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Residential Status in the US, What does it mean from US Tax filing perspective?
It is very important to determine the residential status of the tax filer, as a resident and nonresident are taxed differently under the IRS code. Who is a Resident? You are considered a Resident if...
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Should I plan my retirement tax strategy?? YES YOU SHOULD!
Our life changes with various life changing events and retirement is one such life changing event which not only changes our life…but also our income and our income taxes. Have you ever done tax...
View ArticleSimple Guide – Incomes which are tax-free under the Indian Income Tax Act, 1961
Jul 29, 2009 Income Tax 1. Agricultural income: Any income which you receive as income from any agricultural activity is deemed as not included in total income. If your father is into agriculture and...
View ArticleIRS Penalties on Individuals
IRS Penalties and Individuals By Nancy Faussett, CPA, Publication date: 03/27/2009 There are more than 150 civil penalties in the IRS Code. While the underlying purpose of any tax penalty is to...
View ArticleIRS Announces 2010 Standard Mileage Rates
WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or...
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The Child and Dependent Care Credit
The Child and Dependent Care credit allows a credit for amounts paid for child care and household services to enable the taxpayer to be gainfully employed. The child and dependent care credit should...
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