Standard Deduction for Tax Year 2022 One hundred fifteenth congress of the United States of America, under section 11000 short title standard deduction for tax years 2021 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 […]
F-1 Visa Taxes For International Student In USA
What Is an F-1 Visa? F-1 visa is a type of non-immigrant visa that allows foreign students to enter the US as full-time students to pursue higher education at accredited educational institutions such as universities, colleges, high schools, or seminaries. The F-1 visas are amongst the most popular category of visas awarded to foreign nationals. […]
Can I File Head of Household Filing Status?
Head of Household (HOH) is a filing status chosen on tax returns to get standard deduction of $19,400 for tax year 2022. A taxpayer can choose to file head of household filing status if married or unmarried, but should be taking care of the home or qualified person’s expenses. Filing head of the household filing status […]
401(k) Contribution Limits for 2021
401(k) is an employer-sponsored retirement savings plan that allows employees to stockpile and invest a part of their pay check before the taxes are deducted. Taxes are paid only after the money is withdrawn from one’s account. 401(k) contributions can ease up your taxable income and help slash your tax bill. For instance, if you […]
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 59½ and a half to be tax free. Eligibility on Roth IRA […]