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 …
Here is an easy table to find how log you need to keep tax record for IRS audit and other tax purposes
The IRS has extended the deadline to register online for the stimulus check to November 21 of 2020. Earlier, IRS had fixed the deadline for registration to 15th October. But, as that deadline got closer, the IRS decided to push back the due date and give Americans an extra five weeks to claim a stimulus …
1.Convert a traditional IRA or 401(k) plan into a Roth IRA Since, Roth accounts provide tax-free earnings, tax-free withdrawals and no required minimum distributions (RMDs) after you reach a certain age, converting traditional IRA or 401(k) to Roth IRA is the first moves for year-end tax planning. What you need to weigh, however, is that …
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 !
