American Opportunity Tax Credit (AOTC) 2018

The American Opportunity Tax Credit (AOTC) is a financial assistance to children or for taxpayers to pursue Post-secondary education. AOTC permits taxpayers to reduce income taxes up to $2500 for each eligible student. IRS allows students who are on H1B, GC, GC EAD, Citizens and Resident Aliens to claim American Opportunity Credit or Lifetime Learning […]

Can I File Head of Household Filing Status?

What is head of household filing status (HOH)? Head of Household (HOH) is a filing status chosen on tax returns to get standard deduction of $18000 for tax year 2018. A taxpayer can choose to file head of household filing status if married or unmarried, but should be taking care of the home or qualified person’s […]

Can I Choose Married Filing Separately?

Married Filing Separately Filing Status There has been always a doubt in choosing the right fling status, to choose whether Single Tax Filing, Married Filing Jointly or Married Filing Separately. Let’s go through the details and information below about eligible filing statuses. What is Married Filing Separately (MFS)? MFS – Married Filing Separately is a […]

Can I Choose Single Tax Filing Status, How & Why?

Single Tax Filing: We have taken this opportunity to give you brief information about determining your exact filing status so that you can file accurate tax returns, let go through the information below. What is Single Tax Filing Status? A tax payer has to determine his tax filing status to get better tax benefits let […]

What is Married Filing Jointly (MFJ)?

Married Filing Jointly – MFJ: Both the spouses income whether earned or unearned income can be added on MFJ tax return, in turn a primary tax payer can claim a standard deduction amount of $24000 on tax returns. Even if one spouse has income and the other does not still a husband and wife can file […]