Navigating the complexities of tax filing can be daunting, especially if you’re unsure whether you’re obligated to file a tax return. This guide will delve into the essential factors that determine your filing requirement, providing clarity on who needs to file and who can opt out. Factors Influencing Filing Requirements Several key factors play a … Read more

Understanding the Time Limit for Amending Tax Returns The Internal Revenue Service (IRS) establishes specific deadlines for taxpayers to file amended tax returns. These deadlines vary depending on the type of amendment and the circumstances surrounding the need for the amendment. General Rule for Amending Tax Returns In most cases, taxpayers have three years from … Read more

Filing taxes on time is crucial to avoid penalties and interest charges from the Internal Revenue Service (IRS). However, if you find yourself in a situation where you owe nothing on your taxes but failed to file them by the deadline, it’s essential to understand the consequences and take appropriate action. No Penalty for Late … Read more

Section 80TTB, introduced in the Union Budget of 2018, is a provision under the Indian Income Tax Act that offers tax benefits to senior citizens on their interest income. This section aims to provide relief to senior citizens who depend on interest earned from their savings. Eligibility Criteria To be eligible for the deduction under … Read more

The answer to this question depends on a few factors, including your child’s income and filing status. General Rule Generally, you cannot claim your child as a dependent on your tax return if they are 18 years old or older at the end of the tax year. This is because once a child reaches the … Read more

The allure of real estate as a potential haven for illicit funds is undeniable. With its tangible nature and perceived stability, property has long been a favored asset class for those seeking to launder their ill-gotten gains. However, the complexities of real estate transactions and the increasing scrutiny of financial institutions have made it more … Read more

Yes, you can check the status of your IRS audit online. To do so, you will need to create an account on the IRS website. Once you have created an account, you can log in and click on the “My Account” tab. Under the “Tax Records” section, you will see a link to “View Your … Read more

Death, an inevitable part of life, often raises questions about financial obligations, including taxes. This comprehensive guide explores the complexities of tax responsibilities after death, providing insights into who is liable for unpaid taxes, the consequences of non-payment, and strategies for minimizing tax burdens. Tax Liability After Death Upon death, the deceased individual’s estate becomes … Read more

Supplemental Security Income (SSI) is a federal program that provides financial assistance to individuals with disabilities, blindness, or those over the age of 65 who have limited income and resources. The Social Security Administration (SSA) determines the maximum SSI benefit amounts each year based on the cost-of-living adjustments (COLAs) applied to Social Security benefits. This … Read more

The first stimulus check, also known as the Economic Impact Payment, was a one-time payment issued by the U.S. government in 2020 as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The purpose of the stimulus check was to provide financial relief to individuals and families during the COVID-19 pandemic. Eligibility To … Read more