What No One Tells You about Social Security Benefits The system of receiving Social Security Benefits was introduced way back in 1935 when the then President, Franklin Roosevelt, signed the Social Security Act. The current regulations governing Social Security Benefits have been through various amendments since their inception. Currently, under the Social Security Benefits, four [...]
Individual Retirement Arrangements – Do you want savings for the future + less taxing? Retirement is that phase of our lives when, though we incur lifestyle expenses, our income stream has either stopped or has trickled down. To meet the ever increasing expenses, a retirement corpus becomes a necessity. If you are employed, the chances [...]
Things You Didn't Know About Rental Real Estate Income Having a spare property which you can give out on rent is a very good opportunity of earning additional income. In fact, for some, real estate forms a part of their only source of income. Renting and leasing property brings in income and such income is, [...]
5 Point Checklist for Claiming Moving Expenses Changing your job for a vertical movement in your career or starting that first job is always a pleasant experience for all of us. While the former increases your income and strengthens your resume, the latter gives you financial independence. But what if a job change or a [...]
Tax Payers, You Need To Know About AMT!!! Are you earning a handsome income? Do you belong to the upper-middle class society? If you answered 'Yes' to these questions, you must be aware of the Alternative Minimum Tax rule when you file your federal income tax. AMT was introduced to enable high-income generating individuals to [...]
Should You File Your Taxes Early? As the New Year begins, most of us have one thought in the first three to four months – filing our tax returns. With the financial year ending on 31st December every year, no doubt that tax filing is on our minds as we progress into the New Year. [...]
Foreign Income Exclusion Form 2555 As a US citizen or a resident alien you are taxed on your global income earned wherever in the world. However, if you are living outside the country and also residing there, you can earn a Foreign Income Exclusion on the income earned abroad. This reduces your total taxable income [...]
Fruity Facts You Didn't Know about Tax Exemptions If you file your tax return, you can't help but love the different exemptions allowed by IRS. After all, these exemptions reduce your tax burden. In fact, if you are in the lowest tax bracket, the aggregate exemption which you can claim could also bring your tax [...]
Choosing the Right Filing Status Can Save Your Hard Earned Money Our money is always hard-earned. We work day in and day out to earn our living and so do not like to part with our hard-earned incomes. However, paying income tax is our federal duty and every year we are required to pay tax [...]
Worried About Double Taxation? Globalization has brought about a demographic change and more and more Indians are moving to and settling abroad in different countries. Though it is a good career opportunity, there is a concern for tax treatments when NRIs generate income both in their country of residence and also in India. Though [...]
