FAQ on Tax Issues 9 - Internal Revenue Code Simplified

Why & How to file a tax extension ?

December 20, 2017December 20, 2017 by Prashant Thakur

First , let us know why one should file tax extension . In fact , I should start with fundamental question “what is tax extension”. The answer is : a tax extension is nothing but the grant of time to file tax return beyond tax day . If you apply , an automatic six months extension of filing date. For example , for Tax Year 2017 , the tax day is 15th April 2018 . If for any reason you think you are not able to file tax return by 15th April , you can file a Form to IRS before 15th April . That filing application will make you eligible to extension of time till 15th October 2018 ( for Tax Year 2017)

Roth IRA Tax Quiz : Test Your Knowledge

December 8, 2017December 7, 2017 by Prashant Thakur

Tax Quiz on IRA Roth by www.irstaxapp.com

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 .

Record of Charitable Contribution is a Must for Claiming Deduction !

October 26, 2017 by Prashant Thakur

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 deduction on account of donation to charity organization . Then it was also explained that in general …

How to Do Taxes ? I mean How to Compute Taxable Income & Tax ?

October 24, 2017 by Prashant Thakur

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 tax bracket .Actually claim irs tax refund faster than others . Often , for a taxpayer the starting point of tax computation is most difficult and then claiming ta deductions and tax credits which have many ifs and buts conditions. Yes , there are many websites that provide how to do taxes online, but that helps a lot to those guys who understand some basics of the computation of income and taxes. So here are simple steps that one should follow to calculate his tax liability under IRC.

So here are the step :

What is IRA Rollover ? How it Helps Savings Tax

October 15, 2017 by Prashant Thakur

Let us first understand the need for rollover of retirement plans. When you withdraw from retirement plan ,you are liable to be taxed on the amount of withdrawal .You may also be subject to additional tax unless you’re eligible for one of the exceptions to the 10% additional tax on early distributions. So how do you prevent taxation of lumpsum payment from retirement plans as your actual retirement is away for some years.You transfer the amount to another retirement plan. In other words , when rollover the lumpsum to another IRA account , your tax-deferred status of your retirement assets remains same

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