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 […]

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 […]