Three Quick Year-End Tax Planning Moves!

year-end-tax-planning

1.Convert a traditional IRA or 401(k) plan into a Roth IRA Since, Roth accounts provide tax-free earnings, tax-free withdrawals and no required minimum distributions (RMDs) after you reach a certain age, converting traditional IRA or 401(k) to Roth IRA is the first moves for year-end tax planning. What you need to weigh, however, is that …

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1031 Exchange Calculator with Answers to 16 FAQs!

1031 exchange calculator

What’s 1031 exchange? That is the first question that hovers one’s mind. A 1031 exchange means that an investor has reinvested the sale proceeds in a new like-kind property to defer all capital gain taxes. This is a “popular term ” for signifying the capital gains tax exemption law enshrined under 1031 of the Internal …

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25 Years Tax filing deadline

The tax filing deadline ( also celebrated as Tax Day¬†) for the federal income tax returns for the tax year 2019 is on 15th July 2020. Basically, the due date is fixed in the month of April , but this year on account of Covid 19 , the deadline was extended to 15th July 2020. …

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2020 Paycheck Calculator based on New W4 Form

W-4 is an tax withholding certificate that all salaried & wage earners are required to complete Form W-4 ( download w4 form 2020 pdf)so that their employer can withhold the correct federal income tax from your pay. Form W4 is also to be submitted even when you start a new job. This is important because …

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What are Closer Connection Exceptions for Substantial Presence Test?

closure connection exceptions

Closer connection exception provides a relief to a person who fulfills three years presence condition as provided under the substantial presence test but was not present in USA for 183 days . In such case, on account of Closer Connection Exception, he can claim to be non-resident alien in current year. in other words, even …

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How to calculate the adjusted basis of the property?

cost basis of real estate

When you sale a property that you inherited, you will have to examine if there was any taxable capital gains . This is so because you are liable to pay tax on any capital gains earned on such a sale or transfer of the inherited real estate property. At that point in time terms like …

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Depreciation calculator for home office

If you carry business or profession from a portion of your home, you are allowed home office tax deduction as also depreciation on the property. Please read Home Office Deduction Calculator If you are using Form 8829, after calculating your deduction for the business use of your home (Part II), you can figure your depreciation …

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