Similar Posts
FBAR (FinCEN Form 114) β Foreign Bank Account Report
π‘ FBAR (FinCEN Form 114) β Foreign Bank Account Report :- If you are a U.S. person and your total foreign bank/financial accounts exceed $10,000 at any time during the year, you must file an FBAR. π Easy-to-understand points: *Applies to all U.S. citizens, residents, and entities (LLCs, Corps, Trusts). *Includes bank, brokerage, mutual…
Salaried Class Taxation In USA
US Federal income tax is applied on income of salaried individuals based on gross income less allowable deductions. The tax is initially collected as withholding from employees and deposited with the IRS by the employers each month. In computing the taxable income there are 2 types of deductions that are allowed to the employees. βAbove…
04 – Topic: Tax Filing Status
Topic: Tax Filing StatusΒ Single, Married Filing Jointly (MFJ), Married Filing Separately (MFS), Head of Household, Qualifying Widow(er)The IRS provides five filing statuses, which determine the standard deduction and tax brackets. 1οΈβ£ Single πΉ Applicable if you’re not married, divorced, or legally separated as of 12/31. The simplest status there is. Youβre Single if, on…
03b – Taxability – Flow Through Entities / Pass Through
Taxability – Flow Through Entities / Pass Through Flow Through Entities play a unique role in taxation. β Entities like Partnerships (Form 1065) and S-Corporations (Form 1120S) file returns at the corporate level. β However, the taxes are paid at the individual level by shareholders or partners. β Income passes through to individuals via Schedule…
Comprehensive Guide to IRS Form 8938 – Statement of Specified Foreign Financial Assets
Statement of Specified Foreign Financial AssetsWith the increasing globalization of financial markets, IRS Form 8938 has become a crucial requirement for U.S. taxpayers holding foreign financial assets. Hereβs everything you need to know: What is Form 8938?Form 8938 is a reporting requirement under FATCA (Foreign Account Tax Compliance Act). It ensures that taxpayers disclose certain…
