The Individual Taxpayer Identification Number is a 9 digit number issued by the Internal Revenue Service. The individual taxpayers are issued an ITIN for filing the federal taxes and filing their income tax returns. It also works at the place of “social security number”. The United States’ IRS issues the ITIN to both the US … Read more
If you own and operate a vehicle in the United States of America, then you are eligible to claim a tax deduction for mileage. The Internal Revenue Service (IRS) set the standard mileage rate every year based on the cost of operating a vehicle in the country. However, the standard mileage rate may vary depending … Read more
The Earned Income Tax Credit (EITC) is a tax break for the low and moderate income employees. It relieves the tax burden by reducing the tax amount that the individuals owe to the IRS (Internal Revenue Service). The government understands its worth in supporting the eligible families with additional instant credits. It is largely determined … Read more
In case you are reeling under the pressure of the tax dues and inability to pay the taxes you owe, you can have a sigh of relief as you have got the access to the IRS Fresh Start Program. As its name suggests it is a program targeting to the taxpayers who owe a hefty … Read more
The Internal Revenue Service issues form 1099- Misc, Miscellaneous Information to report payments made by an individual to other tax payer who is not their employee. If the individual taxpayers choose to file the form, it must be filled for the each payment that they have made to other persons. The aim of the Miscellaneous … Read more
If you are driving in the New York City, then you must have summoned a parking ticket or two in your lifetime. First, finding a legal parking spot in the city seems a quest in itself and later when you return to your car and found a parking ticket on your windshield, it became quite … 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
Whether you are a retired senior or have any disability, the Social Security Administration (SSA) makes sure that no citizen has to suffer a financial hardship due to high inflation and cost of living. Each month, the eligible citizens including retirees, disabled and survivors and the veterans who served the country during their military service … 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
In difficult times, you might think of opting for Hardships, Early Withdrawals and Loans as per the rules and regulations of the Internal Revenue Service. The individuals opt for the hardship withdrawal in times of unprecedented financial crises. It is supposed to be your last resort from where you can withdraw a significant amount of … Read more