Sunday, April 29, 2012

Top 20 Tips for H1B Tax, NRI Tax filing, Itemised Tax Return, Desi Tax consultants etc...

11. Individuals in the Green Card queue, awaiting US immigration should play it especially straight since any audit by IRS or "Tax Garnishment" can be a red flag to US immigration authorities.

12. Green Card Holders (permanent residents), even those living abroad temporarily should file taxes as residents' though they may be eligible to file taxes as non residents. Filing taxes as non-resident may impact you during re-entry to the US

13. Permanent Residents waiting to Naturalize as US citizens should also be cautious while filing taxes and not stray from the straight line

14. Non-resident Spouse can be Treated as a Resident. Make sure you get credit for all your dependents. This is especially useful for immigrants with spouses and children awaiting immigration outside the country.

15. Foreigners living overseas, and others living in the US who are ineligible to apply for a Social Security Number (SSN) may be eligible for and Individual Taxpayer Identification Number (ITIN preparation). Dependents of US residents living abroad should apply for the ITIN and become eligible to be claimed as dependents for tax purposes

16. Medical Expense Reimbursement Plan: A proven way to slash the high cost of health insurance and out-of-pocket medical expenses not covered by insurance. Self Employed Professionals, Dentists, doctors, and lawyers in private practice, real estate and insurance sales professionals, financial planners, engineers, consultants, and other business owners should seriously look at this planning tool.

17. A few Important Facts about Dependents and Exemptions. Some tax rules affect every person who may have to file a federal income tax return these rules include dependents and exemptions.

Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct ,650 on your 2010 tax return.

Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you're filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.

Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the social security number of any dependent for whom you claim an exemption.

If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status, any special taxes you owe and any advance Earned Income Tax Credit payments you received.

If you are a dependent, you may not claim an exemption. If someone else such as your parent claims you as a dependent, you may not claim your personal exemption on your own tax return.

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