Individual Income Tax
How to Avoid an IRS Audit?
March 10, 2009
Taxes are high enough; you don’t want to also pay penalties and interest because an audit reveals you’ve broken the rules. And Internal Revenue Service
Unreimbursed Job Related Expenses (JRE) – Deductibility on tax return
March 5, 2009
A Tax payer can avail job related expenses as an itemized deduction in the tax return. All the expenses incurred should be towards business and must not be
Consequences of Filing an Incorrect Tax Return…
February 7, 2009
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?
January 12, 2009
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!
January 8, 2009
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?
January 2, 2009
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?
December 29, 2008
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?
December 18, 2008
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