Question: Is Unemployment Insurance taxable? Answer: If you were laid-off and receive unemployment benefits or unemployment compensation or severance package, the income IS taxable. Payments for any accumulated vacation or sick time also are taxable. Public assistance, welfare, and food stamps are not taxable. For most States, the unemployment insurance […]
What States do not have Income Tax?
Question: What States does not have income tax? Answer: There are 9 states in the United States that does not have personal income tax. Note: Even if the states have no income tax, you will still have to pay/file Federal income tax if there are taxable income. There are no […]
How to File Alaska Tax Extension?
Question: How to file Alaska Income Tax Extension? Answer: The income tax deadline is April 15 and if you can’t make the deadline, you have to file a tax extension. For Federal tax extension, you need to file Form 4868 and will extend the Federal tax deadline by six months […]
How to file Nevada Tax Extension?
Question: How to file Nevada Income Tax Extension? Answer: The income tax deadline is April 15 and if you can’t make the deadline, you have to file a tax extension. For Federal tax extension, you need to file Form 4868 and will extend the Federal tax deadline by six months to […]
How to file Florida Tax Extension?
Question: How to file Florida Income Tax Extension? Answer: The income tax deadline is April 15 and if you can’t make the deadline, you have to file a tax extension. For Federal tax extension, you need to file Form 4868 and will extend the Federal tax deadline by six months to […]
What is the contact information for Arkansas Dept of Revenue?
Question: What is the contact information for Arkansas Dept of Revenue? Answer: Below is the contact information for Arkansas Department of Revenue: Forms request mailing address Arkansas State Income Tax FormsP.O. Box 3628Little Rock AR 72203-3628 Forms request 501-682-1100 800-882-9275 Tax assistance 501-682-1100 800-882-9275 Website www.dfa.arkansas.gov/offices/incometax Refund information 501-682-1100 800-882-9275 Arkansas Resident. If […]
What are the Standard Mileage Rates?
Question: What are the Standard Mileage Rates? Answer: The following standard mileage rates apply for the tax year 2020 (2021 Taxes) The standard mileage rate for the cost of operating your car decreased slightly to 57.5 cents a mile for all business miles driven for 2020. The standard mileage rate allowed […]
What is the Maximum EIC Credit?
Question: What is the maximum EIC Credit this year? Answer: The maximum EIC Credit for tax year 2020 (filing in 2021) is the following: If you have 3 or more children, your maximum EIC credit is $6,600 for tax year 2020. You will not get more than this tax credit […]
How much is the Standard Deduction?
Question: How much is the Standard Deduction for this year? Answer: The standard deduction for tax year 2020 (filing in 2021) is as follows: If your standard deduction is higher than these amounts, you should choose itemized deduction on your tax return to save money.
How much is the Personal Exemption?
Question: How much is the Tax Personal Exemption? Answer: The Personal Exemption amount for Tax Year 2014 (filing in 2015) is $3,950 per person Please note the personal exemption was phased out in 2017. The personal exemption reduces your taxable income by the said amount.