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 2022 (January 1 to […]

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 […]

Things You Need To Know About Tax Withholding An employer deducts/withholds a certain amount of salary from the employee as income tax; the same amount would be deducted from the Paycheck and remits the same to the state, federal, or local tax administration. This amount which has been deducted or withheld is termed as Tax […]

1099-B form is issued by brokers and barter exchanges which states the Proceeds from Broker and Barter Exchange Transactions. It is an Internal Revenue Service (IRS) tax form. All the gains and losses of broker and barter exchange transactions are listed in this form. All the Broker and Barter exchanges must mail this form by […]