Department of Revenue, State by State Listing

Each state has their own Department of Revenue to collect Sales Tax, Withholding Tax, and Income Tax.  Below are Dept of Revenue in all 50 states. Alabama Department of Revenue Alaska Department of Revenue Arizona Department of Revenue Arizona State Board of Equalization Arkansas Department of Finance and Administration California Employment Development Department California Franchise […]

Read More >

How much is Gift Tax Exclusion?

Question: How much is gift tax exclusion? Answer: For tax year 2014 (Filing in 2015), the gift tax exclusion is $14,000.  Meaning if your parent, relatives or friends give you $14,000, you are exempted and do not need to file the Gift Tax Form, 709.  If you do exceed the git tax threshold, the payer […]

Read More >

How to get a Tax Transcript?

Question: How to get a Tax Transcript? Answer: There are 5 different ways to get your IRS Tax transcripts: Go to www.irs.gov and click on “Get Transcript of Your Tax Records” under “Tools.” Download the free IRS2Go app on Apple Store or Google Pay to your smart phone and use it to order transcripts of your tax […]

Read More >

How much is the Child Tax Credit for 2015?

Question: How much is the Child Tax Credit for 2015. Answer: The child tax credit has been $1,000 for the last few years.  For tax year 2014 (filing in year 2015), the child tax credit is again $1,000. To Qualify for the Child Tax Credit, you need to certain requirements: Age Test:  Each qualified dependent […]

Read More >

What is the IRA Contribution Limit for 2014?

Question: What is the IRA Contribution limit for tax year 2014? Answer: The maximum amount of IRA contribution is $5,500 per taxpayer for tax year 2014. The maximum contribution amount increases to $6,500 for taxpayers over 50 years old. IRA contribution and 401K contribution are different.  401K contribution maximum amount is much higher capped at […]

Read More >

How much is Social Security Tax?

Question: How much is Social Security Tax? Answer: Social Security tax has always been 15.3% since 1990.  The 15.3% percent is shared between the employer and the employee.  Meaning, if you worked at Walmart and earned $100, you have to pay 7.65% or $76.50 and Walmart, the employer, has to pay 7.65% or $76.50. The […]

Read More >

How much is the Child Tax Credit for 2014?

Question: How much is the Child Tax Credit for 2014 Answer: The child tax credit has been $1,000 for the last few years.  For tax year 2014, the child tax credit is again $1,000. Each qualified dependent under the age of 17 is eligible for the child tax credit.

Read More >

What is the Personal Exemption for 2014?

Question: What is the personal exemption for tax year 2014? The personal exemption for tax year 2014 (Due April 15, 2015) is $3,950.  Each taxpayer and qualified dependent is qualify for the personal exemption of $3,950. The qualified exemption phase out begin when the Adjusted Gross Income (AGI) exceeds $254,200 for taxpayer with single status […]

Read More >

What is the Standard Deduction for 2014?

Question: What is the standard deduction for tax year 2014? The standard deduction for taxpayer with single filing status is $6,200 and $12,400 for married filing jointly status.  If your state and local tax paid, mortgage interest, real estate taxes, donations and etc are more than this amount, then you should use itemized deduction on […]

Read More >