American Opportunity Tax Credit (AOTC) 2018

American Opportunity Tax Credit 2018: (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 Credit […]

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 Married Filing Jointly (MFJ)?

Married Filing Jointly – MFJ: Both the spouses income whether earned or unearned income can be added on Married Filing Jointly 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 […]

What is Lifetime Learning Credit?

Lifetime Learning Tax Credit 2018: Every day we receive many calls regarding the information on LLC-Lifetime learning credit,we have understood the tax payers curiosity in knowing the information for this we have mentioned relevant required information below which will help our clients and taxpayers have clear understanding about the education credit is also called LLC which […]

Earned Income Tax Credit (EIC) 2018

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 EIC since it reduces your tax or may even give you a refund since it […]