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 […]

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, […]

What Is Roth IRA? | Roth IRA Rules

Roth IRA: Similar to the traditional IRA, Roth IRA is an individual retirement account which allows an individual to keep aside a specified amount of after-tax income every year. In contrast to the traditional IRA, this arrangement allows earnings and withdrawals after age 59 and a half to be tax free. Eligibility on Roth IRA […]

Qualified Business Income Deduction

What Is Qualified Business Income Deduction ? Qualified Business Income Deduction is the net amount generated from any eligible U.S. trade or business on qualified items of gain, loss, income and deduction. Only those items which are part of taxable income are counted. For tax years starting after December 31, 2017, qualified business income (QBI) […]