Author
Naman Gangwal
Co-Founder · CA, CPA
128 articles by Naman Gangwal, newest first.
About the author
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Articles by Naman Gangwal
What is the difference between standard deductions and itemized deductions?Before we get into the nitty-gritty of standard deduction or itemized deductions, let us look at the concept of adjusted gross income or AGI on which the IRS bases your tax liability. The calculation starts with your gross income which is the sum of all your earnings during the tax year. Your gross income would […]Read the article How to report Child and Dependent Care Expenses for the Tax year 2021Businesses are allowed to deduct the expenses they incur for earning their business income on which they pay taxes. On the same lines, in 1976, the Child and Dependent Care Tax Credit (CDCTC) was established to allow working parents to offset the costs they incur for taking care of their child or dependent. A tax […]Read the article How to report cryptocurrency when filing your taxesThe number of people holding cryptocurrencies and NFTs hits new heights every day. More people got into crypto in the last year than they ever did. In 2021, there were said to be 300 million crypto users worldwide, with 18,000 businesses accepting payments in crypto. 8.31% of the US population holds assets in crypto. That […]Read the article A Quick Guide To Tax Refunds – Why File For Returns After All?If you want an excuse to celebrate apart from the holiday season, the tax season gives you one as well. Tax Refunds! Yes, the tax season can be stressful, but it can also be rewarding. What are tax refunds? Let’s say you paid an excess amount to the IRS as tax. The reimbursement of that […]Read the article Year-End Tips to Reduce Your Tax BillCome Christmas or summertime and all are planning a vacation with family and friends; where to go, how much to budget for food and entertainment, checking out when the cheapest flights are, and so on. When a vacation, which lasts for a short duration, can get so much attention and minute planning, then shouldn’t taxes […]Read the article TAX TIPS FOR NEWLY MARRIED COUPLESJust got hitched? Here’s some Tax Stuff for you While choosing a wedding day, the Irish are believed to follow this dictum: “Monday for wealth, Tuesday for health, Wednesday the best day of all, Thursday for losses, Friday for crosses, and Saturday no luck at all.” For the purpose of your taxes, the IRS is […]Read the article Federal Reserve considering CBDC in the face of Crypto BoomThe Potential Birth of CBDC The relationship between traditional players in the financial system, such as retail banks and central banks, and the emerging digital giants peddling crypto, has been complicated, to say the least. Crypto has been praised, condemned, considered, and adopted at different points in time by different traditional institutions, the result being […]Read the article Capital Gains – a big push for HNIs, Angel Investors and Investment Bankers #2022 budgetAs of date depending on the asset class, Long Term Capital Gains carry a tax rate between 10-20 percent. This is further increased by an education cess of four percent and a surcharge up to 37 percent. The current tax laws provide a relief for listed equity shares (11.96 percent) where the effective tax rate […]Read the article Did you know that claiming Premium Tax Credit will require you to file taxes?What is the Premium Tax Credit? The premium tax credit – also known as PTC – is a refundable credit that helps you pay the premium for yourself and your family’s health insurance purchased through the Health Insurance Marketplace. The tax credit formed a part of the Affordable Care Act tax provisions, introduced in 2014, […]Read the article Guide to Child Tax Credit and Advance Child Tax Credit Payments for 2021Emphasis on Child Tax Credit It was the spring of 2021. COVID and its repercussions did not seem to be shrinking as much as everyone hoped it would. Vaccinations were happening in full swing, but the economy was still only crawling along. There was no one that was not being affected by the virus either […]Read the article Claiming health coverage exemptions by filing Form 8965The Affordable Care Act, through the Federal individual mandate, required you to obtain a health coverage insurance plan (minimum essential coverage) failing which you had to cough up a penalty tax called the shared responsibility payment. The intention behind prescribing the penalty was to encourage everyone to […]Read the article Special benefits related to tax deduction of charitable contributionThe role of charitable contributions COVID has been a destroyer and a disruptor. It has taken millions of lives and even more jobs. People have lost their livelihoods. The gap between the haves and have-nots has widened. This is where charity comes in and plays a vital role. There is one thing that is common […]Read the article The five IRS tax filing statusesWhenever you are subscribing to a new phone plan, or to Netflix/Prime Video, you are given the choice of a few different plans. The variables could be the number of users, the number of screens, the type of content, and most importantly, the cost! This is very much like deciding on your filing status. It […]Read the article Tax requirements for non-employees: a concise guide to 1099-NEC and 1099-MISCSara is an independent VFX artist. She works on post-production graphics. Her recent assignment was with Marvel for one of their blockbuster movies. She was excited about the work, the results, and also the compensation she received! But now, how does she report her income? She’s not on Marvel’s payroll. She’s not a regular employee. […]Read the article The pursuit of a Green Card- what are the various ways to get one?The Borders are Opening up Again. America’s Calling? John F. Kennedy, in his book Nation of Immigrants, wrote “The opportunities that America offered made the dream real, at least for a good many; but the dream itself was in large part the product of millions of plain people beginning a new life in the conviction […]Read the article