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2024 Earned Income Tax Credit Calculator & Table

The Earn Income Tax Credit or EITC credit calculator is built by considering various eligibility conditions, income limits, and phase-out thresholds for the tax years 2022 and 2023. The earned income...

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Cryptocurrency Alert! New $10k Reporting for Businesses in 2024!

Are you in the trading or business? Then, be ready to comply with a new $10K reporting rule effective from 1st January 2024.? The new law is that anyone who carries trade or business and receives more...

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Tax Season 2024 Begins on 29th January: Here is An Ultimate Checklist for Tax...

A checklist for tax preparation is the first thing one should consider when you start preparing for tax filing.The IRS has already announced tax seasons start from 29th January 2024, when they start....

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Kiddie Tax Calculator for 2023 & 2024 With Tax Rules Made Simple!

Kiddie tax calculator for 2023 & 2024 is a quick guide on the special rule for taxing a child’s unearned income if certain conditions are fulfilled. In other words, a child’s earned income, like...

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What are Closer Connection Exceptions for Substantial Presence Test?

The answer is yes as the rule of Closer Connection Exceptions provides a relief to a person who fulfils three years presence condition as provided under the substantial presence test , but was not...

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Who Are Exempt Individuals Under US Tax Residency Laws ?

Exempt individuals are certain types of Individuals ,whose physical presence in the USA , is not counted for tax residency purposes. In an earlier article on tax residency, readers were informed that a...

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Spot BitCoin ETFs vs BitCoin ETF: Are They Taxed Differently ?

The USA’s Securities Exchange Commission (SEC) approved eleven Spot Bitcoin ETFs on 10 January 2024. But , So, anyone can buy and sell these ETF units. However, unlike usual ETFs, there are slight...

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Net Investment Income Tax Calculator-Detailed

The law for taxing Net Investment Income was brought in as part of the Health Care and Education Reconciliation Act of 2010. NIIT was designed to fund Medicare expansion and is commonly associated with...

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25 Self-Employment Deductions Every Entrepreneur Should Check & Claim

Here is list of self employment deductions- 25 deductible expense , that must be taken into account while computing profit of business

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