Single Tax Filing 2023: We have taken this opportunity to give you brief information about determining your exact filing status so that you can file accurate tax returns, let go through the information below. What is Single Tax Filing Status? A tax payer has to determine his tax filing status to get better tax benefits […]
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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 […]
Health Savings Account:
Health Savings Account (HSA) is a personal medical savings account for United States citizens who are enlisted in a high-deductible health plan (HDHP) and a salutary option for the tax payers. Although there are no permissions required from Internal Revenue Service (IRS) to create an HSA (Health Savings Account), because of the tax advantages there […]
What is FICA Tax?
FICA Tax stands for Federal Insurance Contributions Act. The Federal Insurance Contributions Act is a federal payroll of the United States that modulates Social Security and Medicare tax payment. The country’s social security and Medicare programs receive contribution from the taxes paid as part of FICA Tax. People need to pay these taxes while they […]
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 […]