or indirectly- are allowed to be deducted from gross income to compute your taxable business income. All persons carrying small business should know how to deduct the expense of carrying out office …

Read moreHome Office Deduction Calculator

How to Determine Starting Date & Ending Date for Residency ?

The US tax laws requires determination of period of residency of an alien in the United States. The rules for determining official starting date and ending date are different in various situations . These situations of Green Card Test , Substantial Presence Test ,First Year Choice ,Income Tax Treaty and Residency Starting Date Under the …

Read moreHow to Determine Starting Date & Ending Date for Residency ?

Malcare WordPress Security