The Government just announced a three-month extension on this year’s April 15 US tax payment deadline for the 2019 tax year. In other words, that the tax payment deadline is pushed back by 90 days for both individuals and corporations.… Read More »Coronavirus relief for payment of 2019 tax due & filing tax return
Individual Tax Issues
Kiddie tax computation method which was changed from the tax year 2017 is again restored to the original method of computation vide signing of Appropriations Act of 2020 by President Trump on December 20, 2019, The original kiddie tax computation… Read More »Original Kiddie Tax Computation Method Restored!
Alternative minimum tax is automatically imposed on a taxpayer earning beyond a threshold. If you are wondering about various rules and conditions related to AMT tax , please read FAQs on Alternative Minimum Tax or AMT ? Section 55 of US Code… Read More »Alternative Minimum Tax Calculator for 2017 & 2018
As per US Code 26 , section 6012 , every individual having for the taxable year gross income which equals or exceeds the exemption amount. So an Individual who has Gross Income of 4050 or more for Tax Year 2017 , he /she needs to file the tax return.I have created an easy calculator way to find out who really needs to file tax return to IRS as per US Code 26Read More »Who Needs to File Tax Return ? Check This Calculator
The personal exemption phaseout means as your income grows, you will get less of standard exemption for tax year i.e $ 4050 ( Year 2017) . But ,the government desires that as the income of a tax payer increase ,… Read More »How is the Year 2017 Exemption Phaseout Computed ?