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 […]

Child and Dependent Care Credit: You could be amazed to know that some of the money you spent on childcare expenses can be claimed back from this nonrefundable credit. You can also qualify to claim these funds, provided you should have ever cared for disabled dependents or spouses. The Requirements to Claim This: These criterion […]

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 2022 (January 1 to […]

Capital Loss: Incurring a loss is one situation no one ever wants to be in but sometimes such a situation could prove useful. Declaring a capital loss could help you in managing the taxes and their returns. What exactly is a Capital Loss? In simpler words. A capital loss is the difference obtained when the […]

Things You Need To Know About Tax Withholding An employer deducts/withholds a certain amount of salary from the employee as income tax; the same amount would be deducted from the Paycheck and remits the same to the state, federal, or local tax administration. This amount which has been deducted or withheld is termed as Tax […]