Author

Prashant Thakur

Prashant Thakur is a tax advisor . He has written two books on tax laws of India. He regularly writes on his paid-only website http://taxworry.com. He is learning about the Internal Revenue Code of USA as many of clients and readers are of India origin and also are tax resident of USA . So . solving their tax issues require reference to IRC of USA.

US Tax Court Judgments

US Tax Court on Alimony : Payment of Ex-Spouse’s Student Loans Deducible !

Prashant Thakur Jan 19, 2019

Alimony is taxable and the deduction for alimony is allowed from taxable income of the payer . However , the question whether a particular payment cn be considered as alimony is a matter of interpretation . IRS and tax payers are often at…

Filing Tax Return

2019 Tax Deadlines for Filing 2018 Business Returns

Prashant Thakur Jan 19, 2019

Knowing about tax deadline or when are business tax returns due is quite a common thought when the year is near the end. The business owner often out-source the tax filing and accounting job, still it is important for them to keep the tax…

Business Income

What is Hobby Loss Rule ?

Prashant Thakur Jan 12, 2019

The term "Hobby Loss" is expenditure to pursue a recreational activity which is not recouped as the law allows deduction of expense only to the extent of income earned by the hobby or recreational activity. Internal Revenue Code (IRC) §183…

Tax Exemption

Notice 2019-5 : IRS Allows Hardship Exemption for 2018

Prashant Thakur Jan 9, 2019

The good news is that the IRS has issued Notice 2019-5 stating that certain hardship exemptions can be claimed for 2018 without having to obtain a hardship exemption certificate from the health insurance Marketplace What is Hardship…

FAQ on Tax Issues

How to Donate Car For Tax Credit ?

Prashant Thakur Dec 31, 2018

If 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…

tax calculator

Form 2210 Calculator : Find if you owe estimated tax penalty ?

Prashant Thakur Dec 28, 2018

Calculator for Form 2100 gives you an instant finding if you need to fill Form 2210 which is needed if you have made underpayment of estimated tax to the extest that additional tax needs to be paid by you.

tax calculator

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

Prashant Thakur Dec 27, 2018

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…

tax calculator

Self Employed SEP IRA Calculator

Prashant Thakur Dec 27, 2018

Here is a SEP IRS calculator for the self employed business owner

FAQ on Tax Issues

What is 401k Catch Up Contribution limit?

Prashant Thakur Dec 26, 2018

The catch up contribution is the extra amount of contribution that a taxpayer is allowed by the IRS . The basic idea is to enhance the savings for the retirement years. As you know , there is contribution limit imposed on retirement plans …

FAQ on Tax Issues

Top 7 of Tax Deductions List for Individuals

Prashant Thakur Dec 25, 2018

Along with standard deductions , here are top seven out of the tax deductions list available today for an individual to have tax relief

Older Posts

Name	Price	Change % (7D)	Performance
Apple Inc. AAPL	$153.63	+0.22%
Alphabet Inc. GOOG	$1,074.07	+0.33%
Alphabet Inc. GOOGL	$1,082.46	+0.36%
Amazon.com Inc. AMZN	$1,639.21	+0.43%
Microsoft Corporation MSFT	$106.50	+0.78%
Facebook Inc. FB	$144.19	-2.29%
Berkshire Hathaway Inc. BRK.B	$200.75	+0.02%
Alibaba Group Holding Limited BABA	$151.82	-0.22%
JP Morgan Chase & Co. JPM	$102.68	-0.25%
Johnson & Johnson JNJ	$128.96	+0.12%

Author

Prashant Thakur

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