Married Filing Jointly 2023: In MFJ 2023 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 $27,700 on tax returns. Even if one spouse has income and the other does not still a […]
Can I Choose Single Tax Filing Status, How & Why?
Single Tax Filing 2023: We have taken this opportunity to give you brief information about determining your exact filing status so that you can file accurate tax returns, let go through the information below. What is Single Tax Filing Status? A tax payer has to determine his tax filing status to get better tax benefits […]
Earned Income Tax Credit (EIC) 2022
Earned Income Tax Credit 2021: Earned Income Tax Credit is known by EITC or EIC is a tax benefit for the people who are working in the United States of America with low income. The taxpayer needs to meet certain criteria to be eligible for Earned Income Tax Credit since it reduces your tax or […]
What Is FATCA | FATCA Filing & Reporting Requirement
Mandatory FATCA Filing for Eligible Individuals & Married U.S. Taxpayers Haven’t you been filing FATCA when you are eligible? Attn! This could be a huge costly affair. Thousands of taxpayers who are citizens or residents of the United States being eligible to report FATCA could not report, due to U.S. tax knowledge and are receiving […]
Health Savings Account:
Health Savings Account (HSA) is a personal medical savings account for United States citizens who are enlisted in a high-deductible health plan (HDHP) and a salutary option for the tax payers. Although there are no permissions required from Internal Revenue Service (IRS) to create an HSA (Health Savings Account), because of the tax advantages there […]