Child and Dependent Care Credit

Child and Dependent Care Credit: You could be amazed to know that some of the money you spent on childcare expenses can be claimed back from this nonrefundable credit. You can also qualify to claim these funds, provided you should have ever cared for disabled dependents or spouses. The Requirements to Claim This: These criterion […]

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 […]

Tax Tips for Resident Alien

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 2019 (January 1 to […]

Standard Deduction

Standard Deduction for Tax Year 2019 One hundred fifteenth congress of the United States of America, under section 11000 short title standard deduction for tax years 2019 up to 2025 has been amended. Standard Deduction definition? United States of America tax law considers a federal standard deduction or state standard deduction is a fixed dollar […]

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 $24400 on tax returns. Even if one spouse has income and the other does not still a husband and wife […]