What is Married Filing Jointly (MFJ)?

Married Filing Jointly – MFJ: Both the spouses income whether earned or unearned income can be added on Married Filing Jointly tax return, in turn a primary tax payer can claim a standard deduction amount of $24800 on tax returns. Even if one spouse has income and the other does not still a husband and wife […]

Can I Choose Married Filing Separately?

Married Filing Separately Filing Status There has been always a doubt in choosing the right fling status, to choose whether Single Tax Filing, Married Filing Jointly or Married Filing Separately. Let’s go through the details and information below about eligible filing statuses. What is Married Filing Separately (MFS)? MFS – Married Filing Separately is a […]

What is FBAR | FBAR Filing Guide, Deadline & Penalties

FBAR – Foreign Bank Account Reporting. FBAR Filing 2020: Most of the United States tax payers are not aware of FBAR Filing, which is very much mandatory to report. Since April 2013 FinCEN(Financial Crimes Enforcement Network) which is a bureau of Department of Treasury entitled to keenly analyse the foreign bank account transitions in order […]

What Is FATCA | FATCA Filing & Reporting Requirement

Mandatory FATCA Filing for Eligible Individuals & Married U.S. Taxpayers Haven’t you been filing FATCA when you are eligible? Attn! This could be a huge costly affair. Thousands of taxpayers who are citizens or residents of the United States being eligible to report FATCA could not report, due to U.S. tax knowledge and are receiving […]

Taxable Income & Non Taxable Income:

Know Your Taxable Income and Non-Taxable Income! An individual who has been filing taxes since a long time might find it hard to differentiate between taxable and nontaxable income, and might even think that wages and self-employment income is the only income considered for tax purposes. Lack of appropriate tax knowledge will invite inquiry, penalty […]