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 […]

What Is Tax Withholding?

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 […]

Who Can File Form 1099-B?

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 […]