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… Read More »Home Office Deduction Calculator
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.
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 ,… Read More »How to Determine Starting Date & Ending Date for Residency ?
Offer in compromise is a tax settlement scheme under which a tax payer can apply before IRS . If they are satisfied, they can settle for a very lower amount to against the tax demand against you
Certain compliance under US tax laws (Internal Revenue Code ) for which deadline was fixed as 15th April was extended to 15th July due to the COVID-19 pandemic .As this automatic three-month extension to July 15 is fast approaching, this… Read More »Extended Deadline July 15th for 5 Compliance fast approaching !
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… Read More »4 Coronavirus Tax Relief to Businesses under CARES Act