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Things taxpayers should know when choosing between standard and itemized deductions

Source: IRS Tax Tip 2021-22 Things taxpayers should know when choosing between standard and itemized deductions Deductions reduce the amount of taxable income when filing a federal income tax return. In other words, they can reduce the amount of tax someone owes.Most taxpayers have a choice of either taking the standard deduction or itemizing their […]

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Taxpayer Bill of Rights

Source: IRS   Taxpayer Bill of Rights The Right to Be Informed Taxpayers have the right to know what they need to do to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices, and correspondence. They have the right to be […]

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Taxpayers must report gig economy income on their tax return

Source: IRS   Issue Number: COVID Tax Tip 2021-21 Taxpayers must report gig economy income on their tax return. In 2020, many taxpayers joined the gig economy to help make ends meet during the pandemic. Whether it is a side business or a primary source of income, all taxpayers need to understand how their gig work affects […]

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New Economic Impact Payments

New Economic Impact Payments Source: IRS January 8, 2021 IRS and Treasury continue to work closely with tax and financial industry to get the second round of Economic Impact Payments (EIP) to the American people quickly. As of now, over 100 million EIPs have been direct deposited into eligible persons’   accounts. Some recipients may have had their payment […]

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Questions and Answers about the Second Economic Impact Payment

Below are frequently asked questions about the second Economic Impact (Stimulus) Payment, separated by topic. Please do not call the IRS. You can check the status of your payment with Get My Payment. General Information Eligibility Calculating The Payment Requesting My Payment Receiving My Payment General Information Use tab to go to the next focusable element […]

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2020 Year-End Tax, Gift and Estate Planning

Welcome to the Website of Zaher Fallahi, Tax Attorney, CPA. The partial materials contained herein below are for general informational purposes only and are not intended as tax or legal advice. For specific advice, seek tax advice from us or your tax advisor. 1.      Individual Taxpayers’ Tax Rates For tax year 2020, the top tax rate […]

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April 15 Income Tax Filing and Payment Deadlines Extended to July 15, 2020

(a)   The IRS extended the April 15, 2020 filing and federal income tax payment deadline to July 15, 2020. (b)   First quarter estimated tax payments usually due April 15, 2020 are now extended to July 15, 2020. April 15, 2020 filing deadline extended to July 15,2020 (c)   California conforms to the above law.

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Frequently Asked Questions (FAQs) About International Individual Tax Matters. Source: IRS

1.  I’m a U.S. citizen living and working outside of the United States for many years. Do I still need to file a U.S. tax return?  Yes, if you are a U.S. citizen or a resident alien living outside the United States, your worldwide income is subject to U.S. income tax, regardless of where you live. However, […]

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2017 Tax Law, § 199A Deduction; 20% Deduction for pass-through businesses

RS provided Frequently Asked Questions (FAQ) § 199A Deduction for Qualified Business Income (QBI) Basic questions and answers on new 20% deduction for pass-through businesses Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the […]

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Tax

2017 Tax Law, § 199A Deduction; 20% Deduction for pass-through businesses

IRS provided Frequently Asked Questions (FAQ) § 199A Deduction for Qualified Business Income (QBI) Basic questions and answers on new 20% deduction for pass-through businesses Below are answers to some basic questions about the new 20% deduction for pass-through businesses. Also known as the section 199A deduction or the deduction for qualified business income, the […]