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FAQ on Tax Issues
How to Donate Car For Tax Credit ?
If you want to make charitable contribution , it is wise and logical to donate car for tax credit .Your contribution in form of a car will not only help non-profit organization’s missions, this charitable contribution will make you…
What is 401k Catch Up Contribution limit?
The catch up contribution is the extra amount of contribution that a taxpayer is allowed by the IRS . The basic idea is to enhance the savings for the retirement years. As you know , there is contribution limit imposed on retirement plans …
Top 7 of Tax Deductions List for Individuals
Along with standard deductions , here are top seven out of the tax deductions list available today for an individual to have tax relief
IRS Tax Brackets For 2019
The New 2019 Federal Income Tax Brackets and Rates for Capital Gains , all at one place .In 2019, the income limits for all tax brackets and all filers will be adjusted for inflation . The top marginal income tax rate of 37 percent will…
Avoid Penalty Increase by Filing Tax Return by Thursday
The Internal Revenue Service urges taxpayers who are yet to file the tax return to avoid the penalty increase by filing their return by Thursday (June 14th .2018) when the 60 days period from the due date of filing of tax return ends.…
FAQs on Penalty for Underpayment of Estimated Tax
Internal Revenue Code provides for tax payment liability as you earn. IN other words, you need to pay tax on current year income quarterly. If you fail to do that , additional tax is imposed per IRC 6654
IRS Tax Problems : 10 Celebrities Jailed on Tax Evasion Charges
IRS tax problems have sent many celebrities behind bars. With the recent guilty plea by DMX for tax fraud, in the amount of $1.7 million over a period of 5 years, has once again sparked a controversy over celebrities evading tax. With this,…
IRS Form 6251 Calculator : Find if You Need to File it
IRS Form 6251 is required to be filed by taxpayer who needs to pay alternative minimum tax .AS you know the AMT applies to taxpayers who have certain types of income that receive favorable treatment, or who qualify for certain deductions,…
25 Self Employment Deductions Every Entrepreneur Should Check & Claim
Here is list of self employment deductions- 25 deductible expense , that must be taken into account while computing profit of business
Federal Tax Brackets For Current & Next Year
Tax Cuts and Jobs Act new Federal tax bracket are here . These rates are important as the final tax on your total income for a tax year for the current tax year i.e 2017 and next tax year 2018 to year 2025 are out now and legally…
What are 529 college savings plans tax issues!
Parents contribute to 529 college savings plans (529 plans) for future college expenses of their kids.Section 529 plans have no income limits, age limits or annual contribution limits.Further , you can change your 529 savings plan…
