Filing Tax Return - Internal Revenue Code Simplified

Tax Filing Deadline 2021 for Individuals Extended!

March 30, 2021 by Prashant Thakur

In accordance with its earlier announcement on March 17, the IRS issued detailed guidance on Monday about its postponement of the April 15 tax deadline for individuals. This automatic extension has good implication on various computation related to interest and penalty. What has been postponed to May 17th ? The last date to file the …

12 Must File Taxes Situations!

January 29, 2021 by Prashant Thakur

Who is required to file a tax return? is a very common question among people earning less or having a casual income. Well, legally speaking, filing a tax return is obligatory not just for a person having total income exceeding a specified limit but also a person who may not have income but satisfying certain …

2021 IRS Tax Bracket

November 19, 2020 by Prashant Thakur

2021 federal income tax brackets ((for taxes due in April 2022)) for individuals, married filing jointly, married filing separately and head of household are given below. You can see also tax rates for the year 2020 and tax bracket for the year 2019 on this site. The Internal Revenue Service announced the new tax rates …

Who must file tax return to IRS?

April 10, 2020 by Prashant Thakur

If you want to know whether filing tax return is required under law for you , then you must first ask whether you are self employed person or a salaried or a person with income from other sources. This is so because of tax law regarding filing of tax return -Internal Revenue Code section 6612 …

IRS Verification of Non Filing Letter – 5 Things Every Student Should Know

March 6, 2020March 5, 2020 by Prashant Thakur

What is an IRS Verification of Non-filing Letter? An IRS Verification of Non-filing Letter is a proof authenticated by the IRS that the applicant or the person whose name is in the IRS letter, did not file an income tax return in Form 1040, 1040A or 1040EZ for the year written therein. Why do you …

10 free online tax filing IRS approved services for 2020

March 2, 2020March 1, 2020 by Prashant Thakur

Here is a list of 10 tax software companies that provide you free of cost online tax filing service in 2020 under an agreement with IRS .

What if IRS Rejects your eFiled 1040 or an Extension after the Deadline !

February 29, 2020February 28, 2020 by Prashant Thakur

Federal tax returns and extensions have to be filed by midnight your local time on the normal due date of the return, i.e April 17, 2018. It may just happen that your e-filed 1040 return or an extension is rejected by IRS before the deadline. That situation is quite perplexing. You may be wondering what to do now because the tax deadline to file tax return or extension has gone.

Ultimate Tax Filing Preparation Checklist

February 17, 2019 by Prashant Thakur

Tax season has started and you must have started to think about your tax filing . In order to cruise through this annual ritual smoothly , we have suggest you to use this checklist. This will smoothen the process of filing your taxes. The tax filing check list has been prepared for a wide audience , so some of the items listed may not apply to your specific tax situation.

How to Amend Taxes : 5 Things You Need to Know !

February 17, 2019February 15, 2019 by Prashant Thakur

Amending tax return may be needed because as the famous saying goes – to err is human. So ,you may just find that there are certain error(s) in your tax return filed with IRS . This knowledge of errors in tax return require that you take immediate corrective step for rectifying the mistake and file an amended tax return .Please note that , the IRS may , while processing your tax return , may rectify mathematical or clerical errors on a return, therefore such error does not require any action on your part . But , any error which is not clerical error , must be rectified by filing a revised or amended return specially if there’s a change in your filing status, income, deductions, or credits.

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)

Who Needs to Renew ITIN Immediately?

January 24, 2019November 18, 2016 by Prashant Thakur

Like - Click this link to Add this page to your bookmarks Share - Click this link to Share this page through email or social media Print - Click this link to Print this page Individual Taxpayer Identification Number

Individual Tax Identification Number or ITIN is soon going to expire for many taxpayers, and IRS has issued a reminder on 18th October 2016 that taxpayers whose ITIN is expiring can begin submitting their ITIN renewal applications to the IRS. This post is explaining the importance of ITIN , why the ITIN expired for some .

How to Know Your Filing Status ?

February 12, 2016 by Prashant Thakur

Filing of tax return under US tax law requires that you first ascertain your filing status. Under the Internal Revenue Code , there are five types of status under which you can file tax return. Filing status will actually determine what tax rate or the the basic tax exemption or standard deductions and a whole lots of other relief and conditions applies to you. So , this post is devoted on the ways you can find out exact filing status that applies to you .

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