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 …
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 …
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 ?
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 post is a reminders to readers that you need comply with following five tax related …
Read moreExtended 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 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
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 !
IRS has launched an online form for non-filers , so that IRS can issue stimulus check
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 …
