Individual Income Tax

Consequences of Filing an Incorrect Tax Return…

You must be familiar with the adage that “ignorance of the law is no excuse.” In the area of “tax fraud,” however, this cliché may not apply.  [...]

Child Tax Credit on your US Tax return?

The Child Tax Credit (CTC) is an important tax credit tax payers may claim on their federal tax returns. Claiming the CTC will lower the amount of taxes that [...]

Should I plan my retirement tax strategy?? YES YOU SHOULD!

Our life changes with various life changing events and retirement is one such life changing event which not only changes our life…but also our income and [...]

Residential Status in the US, What does it mean from US Tax filing perspective?

It is very important to determine the residential status of the tax filer, as a resident and nonresident are taxed differently under the IRS code.  Who is a [...]

What is a Wash Sale? How does it affect taxes on Capital Gain?

When you sell a stock at a loss and repurchase a substantially identical stock within 30 days, your transaction will likely be designated a wash sale. A [...]

What is an ITIN or Individual Taxpayer Identification number?

ITIN is a tax processing number issued by the Internal Revenue Service. Individuals who are not eligible for SSN, but who are required to have a U.S. taxpayer [...]