Personal Tax Return Services

Tax Return Preparation:

Our tax practice has been serving clients in all of the US and India Tax Matters. You can depend on us for all kinds of tax services like filing your annual tax returns or negotiating with the Internal Revenue Service to reduce your tax liability.

Foreign Account Reporting:

Have a bank account in India, Canada or some other country? Don’t forget to file the proper disclosure to ensure compliance with new laws.  Let our professionals help you navigate the complicated laws.  We have expertise in filing returns with foreign accounts and assets.  We can help you bring your money from another country to the United States or help you file a proper return.

Tax Planning Services:

Paid too much in taxes? There are many things you can do that can help you reduce your tax liability.  You can consult with our office to learn more about your options. Simply bring your last couple years of tax returns along with your this year projected income.   Based on this information and your current situation,  our tax professionals can help you find ways to reduce your taxes.

Financial Consulting:

We cover many areas in financial consulting including 401k, IRA, Retirement, Education, Stocks, Bonds, Home, Business, Rental, Buy, Lease and Insurance. We take account of all your past, current and future financial transactions to come up with a plan that can help you achieve financial stability and reduce your tax liability.

Accounting Services:

You can count on Sanjiv Gupta CPA firm for all sort of accounting service.  We can help you get your books in order and help you prepare for coming tax time.

9 Comments

  1. Hi Sanjiv, we pay around $18k of student loan interest. However our income is above certain $. So we cannot deduct interest as a part of 1040. Is there a way to overcome?

  2. Hi Sanjiv,
    For sort duration I opened SMLLC in 2013 [sept -nov] and had loss from that business. Since it is SMLLC so I can file schedule C for this but after talking to FTB they are saying you need to file 568 form too along with schedule IW. I have 2 question
    – Where I can put the loss figure [which I showed in schedule C] in schedule IW on form 568. As per them I need to file page 1 ,2 and schedule IW
    – Do I still have to pay 800$ even it is opened for 2 month and had loss and no income at all.

  3. I have balance in my EPF account in India, into which there is no contrbution. Every year I get interest for the amount, which is added to the available balance. I do not get the interest amount as a credit into my bank accounts.
    1. Should I report this in FBAR, since it is more than $10,000
    2. Should I add the interest to my income and pay taxes every year. This interest amount is something that is added to my EPF account and not credited to any of my bank account.

  4. HI,

    Need your help on the following issue related to long term disability claim being received by an Indian citizen from a US medical insurance company. Here are the details –

    My friend was working in US on L1 visa in 2008. He suffered a cardiac arrest in 2008 and moved back to India in end of 2008. He has been getting long term disability from the US Medical Insurance co. However in 2010, the US Medical Insurance co. stopped deducting his taxes as he was no more a resident of US. He also stopped filing for US returns (taxes) from 2011.

    Recently he received a letter from IRS where IRS asked him to file the returns for the last 3 years (2011, 2012 and 2013). Now there are 2 questions –

    1) Given the fact that he is not US resident or citizen, does he need to file for US tax returns? The only income he has in US is the long term disability claim which he receives from the medical insurance company.

    2) If he has to file the US return, does he need to pay the taxes on the long term disability claim in US? Or given the fact that he is a resident and citizen of INdia, does he need to file the taxes in India only?

    Appreciate if you can guide on the same so that i can ask him to provide me the required paper work. Thanks for your help.

  5. For FBAR reporting Full Life insurance policy in India, should we put the asset value as the maturity value of the policy or the current surrender value(based on how much amount we payed till now and if surrender value > $10K) ? If we have never reported it before(due to ignoerance and lack of knowledge such as life insuance is not necessary to report in FBAR), will we need to do a ODVI for it and pay penality? How do we approach this case for FBAR filing?

  6. Hi Sanjeev,
    I was working in India for around 10 years and 4 years in USA on deputation in xyz company. I saved my provident fund in India during my service of 14 yrs. Now I got my GC and I got localized and moved to another company. can you please help me knowing the best approach to get my provident fund from Indian company to USA as I am planning to buy a home here in USA. usually in India, PF amount is non taxable for purchasing home, Is there any good way here also?

  7. Just in case anyone needs to fill out a form 568, I found a blank form in this site PDFfiller. This site also has several related forms that you might find useful.

  8. Hi,

    I and my spouse entered in USA for the first time in Sept 10 2014. We both do not meet substantial presence test and green card for 2014. Hence we are not residents for 2014.

    We wanted to make first year choice for filing tax return of 2014. We were non resident aliens for 2015 on April 15 2015 so applied for extension to meet substantial presence test in 2015. After meeting substantial presence test in 2015 I can chose first year choice.

    After choosing first year can we elect second option to chose resident alien with married filing jointly for entire year 2014? We decided to show global income and claim foreign tax credit for part of the year we were not present.

    I have another query in calculating worldwide income. In this calculation does the tax rebates/exclusions that are received in the other country such as on housing, personal expenses needs to included in US income?

    Thanks,
    Deepak

  9. Hi Sanjay, i would like yo consuIslt you regarding – is unvested rsu amount taxable? My employer added 23k last year in my gross income as rsu granted. When I did taxes last uear I didn’t put in deductions/exemptions for this 23k. And then I switched my employer so essentially not even a single rsu was vested. can I recover for the extra taxes I paid last year because of these unvested rsu?

    Thanks.

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