What Is IRS Form 1099-INT: Interest Income?

What Is IRS Form 1099-INT: Interest Income? Tax filing season can be stressful, to say the least. With several documents, investments, proofs and bills to take care of, various Forms can make things a bit more overwhelming. Thus, the golden rule of starting early always pays off. When you start early, you have additional time [...]

Understanding the New 2019 Federal Income Tax Brackets And Rates

Understanding the New 2019 Federal Income Tax Brackets And Rates The tax filing season for 2018 is just around the corner. However, the IRS has gone one step ahead and published the modifications for the year 2019. The modifications include changes to the Federal Income Tax brackets and enhancement of limits for certain tax credits. [...]

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 tax code, any individual who [...]

2019-03-26T14:08:26+00:00February 24, 2019|Tax Planning, Tax Preparation, Uncategorized|0 Comments

Is NRO/ NRE/ FCNR Interest taxable in the US

Is NRO/ NRE/ FCNR Interest taxable in the US? With more and more people shifting to the US for a better future, the above question becomes even more pertinent. Are the interests earned from NRO/NRE/FCNR accounts taxable in the USA? The simple answer to the question is Yes. The interests that you earn from such [...]

2019-03-26T15:27:56+00:00February 19, 2019|Uncategorized|0 Comments

4 Tax Benefits that you should not miss if YOU ARE PARENT

4 Tax Benefits that you should not miss if YOU ARE PARENT? Being a parent is not easy and not is it cost-effective.  Tax creditRight from the moment of birth, you must endure expenses such as diapers, baby food, toys and other essentials. It is possible that one might get a bit exhausted and hope [...]

2019-03-26T15:37:43+00:00February 11, 2019|Uncategorized|0 Comments

Quick notes on Form 940

 Quick notes on Form 940 Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. 940 forms must be mailed [...]

2019-03-26T14:58:02+00:00December 17, 2018|Uncategorized|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

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 [...]

2019-07-02T12:07:42+00:00November 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 [...]

2019-03-27T12:40:49+00:00November 13, 2018|New Business, Uncategorized|0 Comments

Tax information for statutory and non-statutory Employee stock purchase plans

Tax information for statutory and non-statutory Employee stock purchase plans Restricted Stock Units are taxed differently than other kinds of stock options, such as statutory and non-statutory Employee stock purchase plans. Those plans generally have tax consequences at the date of exercise or sale, whereas restricted stock usually becomes taxable upon the completion of the [...]

2019-03-27T12:46:57+00:00November 13, 2018|Investment & Income, Uncategorized|0 Comments