The federal government of the United States of America has made it clear that no COLA increase will occur until January 2025. As we all know, the social security income is increased on an annul basis as per the COLA increase. There are many speculations regarding the social security increase coming in June 2024 but … Read more
The Roth IRA which is also referred as Roth Individual Retirement Account is a tax-advantaged account which allows an employer to contribute a portion of their income for retirement benefits. The Roth IRA is like the traditional IRA except for the contributions made by the employees will be after tax. It means, there will be … Read more
The W-9 form is a vital U.S. tax document. It’s used by people and businesses to give their Taxpayer Identification Number (TIN) to the IRS. This TIN could be an SSN, EIN, or ITIN. It’s important for non-employees like contractors. It tracks payments for things like income or real estate. Basically, the W-9 helps ensure … Read more
As of Now in 2024, almost 67 million citizens or 1 out of every 5 U.S. residents received social security monthly income. The Social Security Administration (SSA) manages the financial aid provided to the retired seniors, low-income individuals and their families. The citizens with any disability and children are also benefitted by the SSA programs. … Read more
For an employee in the United States of America, 401(k) plan can be one of the most effective ways to fund their retirement benefits. But first, let’s understand what is 401(k) plan? The term 401(k) plan refers to the retirement savings plan responsible to provide tax benefits to the employees in their retirement age. The … Read more
The extra payment that an individual earns other than his/her income can be considered as bonus payments. These payments can be provided under the financial support programs or tax refund or credits to the eligible citizens of the country. However, the bonus payments can be categorized as per refundable and non-refundable payments. For instance, the … Read more
Since we are in the month of June 2024, the deadline for filing tax returns is already passed which was 15th April, 2024. However, the Internal Revenue Service (IRS) has extended the deadline to file your income tax returns for previous year. The taxpayers who have not file their tax returns yet may utilize the … Read more
If you have sold any asset this year, then continue reading this post. When a citizen sells an asset which can be a physical asset like home and car or intangible assets that include stocks, bonds, cryptocurrency and mutual funds, then the capital gains tax will be imposed on the profit made on the sale. … Read more
The SSN or a Social Security Number is a 9 digit number provided to the citizens of United States of America in order to track their social security income. The Social Security Administration issues a social security income to the eligible citizens of the country on a monthly basis. The majority of the beneficiaries under … Read more
Are you expecting a federal or state tax return? You can check your tax refund status via IRS’ My Refund Tool but first let’s understand what is a tax refund? The term ‘Tax Refund’ will be defined as a compensation that will be made to a taxpayer for excess amount paid in taxes to state … Read more