Is Unemployment Insurance Income Taxable?

I received unemployment benefit from the state when I was laid off. Is the unemployment money taxable? Answer: Yes, unemployment money is treated as income and has to be reported on your tax return. The state unemployment division will also send 1099-G form to the Internal Revenue Service (IRS). You […]

How to check IRS Tax Refund Status?

Answer: The easiest way to check your IRS Tax refund status is by visiting the IRS Tax Refund status page. Once there, you will need to know your tax filing status, your AGI income, and the amount of your tax refund. Remember, it generally takes the IRS 3-4 weeks to […]

What is the Community Property States?

There are 9 community property states in the United States. Arizona California Idaho Louisiana Nevada New Mexico Texas Washington Wisconsin Generally, Community Property States are the laws of the state where the taxpayer is domiciled governs whether the taxpayer has community property and community income or separate property and separate […]

What is the personal exemption for this year?

How much is the personal exemption for this year? Answer: There is no personal exemption for tax year 2020. In another word, the personal exemption for tax year 2020 is 0. Starting from the tax year 2018, there is no personal exemption to claim. Instead, IRS has double the standard […]

What is the Standard Deduction for this year?

Question: How much is the standard deduction for this year? Answer: The Standard deduction for tax year 2020 is the following Standard Deduction for current tax year 2020 Single: $12,400 Married Filing Joint: $24,800 Married Filing Separate: $12,400 Head of Household: $18,500 Qualifying Widow: $24,00 Should you take the Standard […]

Where to get Tax Form 4868?

Answer: IRS Form 4868 is tax extension form. It gives you six month to file your tax return. You can visit the IRS website at and go to the forms and publication section, and search for form 4868. Alternatively, you can click this link to download Tax Form 4868. […]

Where to get Tax Form 1040?

Answer: You can visit IRS website at and go to forms and publication section, and search for form 1040. Alternatively, you can click the this link to download the Tax Form 1040. The last date to file Tax Form 1040 is April 15. If you need to file an […]

Is the Stimulus Check Taxable?

I received both the $1200 and $600 Stimulus check. Do I need to include the checks as income? Answer: The stimulus check of 2020 is not treated as income. Instead, it is classified as tax credit for tax year. Therefore, you do not need to pay any additional taxes on […]

How much is the Stimulus Check?

Answer: Currently, there have been two stimulus checks that were issued to taxpayers. Additional 3rd Stimulus check is in the process of being pass into law as we speak. The Stimulus Check were issued by the passage of the Cares Act (Corona Aid, Relief, and Economic Security) that went into […]