What is FBAR | FBAR Filing Guide, Deadline & Penalties

FBAR – Foreign Bank Account Reporting. FBAR Filing 2021: Most of the United States tax payers are not aware of FBAR Filing, which is very much mandatory to report. Since April 2013 FinCEN(Financial Crimes Enforcement Network) which is a bureau of Department of Treasury entitled to keenly analyse the foreign bank account transitions in order […]

What is Adjusted Gross Income?

Adjusted Gross Income Reduces Your Taxes Drastically Is it easy to understand your Adjusted Gross Income? Yes! This article of AGI-Adjusted Gross Income will undoubtedly help you to understand the AGI in a much easiest way, so read further….. Knowing your Adjusted Gross Income is extremely important, because it’s a matter of saving your active/passive […]

F-1 Visa Taxes For International Student In USA

What Is an F-1 Visa? F-1 visa is a type of non-immigrant visa that allows foreign students to enter the US as full-time students to pursue higher education at accredited educational institutions such as universities, colleges, high schools, or seminaries. The F-1 visas are amongst the most popular category of visas awarded to foreign nationals. […]

What Is Amendment Tax Returns

Amendment Tax Returns : Non-Residents (Students who are in the USA on F1) or Resident aliens or Citizens can go for Amendment tax returns. Amendment of any filed tax returns or last three years filed tax returns will help taxpayers to get their lost credits, deductions, exemptions on their tax returns which can help them […]

What Is a 529 Plan?

529 plan– named on the section 529 of the Internal Revenue Code is a savings plan offering tax and financial aid benefits. This plan encourages saving for the future education expenditure and costs. Legally known as the ‘Qualifying tuition plans’ this plan is generally sponsored by the state agencies or any educational institutions. These savings […]