12 Must File Taxes Situations!

file taxes

Who is required to file a tax return? is a very common question among people earning less or having a casual income. Well, legally speaking, filing a tax return is obligatory not just for a person having total income exceeding a specified limit but also a person who may not have income but satisfying certain …

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Standard deduction: When to claim more & when you can’t claim a penny?

The standard deduction is the hassle-free deduction under the Internal Revenue Code that is available to almost every taxpayer who does not choose itemized deduction. So, the standard deduction is a flat amount of deduction based on your filing status. You have the option of claiming the standard deduction or itemizing your deductions. However, you …

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IP Pin from IRS: What, When, How & Why?

ip pin from irs

2021 Tax filing season is starting 12th February, but the online allotment of IP PIN (Identity Protection Pin) through IRS website started from 15th January 2021.IRS sends  CP01A notices from mid-December through early January all taxpayers eligible to receive an IP PIN. This shows how much importance IRS attaches to this process that helps taxpayers to …

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Missed Stimulus Check Deadline? Don’t Worry, You Can Still Claim it as a Credit. Here is How?

The good news for all those, who were eligible for an economic impact payment but did not receive any stimulus check payment or received less than what was owed to them under economic impacts payment will be able to claim it as a recovery rebate credit by filing their income tax return for 2020. In effect, …

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2nd Stimulus Check Amount -Find Everything About It

stimulus check

The Internal Revenue Service just issued a press release on 29th December 2020 that it will begin delivering a second stimulus check under Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to people who received the first round of payments earlier this year. The second stimulus check payments are automatic, and those who received …

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Net Investment Income Tax Calculator-Detailed

This is the detailed computation of the Net Investment Income Tax which is regulated by section 1411 of the Internal Revenue Code. We earlier published easy NIIT calculator. As you know, the net investment income of individuals, estates and trusts is taxed at the rate of 3.8% provided they have income above the statutory threshold …

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Sales Tax for Sacramento CA : Rates & Calculator

sales tax for sacramento

The sales tax rate for Sacramento County in the state of California as on 1st January 2020 varies from 7.75% to  8.75% depending upon in which city you are computing the sales tax. The combined tax rate of 8.75 consists of the California sales tax rate at 6%, the Sacramento County sales tax rate at 0.25% , …

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How Far Back Can IRS Audit?

How long before I can be sure I am safe from the IRS

One of the most common queries of taxpayers is: How long before I can be sure I am safe from the IRS ? Basically, he is asking ” How long before he can consider himself safe from the IRS”? The answer to such a question can not ever be absolute, because the way Internal Revenue …

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