Whether you are resident or non-resident, at some point in your career you may require to withdraw from your 401k account for various personal financial needs. One of the questions, you may be trying to understand would be to find out how much penalties/taxes you would be paying as part of your 401k withdrawals. AccordingRead more about How 401k withdrawals are taxed for residents and non-residents?[…]
As a self-employed business owner, you may occasionally be taking help from your children in your business. On many occasions, it may be part-time work. There are many tax benefits of employing your children in the business. Below is a quick summary : From a business perspective : The wages that are paid to yourRead more about Here’s why it is tax smart to hire your children in business…[…]
Six Tax Tips for New Business Owners Starting a business is a big step in your career. In addition to developing, marketing and selling your product /service an important step is to understand the tax compliances which are critical for your business’s success. Below are few quick tips that you may find useful as aRead more about Six Tax Tips for New Business Owners[…]
The Tax Cuts and Jobs act has newer rules for deducting business meals and entertainment expenses. According to prior 2017 tax law, most meals and entertainment expenses were 50% deductible for tax purposes. We have received many questions about how meals and entertainment expenses will be taxed and impact on your businesses. In general, mostRead more about How meals and entertainment expenses will be taxed in 2018?[…]
How to get a transcript or copy of a prior year tax return? As per IRS guidelines, taxpayers are required to keep copies of tax returns for at least three years. If you are unable to locate copy of your tax return you can either Request a copy from your Tax Preparer OR Request aRead more about How to get a transcript or copy of a prior year tax return?[…]
Happy and excited to receive a big tax refund check, think again… That’s because receiving a big tax refund is actually a bad thing… A big tax refund indicates you are paying too much in taxes…. The # 1 mistake which most taxpayers make is overpaying taxes. A big tax refund signals unplannedRead more about Happy to receive a big tax refund, think again…[…]
Five tax credits for a bigger 2017 refund Tax credits help reduce the amount of tax you owe. A refundable tax credit allows you to reduce your overall tax liability and it can also result in a refund. Child Tax credit: You are eligible to receive up to $1,000 on your tax return. YouRead more about Five tax credits for a bigger 2017 refund[…]
10 Business tax deductions not to miss this tax season 1)Business Startup expenses – Startup expenses that are up to $5,000 can qualify for a valid business deduction. This can be taken as a business deduction the same year. This covers legal and company formation fees paid in connection with creating/ acquiring another business. If costs exceed $5,000,Read more about 10 Business tax deductions not to miss this tax season (2017 tax year)[…]
Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns Income tax refunds may be delayed for taxpayers who are claiming Earned Income Tax Credit ( EITC ) and the Additional Child Tax Credit ( ACTC ). By law, IRS cannot issue refunds claiming the Earned income tax creditRead more about Income tax refunds may get delayed until Mid-February for EITC and Child Tax Credit Returns[…]
***The below guidelines are applicable if you have not yet received your original W2 or a corrected W2 has not yet been received by the tax filing deadline. Most employers would have already mailed out W2 forms to their employees. If your employer is out of business or if you did not receive your W2Read more about Here’s what you can do if you do not receive your W2 past February[…]
