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How is an NRI’s India ESOP’s taxed in the USA?

How is an NRI’s India ESOP’s taxed in the USA? ESOP’s or Employee Stock Option Plans have always been quite popular. Since you work for an organization, you would know the in and out of it. And the ESOP programs let you benefit from the same. You can own your company shares without even any [...]

2018-11-22T16:45:51+00:00 November 22, 2018|Investment & Income|0 Comments

Form 8938-All you need to know about Foreign assets reporting

Form 8938-All you need to know about Foreign assets reporting It was after March 2010, that taxpayers in the United States of America were required to report their financial assets in other countries apart from the USA. This addition was initiated by HIRE or Hiring Incentives to Restore Employment Act under the FATCA or Foreign [...]

2018-11-20T13:44:18+00:00 November 20, 2018|Blog, Tax Planning|0 Comments

Don’t Forget These 6 Steps While Filing Your US Taxes in FY 2018

Don't Forget These 6 Steps While Filing Your US Taxes in FY 2018 On paper,the filing of taxes just limited to one day. However, in most probability, it takes much more efforts. Sometimes, even an entire year’s planning, if you wish to be on the top of taxes. Whether you are filing taxes for the [...]

2018-11-19T19:17:29+00:00 November 19, 2018|Tax Planning, Tax Preparation|0 Comments

Tax tip to avoid late payment penalties

Tax tip to avoid late payment penalties Taxpayers should keep copies of tax returns and all supporting documents for at least three years. This will help when adjusting withholding, making estimated tax payments and filing next year’s return. File and pay taxes on time to avoid a potential late filing/ late payment penalty.

2018-11-20T11:59:24+00:00 November 13, 2018|Tax Planning|0 Comments

Pay bills with IRS direct pay and receive instant confirmation.

Pay bills with IRS direct pay and receive instant confirmation. Taxpayers can pay tax bills directly from a checking or savings account free with IRS Direct Pay. Taxpayers receive instant confirmation once they’ve made a payment. With Direct Pay, taxpayers can schedule payments up to 30 days in advance. They can change or cancel a [...]

2018-11-16T13:56:55+00:00 November 13, 2018|Tax Planning|0 Comments

Tax tip to get tax benefits on retirement plan

Tax tip to get tax benefits on retirement plan A retirement plan can provide several tax benefits for you, your business and your employees. Below are few of the benefits : - Employer contributions are tax deductible - Assets in the plan grow tax free - You are able to attract and retain better employees

2018-11-16T13:23:10+00:00 November 13, 2018|Tax Planning|0 Comments

Tax tip to business owners for petty cash account activities

Tax tip to business owners for petty cash account activities Don’t be nonchalant about keeping accurate records of your petty cash fund. Each time you dip into petty cash, you must make some sort of record in order to keep track of the amount being spent. Reconciliation of your petty cash account regularly will help [...]

2018-11-16T13:23:53+00:00 November 13, 2018|New Business|0 Comments

Hire your children as employees to save tax!

Hire your children as employees to save tax! Tax benefits of Hiring your Kids to work for your Business: If you hire your children, you can deduct the salaries you pay them. If your child is under 18, you don’t even need to pay Payroll taxes - that is payments such as FUTA and FICA [...]

2018-11-16T13:17:03+00:00 November 13, 2018|Deduction & Credits, Uncategorized|0 Comments

Tax tip for 1099 payment

Tax tip for 1099 payment IRS considers any 1099 payment as taxable income, you are required to report your 1099 payment on your tax return. For example, if you earned less than $600 as an independent contractor, the payer does not have to send you a 1099-MISC, but you still have to report the amount [...]

2018-11-16T13:17:28+00:00 November 13, 2018|Tax Planning, Uncategorized|0 Comments

Do not make this common mistake done by small business owners.

Do not make this common mistake done by small business owners. A common mistake small business owners make is to mix business and personal funds. It’s important to have a separate Bank and Credit Card account for your business. This will make things a lot easier when it comes to managing your books and getting [...]

2018-11-16T13:18:02+00:00 November 13, 2018|New Business, Uncategorized|0 Comments