Who Can File Form 1099-B?

1099-B form is issued by brokers and barter exchanges which states the Proceeds from Broker and Barter Exchange Transactions. It is an Internal Revenue Service (IRS) tax form. All the gains and losses of broker and barter exchange transactions are listed in this form. All the Broker and Barter exchanges must mail this form by […]

Tax Tips for Resident Alien

Resident Alien:  An immigrant, having yet, no citizenship of the United States, but hold a PR (permanent resident) i.e. having a current green card or have had during the previous taxation year. There are distinct tax filing pros and cons for Resident Alien and Non Resident Aliens. In the calendar year 2019 (January 1 to […]

Tax Tips For Non Resident Alien

Type of Aliens: Any individual who is not a United States citizen or U.S. national is termed as ‘alien’ for tax purposes. If you are not a citizen of U.S. and failed to pass green card test or substantial presence test, you will be considered as a nonresident alien. And if you pass any of […]

Standard Deduction

Standard Deduction for Tax Year 2019 One hundred fifteenth congress of the United States of America, under section 11000 short title standard deduction for tax years 2019 up to 2025 has been amended. Standard Deduction definition? United States of America tax law considers a federal standard deduction or state standard deduction is a fixed dollar […]

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 $24400 on tax returns. Even if one spouse has income and the other does not still a husband and wife […]