Save money by knowing your Tax Benefits for your Dependents

Save money by knowing your Tax Benefits for your Dependents If you are a citizen in the US or you are paying tax in the US, you can be able to save a lot of money by claiming dependents on your payable taxes. If you are having children and other qualifying dependents that can be [...]

NRI with Green Card in the US, what not to forget while filing your taxes this year

NRI with Green Card in the US, what not to forget while filing your taxes this year The income tax system that currently in motion in the United States of America, requires corporation, trusts, estates and individuals to pay taxes. If you are an NRI, you must also pay taxes to Uncle Sam. Irrespective of [...]

Tips for NRI’s to become compliant with FATCA and the IRS

Tips for NRI’s to become compliant with FATCA and the IRS            The first step towards becoming compliant to any norm is to be aware of what it is. FATCA or Foreign Account Tax Compliance Act came into existence some years ago to counter tax evasion by taxpayers. As per the [...]

2019-03-27T12:56:44+00:00March 10, 2019|Blog, Deduction & Credits|0 Comments

5 Tax Benefits you should avail when you are MOVING for JOB / BUSINESS Purposes

5 Tax Benefits you should avail when you are MOVING for JOB / BUSINESS Purposes? Changing jobs is a part and parcel of life. One can either look for better job opportunities or could be unfortunately part of corporate downsizing. In either case, there could be quite a few tax implications and impacts on your [...]

2019-03-26T16:04:48+00:00February 8, 2019|Deduction & Credits, 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 as employees to save tax, 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 [...]

2019-07-02T12:03:54+00:00November 13, 2018|Deduction & Credits, Uncategorized|0 Comments

Do you know? you can claim up-to $5000 for child and dependent care benefits!

Do you know? you can claim up-to $5000 for child and dependent care benefits! A child and dependent care benefits is available if the taxpayer requires care for a child or disabled dependent in order to be gainfully employed. The credit percentage is between 20% and 35% depending on the AGI of the taxpayer. For [...]

2019-03-27T13:04:19+00:00November 13, 2018|Deduction & Credits|0 Comments

You can save $1,000 if you have children below 17.

You can save $1,000 if you have children below 17. The Child tax credit is $1,000 < 17 years old at year end. The Child credit is also a refundable credit (known as the "additional child tax credit") for certain low-income taxpayers with one or more qualifying children when the taxpayer is not able to [...]

2019-03-27T13:08:53+00:00November 13, 2018|Blog, Deduction & Credits|0 Comments

Owe Taxes? These Tips Can Help

Owe Taxes? These Tips Can Help A few of us receive an intimation letter from the IRS stating that we owe them some money in the form of taxes. Sure enough, nobody likes to receive such emails. However, if you do here are some ways you can handle the situation without losing your sleep. Do [...]

2018-07-17T23:35:23+00:00April 11, 2018|Deduction & Credits|0 Comments

Un-reimbursed Employee Business Expenses

Un-reimbursed Employee Business Expenses Paying more taxes is something that not many of us are fond of. If one pays close attention, there are a lot of ways by which you can reduce your tax liability. And yes, these are all legal ways which the IRS has outlined. For individuals who end up spending some [...]

2018-07-17T23:35:24+00:00March 23, 2018|Deduction & Credits|0 Comments

American Opportunity Tax Credit

American Opportunity Tax Credit Tax credit systems are in place to let tax payers deduct a certain amount from their tax liability to the state or federal government based on different programs. One such initiative is the American Opportunity Tax Credit, or commonly known as AOTC. This tax credit system is designed specifically for college [...]

2018-07-17T23:35:24+00:00March 20, 2018|Deduction & Credits|0 Comments