Qualified Business Income Deduction

What Is Qualified Business Income Deduction ? Qualified Business Income Deduction is the net amount generated from any eligible U.S. trade or business on qualified items of gain, loss, income and deduction. Only those items which are part of taxable income are counted. For tax years starting after December 31, 2017, qualified business income (QBI) […]

Social Security Benefits & Tax Implications 2020

Social Security Benefits and Tax Implications 2020:¬†As long as you work you should ensure that some of your earnings should be saved for your retirement, in case of disability, financial assistance to your dependents and after benefits for working long run in case of a disability after 65 years. Non reporting social security benefits on […]

Gift Tax 2020:

Gift Tax Benefit On Your United States Tax Returns 2020 When you gift a money or an object to somebody you would think of claiming a tax benefit on your tax returns, but tax law does not allow you to claim a tax benefit. The amount you donate to a charitable organization can be claimable […]

What is Adjusted Gross Income?

Adjusted Gross Income: Let us first take a look at gross income in order to understand and define adjusted gross income. All the income you receive in a year including employee wages, interests on financial accounts, money you made working on your own and other personal revenue sources are considered gross income. Therefore, adjusted gross […]

Gambling Winnings Tax

Are Gambling Winnings Taxable? Playing gambling in the United States is legal, while playing gambling you should make a note of the transactions, gambling winnings must be reporting the income to the Internal Revenue Service (IRS) and based on your eligibility of Itemized Deductions you can deduct gambling losses up to the gambling income. You […]