Standard Deduction

Standard Deduction for Tax Year 2020 One hundred fifteenth congress of the United States of America, under section 11000 short title standard deduction for tax years 2020 up to 2025 has been amended. Standard Deduction definition? United States of America tax law considers a federal standard deduction or state standard deduction is a fixed dollar […]

Can I File Head of Household Filing Status?

Head of Household (HOH) is a filing status chosen on tax returns to get standard deduction of $18650 for tax year 2020. A taxpayer can choose to file head of household filing status if married or unmarried, but should be taking care of the home or qualified person’s expenses. Filing head of the household filing status […]

How To File Taxes: Guide for Filing Your 2020 Taxes

How To File Taxes: Is Filing Taxes is a tedious task? Yes! filing the United States Tax Returns has always been a difficult task since there should be a thorough evaluation is required to choose the eligible deductions, credits etc. Choosing incorrect Form, Filing Status, Claiming Ineligible credits and the other tax benefits can lead […]

Figuring your Income Tax on Uber or Lyft Income

Making earnings through Uber or Lyft Income is quite exciting and hardest thing to assess personal taxes. Determining taxes of Uber and Lyft is much confusing task, because you are not an employee but individual contractor. Uber/Lift provides you with the tax summary where you can see your ride fares, tips and cancellation fees is […]

What Is Schedule – C & Who Can File

Profit or Loss from Business (Sole Proprietorship) Schedule-C It could be a confusing situation about reporting your self-employment income (1099 NEC) along with your employment income (form W2). Determining your self-employment income tax reporting, in other words it is called as profit or loss from a business reporting to be submitted with the Internal Revenue […]