FAQ on Tax Issues

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,…

Here is list of self employment deductions- 25 deductible expense , that must be taken into account while computing profit of business

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…

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…

If for any reason you estimate that you will not be able to file tax return by due date, it is prudent to apply for extension of filing date in tax extension Form 4848

Here is a set of ten quick quizzes on various aspect of Roth IRA for readers. The details quiz answer will go straight to your mail box. Taking the quiz will enhance your knowledge on the tax aspect of Roth IRA vs Traditional IRA .

The Alternative Minimum Tax (AMT) is a parallel tax income system that compels high-income taxpayers to compute  their tax liability twice: once under the ordinary income tax system and again under the AMT. The taxpayer then needs compare…

Standard deduction is an important dollar deduction that every  taxpayer , except certain types of persons , get it. If you wish to know more, please read what is standard deduction. Now nonresident alien is one of the types of ineligible…

Records of charitable contribution like donation receipts etc. are a prerequisite for allowance of tax deduction against your charity donation . In earlier post , it was explained that readers should note 7 important points related to tax…

That is a very commons question -how to do taxes ? Under Internal Revenue Code , there is a fixed procedure to compute your gross income , tax deductions, claim tax credits ,arrive at the taxable income and pay income tax as per your income…