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 […]

What is Lifetime Learning Tax Credit?

Lifetime Learning Tax Credit 2021: Every day we receive many calls regarding the information on Lifetime learning credit (LLC), we have understood the tax payers curiosity in knowing the information for this we have mentioned relevant required information below which will help our clients and taxpayers have clear understanding about the education credit is also called […]

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 […]

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) […]