What is FBAR | FBAR Filing Guide, Deadline & Penalties

FBAR – Foreign Bank Account Reporting. FBAR Filing 2020: 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 […]

When To File Taxes?

Is It Now The Time To File Taxes? “Is it time now that I pay my Taxes?” “When should I file my tax returns?” “What is the beginning of a tax season?” “What would be the right time to file my taxes?” these are pretty common questions that pop out of our minds when we […]

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 […]

What Is 1099 INT?

1099 INT: If in case you receive an amount which is supposed to be more than $10 as interest from a bank account you own, then you would receive form 1099-INT and you are expected to document the same while you file your tax returns. Requirements For Filling 1099-INT The information you receive when you […]

American Opportunity Tax Credit (AOTC) 2019

American Opportunity Tax Credit 2019: (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 […]