Gift Tax 2021:

Gift Tax Benefit On Your United States Tax Returns 2021 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 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 […]

What is Married Filing Jointly (MFJ)?

Married Filing Jointly – MFJ: Both the spouses income whether earned or unearned income can be added on Married Filing Jointly tax return, in turn a primary tax payer can claim a standard deduction amount of $25,100 on tax returns. Even if one spouse has income and the other does not still a husband and wife […]

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 2021

Social Security Benefits and Tax Implications 2021: 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 […]