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Substantial Presence Test Calculator : Test if You are US Tax Resident
Substantial presence test calculator is here to let you test if you are tax resident or not. As you know ,your tax liability under US code 26 i.e Internal Revenue Code is dependent primarily on one fact. That is whether you are resident of…
Self Employed SEP IRA Calculator
Here is a SEP IRS calculator for the self employed business owner
What is 401k Catch Up Contribution limit?
The catch up contribution is the extra amount of contribution that a taxpayer is allowed by the IRS . The basic idea is to enhance the savings for the retirement years. As you know , there is contribution limit imposed on retirement plans …
Top 7 of Tax Deductions List for Individuals
Along with standard deductions , here are top seven out of the tax deductions list available today for an individual to have tax relief
Who Must File Estate Tax Return & When ?
There are certain situation in which the estate tax return must be filed as per Internal Revenue Code.
2019 Tax Bracket for Estate & Trust
The new tax rates for year 2019 announced .There is slight increase in the Estate Tax Exclusion amount in this year. So a decedent dying between Jan. 1 and Dec. 31, 2019, may be subject to an estate tax, with an applicable lifetime estate…
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…
2019 Standard Mileage Rates Announced !
The Internal Revenue Service (IRS) has issued the 2019 standard mileage reimbursement rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
58 cents per mile for…
Workers with Disabilities Can Save More in ABLE Accounts Now !
People with disabilities who are employed can deposit extra money into their Achieving a Better Life Experience (ABLE )accounts as per the IRS notice. Annual contributions to ABLE accounts are currently capped at $15,000. However, for the…
Gift Solar Electric & Claim Investment Tax Credit
Similar to gift idea about tax credit for buying electric vehicle , here is another one-The Solar Investment Tax Credit (ITC) that allows people getting a solar energy system installed to recoup 30 percent of the total cost of a solar…
IRS Tax Brackets For 2019
The New 2019 Federal Income Tax Brackets and Rates for Capital Gains , all at one place .In 2019, the income limits for all tax brackets and all filers will be adjusted for inflation . The top marginal income tax rate of 37 percent will…