Earned Income Tax Credit (EIC) 2022

Earned Income Tax Credit 2021: Earned Income Tax Credit is known by EITC or EIC is a tax benefit for the people who are working in the United States of America with low income. The taxpayer needs to meet certain criteria to be eligible for Earned Income Tax Credit since it reduces your tax or […]

What Is FATCA | FATCA Filing & Reporting Requirement

Mandatory FATCA Filing for Eligible Individuals & Married U.S. Taxpayers Haven’t you been filing FATCA when you are eligible? Attn! This could be a huge costly affair. Thousands of taxpayers who are citizens or residents of the United States being eligible to report FATCA could not report, due to U.S. tax knowledge and are receiving […]

What is FICA Tax?

FICA Tax stands for Federal Insurance Contributions Act. The Federal Insurance Contributions Act is a federal payroll of the United States that modulates Social Security and Medicare tax payment. The country’s social security and Medicare programs receive contribution from the taxes paid as part of FICA Tax. People need to pay these taxes while they […]

How And When To Report Tips For Tax Purposes

Are you aware that if you receive tips as part of your job, you are required to pay taxes on that income? Here’s everything you need to know about the tip reporting IRS system. Is Tip Income Taxable? Yes The tips income is taxable, including cash tips and non-cash tips. As a general rule, an […]