How To File Taxes: Guide for Filing Your 2022 Taxes

How To File Taxes: Is Filing Taxes is a tedious task? Yes! filing the United States Tax Returns has always been a difficult task since there should be a thorough evaluation is required to choose the eligible deductions, credits etc. Choosing incorrect Form, Filing Status, Claiming Ineligible credits and the other tax benefits can lead […]

What is Traditional IRA & Contribution Limits

What is a Traditional IRA? Traditional IRA: traditional individual retirement account is a tax-deferred retirement arrangement which lets individuals make investments by directing their pre-tax income. The IRA contribution limit has gone up from $5,500 in 2018 to $6,000 or $7,000 in 2021 if you are 50 years old or above. Even if you have […]

1099 Miscellaneous

What Is 1099 MISC? A 1099 MISC.  is one of the forms in the 1099 series provided by the IRS (Internal Revenue Service). It is a document filed to report or declare the miscellaneous payments payed / made to individuals who are non- employees but still work under or for someone. A few examples would […]

American Opportunity Tax Credit (AOTC) 2022

American Opportunity Tax Credit 2022: (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 […]

Social Security Benefits & Tax Implications 2022

Social Security Benefits and Tax Implications 2022: 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 […]