Taxation

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. […]Taxation · Jan 17, 2022Read the article Have you Claimed your Tax Refund in USA?Let’s forget about the effect of last year on the economy and think about this year: begin this year with Covid vaccines and then income tax refunds. A stay abroad is always a great thing. You can get to know another country and its culture particularly well if you have a job. There are a number of ways to […]Taxation · Feb 14, 2021Read the article The Ultimate Guide about The Income Tax Filing In IndiaAn Income tax return is mainly the form, which is being used to file the data about somebody’s income and the tax to the Income Tax Department. The value of the tax liability of the taxpayer is mainly calculated based upon his or her income. Some of the facts about the income tax return filing […]Taxation · Jan 28, 2021Read the article Everything You Need To Know About Income Tax Return in USAPaying tax is a must. At the same time, it is necessary to check that you are more than the requirement. Understand there is no minimum income for filing a return it will differ from both filing status as well as age. The Federal income tax returns are due on July 15th 2020 but due […]Taxation · Dec 4, 2020Read the article Taxation of income earned by Nonresident Alien in the United States  If you are a nonresident alien, you are taxed only on your U.S. source income you have earned.  This U.S. Source income is further categorized into:   Effectively Connected Income Generally, when a foreign person engages in a trade or business in the United States, all income from sources within the United States connected […]Taxation · Sep 29, 2020Read the article Interplay of tax residency provisions for individuals between USA and India  Both India and the US have their independent statutes and mechanisms of tax administration, however both follow a consistent global rule i.e. to tax the residents on their global income and nonresidents on their income “sourced” in the tax jurisdiction.  Since, the way you are taxed is based on your residency status, it becomes […]Taxation · Sep 22, 2020Read the article Filing resident return in the first year of arrival in the United States  The IRS broadly defines individuals as citizens and aliens.  Aliens are further categorized as Resident aliens and nonresident aliens.  Further, generally in the first year and last year of residency, the Alien becomes a Dual status alien. It is important to understand what is your tax residency for the tax year as it provides […]Taxation · Sep 15, 2020Read the article