Wash Sale Rule: Benefits And How To Avoid It?

What Is The Wash-Sale Rule? A wash sale occurs when a trader buys and sells the same stock, or substantially similar security in order to claim a loss within 30 days. How Does Wash Sale Occur? Wash sale occurs in one of the two ways mentioned below. A substantially identical security is purchased or sold […]

How Can I Apply For Unemployment Benefits?

What Is Unemployment Compensation? Unemployment compensation is designed to provide a source of income for workers who lost their employment through no fault of their own or due to layoffs, retrenchment, and restructuring. It is also termed as “unemployment insurance”, “unemployment payment”, or “unemployment benefits“. There are various types of unemployment benefits available and the […]

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 […]