The good news is that the IRS has issued Notice 2019-5 stating that certain hardship exemptions can be claimed for…
Category: Tax Exemption
Annual & Life Time Gift Tax Exemption Simplified !
When you give gift to anyone , the question “how much is the gift tax” is natural to arise in donor’s mind . But dont worry , because most of the time , there will not be an issue on account of life time gift tax exemption limit set under the law that has to be seen along with annual gift tax exemption limit
New Online Tax Exempt Organization Search
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
What are 501 c 3 non profit organization?
Section 501 c 3 of Internal Revenue Code of US allows tax exemption to certain nonprofit organizations that are set…
What does tax exempt mean under US Code 26 ?
Under Internal Revenue Code there are certain kinds of income which are exempt at the hand of recipient of such…
How Personal Tax Exemption , Tax Deductions & Tax Credit Are Different From Each Other ?
The moment you start computing taxable income of a person, you will come across the term tax deductions , personal…
