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 […]

What Happens If I Forget To Report a 1099-B?

The Consequences Of Forgetting To Report a 1099B The Proceeds from Broker and Barter Exchange Transactions are stated in form 1099B which barter exchanges and brokers essentially issue. The submission of this form is mandatory by the IRS in order to record on paper the gains or losses of taxpayers. Brokers must submit the 1099-B […]

Employee Stock Purchase Plan

Employee Stock Purchase Plan: The ability to buy stocks is one of the most cogent benefits that employees can be offered by any publicly traded organization. The Employee Stock Purchase Plan (ESPP) is one of the most undemanding ways of doing this amongst several other ways that exist. The ESPP plans provide an uncomplicated, easy […]