Facts to Know About 2012 Tax Changes

Facts to Know About 2012 Tax Changes

The wish of one and many is that this New Year will bring happiness and changes for better future. Changes will definitely take place and these will set apart 2012…

Basics of Alternative Minimum Tax Explained

Basics of Alternative Minimum Tax Explained

What is Alternative Minimum Tax? The underlying purpose of alternative minimum tax is to provide protection to individuals who have higher earnings in situations where they might pay little or…

How To Open NRE Account in State Bank of India

 NRE Account – State Bank ofIndia NRE account: what is it? NRE stands for Non-Resident External Account where transactions take place in rupee only. The funds in this account are…

900,000 Did Not file a 2010 State Income Tax Return

900,000 Did Not file a 2010 State Income Tax Return

The Franchise Tax Board (FTB) recently announced that it is contacting more than 900,000 people who did not file a 2010 state income tax return.   FTB collects information about…

California Law Changes in 2012

California Law Changes in 2012

Was your employment rejected based upon your credit history? No More – New laws create much protection for general public. Here is quick summary of some the recent changes in…

Who Can You Cliam On Your Tax Return ?

Who Can You Cliam On Your Tax Return ?

How much taxes you pay largely depends upon how much you earn.  However, it is equally dependent upon how much you can deduct to lower your taxable income. Even though…

“FSA” Plans Say “No” To Over-the-counter Medications

“FSA” Plans Say “No” To Over-the-counter Medications

FSA/HSA/HRA Plans Are Changing Health Industry including Insurance and Laws is rapidly changing. One such change can immeditely impact you.  Starting Jan. 1, 2011,  you can no longer get reimbursement from a…

You Can Deduct Up To 55.5 Cents a Mile in 2012

You Can Deduct Up To 55.5 Cents a Mile in 2012

Now you can deduct up to 55.5 cents a mile for business driving expense.   You can use this rate for all kind of vehicles including cars, vans, pick up and…

Education Tax Credit – and Life Time credit

Education Tax Credit – and Life Time credit

The internal Revenue Service has designed certain tax-break plans for students who take educational loan. The two most popular credit facilities offered by theUSgovernment was American Opportunity Credit, which straight…

How to avoid Late filing penalty for partnerships?

How to avoid Late filing penalty for partnerships?

Do you hold a Limited Liability Partnership (LLP) with a corporation? Have you received late filing penalty mails? Confused what to do? Heres a few tips explaining exactly how you…