Section 221 of Internal Revenue Code deals with tax deduction on student loan interest to a taxpayer if certain conditions set therein are satisfied. If you made federal student loan payments in 2018, you may be eligible to deduct a...
Read moreHere is the newly announced standard deduction for tax year 2019 and 2018 table
Read moreThe mortgage interest is one of the most commonly utilized tax breaks under Internal Revenue Code by an Individual. In fact , most individual who takes loan for buying home , has to deal with the concept of mortgaging the...
Read morePease Limitation calculator is here to make the life of taxpayers easy ! As you know the Pease limitation was added to the Internal Revenue Code under section 68 in the year 1991. This provision limits the amount of certain...
Read moreCan You Deduct Charitable Contributions on Schedule C Business? is one of the most often asked question by people involved in sole proprietorship business .The answer is short "NO" , but as is the case with most tax clauses, there...
Read moreThere are two ways an Individual can claim deductions under Internal Revenue Code while filing tax return- either by claiming standard deduction or the intemized deduction. If you can claim standard deduction or itemized deduction , itemized deduction option ( on...
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