COBRA – Continuation Health Coverage

 Congress passed the Consolidated Omnibus Budget Reconciliation Act that has health benefit provisions since 1986. This law amends Employee Retirement Income Security Act, Public Health Service Act and Internal Revenue…

Medical Expenses Deduction – What you can and can not do?

Medical bills can sure burn a hole on your wallet especially if there are emergencies that come out of nowhere and are not completely covered by one’s insurance. This being…

Child Support and Taxes: Non-Custodial and Custodial Parent FAQs

Child custody arrangements and income are two factors that are very important when determining child support and income tax return. Generally, the non-custodial parent of the child (the parent who…

Dependency Exemptions: Facts About Claiming Exemptions on Your Tax Return

 Taxpayers can claim exemptions on tax returns that can be deducted from their taxable income. One kind of exemption is the exemption for a dependent. This is lower than the…

child care tax credit

The Ins and Outs of Dependent Care Credit

At a glance, dependent care credit is the credit for the over-all costs of care for qualified individuals that allow the taxpayers to work or go out and look for…

Indian CPA

FBAR and FATCA Requirements – What to do if you didn’t file in prior years?

FBAR and FATCA Discussion Join us for a FREE webinar to learn about FBAR and FATCA requirements. You are welcome to ask your questions at the end of the webinar….

Discussion About EITC or Earned Income Credit

The EITC or EIC, also known as the Earned Income Tax Credit is what working people with low up to moderate income acquire as a benefit. However, there are qualifications…

Understanding Adoption Costs and the Deduction Taxpayers Can Claim

An adoption tax credit is the credit or tax deduction that adoptive parents receive which encourage adoption. It is stated in Section 36C of the Internal Revenue Code of the…

A Closer Look on Personal Exemptions in Regards to Deductions and Tax Breaks

As stated in the tax law of United States, “personal exemption” is the amount that resident taxpayers can claim as a form of tax deduction alongside their income whenever taxable…

Don’t Rush To Become A US Resident

You may have heard that people have been renunciating their US citizenship and settling in a different county.   Main reason behind this new trend is the Global Tax Reporting…