here is a list of most important eight types of income that is tax free under Internal Revenue Code
The good news is that the IRS has issued Notice 2019-5 stating that certain hardship exemptions can be claimed for 2018 without having to obtain a hardship exemption certificate from the health insurance Marketplace What is Hardship Exemption Certificate ?… Read More »Notice 2019-5 : IRS Allows Hardship Exemption for 2018
Let me start with very basic question – what is a gift tax ? 26 U.S. Code Chapter 12 – GIFT TAX deals with all aspects of gifts and its taxation under Internal Revenue Code and it basically says that if you gift money or transfer property to another person without any consideration in return, you will have to pay tax on the amount of gift . But , the imposition of tax on such gifts is only if the amount of gift is more than the two limits set under the law – annual gift tax exemption limit of $ 15,000 and lifetime gift tax exemption limit of $11.4 million. Read More »Annual & Life Time Gift Tax Exemption Simplified !
IRS allows tax deduction for charity only if the charitable organization is recognized as tax exempt organization. In order to provide an efficient way to verify of the organization is recognized as tax exempt or charitable organization during the period in which a tax payer is planning to donate, IRS has replaced its online tool for searching tax exempt organization with a faster database web application
Section 501 c 3 of Internal Revenue Code of US allows tax exemption to certain nonprofit organizations that are set up as public charities, private foundations or private operating foundations.US Department of Treasury regulates all three types of 501(c) organizations,through the Internal Revenue Service.Read More »What are 501 c 3 non profit organization?