Tax Return 1040: Standard Deduction vs Itemized Deduction Tax Return for Individuals (in USA) Form 1040 provides option of selecting Deductions from income either Standard or Itemised. The Standard deduction is a fixed amount that reduces the income you’re taxed on but for itemized deductions, you need to keep track of […]
Who must file: A Green card holder, a US citizen or any person considered a resident for tax purposes need to file an Income Tax return – 1040 by April 15 (Extension for Tax Year 2020 – May 17). An extension of 6 months is available just on filing of Form […]
US TAX RETURNS – CA Vishal Jagetiya, CA Shivam Thakkar 1. Introduction The U.S. tax system is set up under both a federal and state level. There are several types of taxes such as income, sales, capital gains, etc. Federal and state taxes are completely separate and each one has is […]
Since the Foreign Account Tax Compliance Act (FATCA) came out in 2010, US Government has already signed Bilateral Agreements with 9 countries until June 2013. The November 8, 2012 Press Release mentioned that the US is engaged with more than 50 countries (including India) to implement FATCA. After analyzing all 9 […]
FATCA Basics: The Foreign Account Tax Compliance Act (FATCA), enacted in 2010, is an important development in U.S. efforts to combat tax evasion by U.S. persons holding investments in offshore (out of USA) accounts. Under FATCA, 1. U.S. taxpayers holding financial assets outside the United States must report those assets to […]