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tax
All you need to know about the Child Tax Credit Scheme in the US
As parents, it is your utmost priority to duly look after your child’s needs. Most of you will agree that a ginormous chunk of your earnings goes after the necessities of your children. Do you also come into the league of such parents? It would be best if you then considered the Child Tax Credit.
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tax
An insight into the Individual Retirement Accounts in the US
What is the meaning of an Individual Retirement Account (IRA)? The IRA, short for ‘individual retirement account,’ is a tax-advantaged investing tool that individuals use to reserve retirement savings funds. There are different types of IRAs. Traditional IRAs Roth IRAs SEP IRAs SIMPLE IRAs Individual taxpayers can establish either Roth or traditional IRAs, while self-employed
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Understanding Section 199A Qualified Business Income Deduction
The TCJA, also known as the Tax Cuts and Jobs Act, came into being on December 22, 2017. It reduced the tax rate for C corporations from 35 percent to 21 percent while increasing the tax liability pressure on the owners of pass-through entities (S corporations, Sole proprietors, and partnerships). They now had to pay
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An Overview of the Recovery Rebate Credit 2021
What is Recovery Rebate Credit 2021? An act called CARES (Coronavirus Aid, Relief, and Economic Security) was passed in March 2020, giving financial aid to people who made less than $75,000 or couples who made $150,000 or less. This act provided people with financial assistance like the Economic impact payment or Recovery rebate credit. The
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Reasonable Compensation for S Corporation Shareholder-Employees in the US
An increasing number of business owners choose to turn their business ventures into an S Corporation in the United States. The popularity is attributable to different tax relaxations that such types of entities enjoy compared to regular corporate entities. The IRS has also slated out figures which suggest that more and more entities are leaving
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An overview of the relevance of Tracking Basis for the tax calculations of US taxpayers!
Taxation is a domain that is not just limited to a set of rules and regulations. There are many underlying concepts involved in the process of calculation of taxable income and tax liability. For the taxpayers in the US, numerous concepts make up the tax calculation structure. Tracking the basis for your entity is one
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An Overview of the tax provisions covered under the Passive Activity Loss Rules
In the realm of real estate, there are many property owners, particularly rental property owners, who incur losses as per tax regulations. Many activities, such as renting out a property, are covered under the definition of a passive activity. The loss in passive activities is a recurring phenomenon due to the use of different operating
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IRS Amnesty Program Streamlined Tax Filing Procedures for Expats from the USA
As per the estimates of the US State Department, more than 9.6 million US citizens are currently residing abroad. The United States is one of the few countries that impose a tax on its migrated citizens’ world income. The US expats must apprehend the fact that their liability towards the US Government does not end
tax
Challenges faced by Restaurants in the US amidst the COVID-19 Pandemic and the relevant Tax Compliances to Consider
The food and Hospitality industry has undergone the most atrocious times during the strike of the COVID-19. Everyone considered these business sectors as one of the most booming areas worldwide. The United States is one of the countries in particular, where people are frequent visitors to restaurants and café throughout the week. Unfortunately, the Corona
tax
Avail Additional Tax Credit for 2020 with the Economic Impact Payment Notice 1444
The US Government has established many beneficial initiatives to uplift the American Citizens suffering as a result of the COVID-19 Pandemic. Most schemes fall under the purview of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) enacted this year. One such essential program is that of the Economic Impact Payments. Under the program,