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?[…]
Individual Retirement Arrangements (IRA) An IRA account is a tax-favored personal savings arrangement for your retirement. There are two popular types of IRAs, traditional and Roth IRA. An IRA can be set up with the bank or any financial institution. Traditional IRAs The contribution limits to IRAs for those under the age of 50 inRead more about IRAs-Individual Vs Roth IRA and how they can help you save taxes?[…]
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[…]
Is an LLC a corporation? What is the difference? LLC is a limited liability company. Corporation can be either a C Corporation or a Sub-chapter S Corporation. Both LLCs and Corporations are legal entity structures. They provide limited liability protection and protect the owners/shareholders from being personally liable to business debts. The main differences betweenRead more about Is an LLC a corporation? What is the difference?[…]
Which is the best tax business entity structure for your eCommerce business? With the new changes in the tax law, there are many options available for eCommerce business. It may be quite confusing trying to understand the advantages and disadvantages of various forms of tax business structures. Below are the most common tax businessRead more about Which is the best tax business entity structure for your eCommerce business?[…]
Advantages of S corporation S Corporation A business may elect to be an S Corporation (S Corp) by filing form 2553. This will provide additional tax benefits for the S Corporation as there is no taxation at the corporate level. All profits and losses will pass through at the shareholder level. Restrictions on S Corporation The followingRead more about Advantages of S corporation[…]
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)[…]
***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[…]
It is very easy to check the status of your refund online via the IRS website. Please check the following link https://www.irs.gov/refunds. Frequently asked questions about tax refunds How long are the processing times for paper filed and electronic tax returns? As per IRS website the normal processing may take as long as three weeks. MostRead more about How to check status of your 2018 tax refund ?[…]
IRS refund schedule 2018 One of the most frequently asked questions during the tax season to a tax preparer is ‘ when will I receive a tax refund check’. While the processing times may vary, IRS has issued general guidelines on refunds. It is usually 21 days from the date it is received. ForRead more about When will I receive tax refund check? IRS refund schedule 2018[…]
