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 […]

How to Fill Out W4? Step by Step Guide to Fill W4 Form

What is W4 Form? Form W4 is issued by the IRS to the taxpayers, to mention their allowances details with their respective employers for the exact tax withholding from their paychecks for Federal and State Revenue Departments. We crescent tax filing would take this as a pleasure opportunity, and feel more responsible to educate and […]

Resident Alien: Tax Tips for Resident Alien

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 2021 (January 1 to […]

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 […]