Figuring your Income Tax on Uber or Lyft Income

Making earnings through Uber or Lyft Income is quite exciting and hardest thing to assess personal taxes. Determining taxes of Uber and Lyft is much confusing task, because you are not an employee but individual contractor. Uber/Lift provides you with the tax summary where you can see your ride fares, tips and cancellation fees is […]

What Is FATCA | FATCA Filing & Reporting Requirement

Mandatory FATCA Filing for Eligible Individuals & Married U.S. Taxpayers Haven’t you been filing FATCA when you are eligible? Attn! This could be a huge costly affair. Thousands of taxpayers who are citizens or residents of the United States being eligible to report FATCA could not report, due to U.S. tax knowledge and are receiving […]

Taxable Income & Non Taxable Income:

Know Your Taxable Income and Non-Taxable Income! An individual who has been filing taxes since a long time might find it hard to differentiate between taxable and nontaxable income, and might even think that wages and self-employment income is the only income considered for tax purposes. Lack of appropriate tax knowledge will invite inquiry, penalty […]

Qualified Business Income Deduction

What Is Qualified Business Income Deduction ? Qualified Business Income Deduction is the net amount generated from any eligible U.S. trade or business on qualified items of gain, loss, income and deduction. Only those items which are part of taxable income are counted. For tax years starting after December 31, 2017, qualified business income (QBI) […]

Social Security Benefits & Tax Implications 2020

Social Security Benefits and Tax Implications 2020: As long as you work you should ensure that some of your earnings should be saved for your retirement, in case of disability, financial assistance to your dependents and after benefits for working long run in case of a disability after 65 years. Non reporting social security benefits on […]