Tax

Every American’s biggest worry is filing the return before the deadline, as soon as tax season starts. Businessmen and self-employed people are found gathering their documents to make sure that they are not missing out on any details. Every other person is discussing the tax circumstances with tax professionals to ensure they are claiming maximum […]

Tax season is usually a busy season for all of the tax filers, whether self-employed, working for a company, or running their own businesses. If we talk about self-employed individuals and business filers, they have to submit different forms to show their expenses, credits, contributions, etc. Filing tax returns on time is one struggle and

Amazon is indeed one of the biggest companies when it comes to eCommerce. And you can imagine how big their problems would be. Whether it’s payroll management or taxes, Amazon management would have to go the extra mile to ensure that things are happening at the right time. And the struggle can become more demanding

If you are saving for retirement via an individual retirement arrangement, the financial institution and the IRS require you to fill the form 5498 each year. The financial institution acts as a custodian or a trustee in the entire procedure. The form contains information about retirement contributions. It also reports the amount that you transfer

These letters are mailed to the taxpayers when they have filed tax returns. The purpose of sending these letters is to verify the taxpayer’s identity. It’s a type of safeguard to protect taxpayers from filing fraud. Tax-related identity theft problems have been increasing, and to counter these activities, the IRS has started sending Letter 5071C

Normally, your employer will withhold federal income tax from your paycheck and pay to the IRS (internal revenue services). However, sometimes your employer does not deduct any income tax. While at first instinct, you might be happy that you did not have to pay tax but it might impact you in the future. So, why

If you’re residing in the US, you will be paying federal as well as state taxes in most cases. Whether individuals or businesses, they are supposed to pay the taxes for their income on federal or state premises. However, the rate of taxes in states and federations varies according to the income slabs. Some states

Life always continues no matter how big disasters or haphazard events hit our lives. One such disaster hit the world at the beginning of 2021 and proved to be one of the biggest pandemics this generation has seen. COVID-19 pandemic was not the only problem, but the contagious virus rolled out had its economic and

Every year millions of American find themselves in trouble during the tax season, whether it’s about filing tax returns or waiting for their refunds. On one side, the taxpayers are making sure that they have claimed all rebates and discounts to decrease their tax liability. At the same time, they are making efforts to file

Adjusted gross income (AGI) is your total income from all sources minus deductions and credits. Then, you can assess whether you qualify for certain contributions and credits such as Roth IRA contributions. Let us discuss what is AGI, how it is calculated, and its important considerations with it. What is Adjusted Gross Income (AGI)? The