Spot BitCoin ETFs vs BitCoin ETF: Are They Taxed Differently ?
IRS Tax App
by Prashant Thakur
2M ago
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 changes regarding the distribution of benefits/profits by the Funds to the investors. This post will explore and explain the newly approved Spot Bitcoin ..read more
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Who Are Exempt Individuals Under US Tax Residency Laws ?
IRS Tax App
by Prashant Thakur
2M ago
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 substantial presence test determines a person’s tax residency.  It was also stressed that certain physical presence days are not counted  for determining the ..read more
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Cryptocurrency Alert! New $10k Reporting for Businesses in 2024!
IRS Tax App
by Prashant Thakur
2M ago
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 than $10,000 in form of any digital assets (cryptocurrency coins, tokens or NFTs) must report the transaction in ..read more
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How to get $7,500 Instant EV Car Tax Credit from 2024?
IRS Tax App
by Prashant Thakur
3M ago
You read it correctly! Buying an electric car in 2024. can indeed provide the federal EV car tax credit for electric vehicles as a discount of the $7,500 credit directly from the dealer. This is part of huge effort of Biden government to popularise solar energy and non fossil fuel alternatives .So, here are 7 ..read more
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3 Tax Benefits for Claiming Parents as Dependents!
IRS Tax App
by Prashant Thakur
3M ago
Claiming parents as dependents can bring significant tax advantages to a taxpayer. Under the Internal Revenue Code, two tax credits and one deduction are available to a taxpayer if you include your parents as dependent on you. But, there are several conditions to fulfil. This post will provide a definitive guide on these beneficial law ..read more
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How to Do Taxes? : Learn in 7 Steps !
IRS Tax App
by Prashant Thakur
3M ago
That is a ubiquitous question –how do taxes? Under the Internal Revenue Code, there is a fixed procedure to compute your gross income, claim tax deductions and tax credits, arrive at the taxable income (total income ), and compute the tax as per your income tax bracket. The starting point of tax computation is often the ..read more
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How to Better Your Credit Scores in 2024?
IRS Tax App
by Prashant Thakur
3M ago
Your credit scores is your financial passport, without which you can not get any credit financing, loan, or mortgage. This is a fact of life, without any doubt or debate. Your credit score signifies your financial health to lenders. So, we must understand this economic term and devise a way to maintain a good credit ..read more
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IRS 2024 Tax Brackets
IRS Tax App
by Prashant Thakur
3M ago
The tax brackets for 2024 as well as exemption , limitations for various exemptions and tax credits were announced by the IRS in its  Revenue Procedure 2023-34 that provides detailed information about annual adjustments to various tax rates . Following is the compilation of 2024 tax tables-standard deduction,tax brackets , capital gains tax rates, earned income ..read more
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3 Spousal Tax Relief from Joint Return Liabilities
IRS Tax App
by Prashant Thakur
5M ago
Marriage is a responsibility! The Federal tax law takes this seriously and literally. So, when you are married and filing a joint tax return, the Internal Revenue Code makes you liable for tax, interest, and penalty on the joint tax return “jointly and severally “, even if you are divorced! However, the IRC also provides ..read more
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How is the sale of cryptocurrency taxed?
IRS Tax App
by Prashant Thakur
6M ago
When you trade, sell of cryptocurrency , or exchange a digital asset (read cryptocurrencies), it will always give rise to either gains or losses on transactions. The nature of gains or losses depends on the nature of digital asset holdings. If you are in the business of buying and selling cryptos, profit or loss shall ..read more
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