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… Read More »2020 Paycheck Calculator based on New W4 Form
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.
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… Read More »What are Closer Connection Exceptions for Substantial Presence Test?
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… Read More »How to calculate the adjusted basis of the property?
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… Read More »Depreciation calculator for home office