The American Rescue Plan Act of 2021 authorized a third round of Economic Impact Payments (EIP3), commonly known as stimulus checks, to eligible individuals and families. The IRS began distributing EIP3 payments in March 2021. Eligibility for EIP3 To be eligible for EIP3, you must have met the following criteria: You were a U.S. citizen … Read more

Home repairs and improvements are essential for maintaining and enhancing the value of your property. However, when it comes to taxes, the distinction between repairs and improvements is crucial, as only certain types of expenses qualify for deductions. In this article, we will explore the tax implications of home repairs, the criteria for claiming deductions, … Read more

The Internal Revenue Service (IRS) has the authority to impose a levy on an individual’s property or income to collect unpaid taxes. However, there are certain circumstances under which a levy can be reversed or released. Grounds for Levy Reversal According to the IRS, a levy may be released if the taxpayer: Pays the amount … Read more

Tax Collected at Source (TCS) is a mechanism implemented by the Indian government to collect taxes directly from the source of income. This system ensures that taxes are collected upfront, preventing tax evasion and ensuring timely revenue collection for the government. In this comprehensive guide, we will delve into the intricacies of TCS, exploring its … Read more

Tax brackets are a system used by governments to determine the amount of income tax an individual or business owes. Each bracket represents a range of income, and the tax rate increases as you move into higher brackets. Jumping a tax bracket means that your income has increased to the point where you are now … Read more

Tax season is upon us, and that means it’s time to start thinking about how you’re going to file your taxes. If you’re like most people, you’ll probably use tax software to help you get the job done. But with so many different options out there, it can be tough to know which one is … Read more

As a self-employed individual, navigating the complexities of tax deductions can be a daunting task. However, understanding the intricacies of eligible expenses can significantly reduce your tax liability and boost your bottom line. This comprehensive guide will delve into the various deductions available to self-employed taxpayers, empowering you to optimize your tax strategy and maximize … Read more

The Income Tax Act of India provides various deductions and exemptions to encourage savings and investments. Section 80TTA is one such deduction that allows taxpayers to reduce their taxable income by a specified amount. However, with the introduction of the new tax regime under Section 115BAC, there have been changes to the availability of certain … Read more

The Internal Revenue Service (IRS) is responsible for collecting taxes and enforcing tax laws in the United States. As part of their duties, IRS agents may visit taxpayers’ homes or businesses to conduct audits or investigations. It is important to be able to verify the identity of an IRS agent before allowing them access to … Read more

Navigating a tax investigation can be a daunting experience, especially when uncertain about its duration. This comprehensive guide will provide a detailed timeline of the various stages involved in both civil and criminal tax investigations, empowering you with the knowledge to better prepare and manage your case. Civil Tax Audits The duration of a civil … Read more