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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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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Depreciation calculator for home office

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 …

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Home Office Deduction Calculator

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 …

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How to Determine Starting Date & Ending Date for Residency ?

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 …

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Extended Deadline July 15th for 5 Compliance fast approaching !

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 …

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 Best Tax Tips & Calculators

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