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 […]

Foreign Tax Credit (FTC)

Foreign Tax Credit (FTC): If you are earning some taxable income from a foreign country and you are not a legal resident of that country, then you are subjected to pay relevant taxes to that foreign country, further to this the country where you are permanently residing and of which you are a legal citizen, […]

Flexible Spending Account

Flexible Spending Account (FSA) also recognized as flexible spending arrangement is one of the obtainable options to avail tax benefit and allows you to spend this pre-tax money for paying eligible health care expenses or eligible non-medical expenses, even purchase of certain qualified medical equipment like diagnostic devices, bandages, crutches. FSA is being set up […]

What Is Capital Loss?

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 […]