What Is 1099 INT?

1099 INT: If in case you receive an amount which is supposed to be more than $10 as interest from a bank account you own, then you would receive form 1099-INT and you are expected to document the same while you file your tax returns. Requirements For Filling 1099-INT The information you receive when you […]

American Opportunity Tax Credit (AOTC) 2019

American Opportunity Tax Credit 2019: (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 […]

What is FBAR | FBAR Filing Guide, Deadline & Penalties

FBAR- Foreign Bank Account Reporting. 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 to contain international money […]

What Is Tax Withholding?

Things You Need To Know About Tax Withholding An employer deducts/withholds a certain amount of salary from the employee as income tax; the same amount would be deducted from the Paycheck and remits the same to the state, federal, or local tax administration. This amount which has been deducted or withheld is termed as Tax […]

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 […]