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 […]
(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.
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, […]
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 […]
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 […]
If you use your home for business, you may deduct expenses for the business use portion of your home. If you qualify, you can claim the deduction whether you rent or own your place. You may use either the (a) Regular method or (b) Simplified method to determine such deduction. Here are six tips (modified […]
How much can I contribute to my SEP? The contributions (cash only, no other property) you make to each employee’s SEP-IRA each year cannot exceed the lesser of: a) 25% of compensation, or b) $53,000 for 2015. Compensation up to $265,000 in 2015. How much can I contribute if I’m self-employed? The same limits on […]
The Affordable Care Act (ACA) requires ALEs to file information reporting returns with the IRS and employees. ALEs are generally those employers with 50 or more full-time (FT) employees, including FT equivalent employees in the preceding calendar year. The substantial majority of employers are not ALEs, and are not subject to this health care tax provision. However, […]
If you are a U.S. citizen or a Green Card Holder of the United States and live in Iran, you are taxed on your worldwide Income regardless where you earned it. In addition, you are subject to all the US international tax laws including Foreign Bank Account Report (FBAR), http://www.zflegal.com/services/report-of-foreign-bank-and-financial-accounts-fbar., Foreign Account Tax Compliance Act (FATCA), see http://www.zflegal.com/services/foreign-account-tax-compliance-act-fatca and other […]
Taxpayers often change their job in the summer. If you look for a job in the same line of work, you may take a tax deduction for some of your job search costs. Here are some key tax facts you should know about looking for a new job: Same Job. Your expenses must be for looking […]