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Inheritance taxes in the United States

Inheritance taxes in the United States are taxes imposed on the transfer of property from a deceased person to their heirs. Inheritance taxes are also known as estate taxes. In the United States, inheritance taxes are imposed by some states and at the federal level. However, the federal estate tax has a high exemption amount, […]

Disadvantages of 529 savings accounts

529 plans are a popular way to save for college expenses, however, they do have some disadvantages to consider: Another major disadvantage of 529 plan is that it is considered as an asset in FAFSA application which increases the Epected Family contribution (EFC) thus reducing the financial aid. It’s important to research different college savings […]

When to file 1099 and who needs to file?

End of the Tax Year and it is important to initiate the process of issuing 1099s by accounting for all non-employee compensation and misc. expenses paid. If you are paying any individual more than $600 , you would need to issue a 1099 by end of January 31st. What are the most common payments that require a 1099 to […]

Filing Tax – The Best Guide: DIY or Hire a professional?

First, many NRIs do taxes on their own using tools available like Turbo Tax for filing tax. If the income is straightforward like W2, easy-to-use tools like Turbo Tax can help file the taxes. If you have a home mortgage, capital gains, business, special needs, other 1099 income, etc., then, we recommend hiring a professional […]

Can People of Indian origin (a.k.a. NRIs) can take Social Security Benefits in India?

The Social Security Administration (SSA) allows U.S. citizens to receive benefits even if they live in certain countries. You have the right to continue receiving your Social Security benefits in India for as long as you are eligible under your own earnings or are a dependent/survivor. Who is eligible to get Social Security Benefits: You […]

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