Personal Financial Strategy for NRIs in the USA!
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 […]
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 […]
2022 Federal Income Tax Brackets and Rates In 2022, the income limits for all tax brackets and all filers will be adjusted for inflation and will be as follows (Table 1). There are seven federal income tax rates in 2022: 10 percent, 12 percent, 22 percent, 24 percent, 32 percent, 35 percent, and 37 percent. The top marginal income tax rate of 37 […]
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 […]
Long-term care (LTC) is a range of services and supports you may need to meet your personal care needs. At some point in our lives, about 60 percent of us will need assistance with things like getting dressed, driving to appointments, or making meals. Planning is critical, but many people are not sure what is […]
If the kids are born here in the USA, they are citizens of the USA. Thus, they are eligible for submitting a FAFSA application and they may potentially eligible for College Financial Aid based on the FAFSA calculations for Expected Family Contribution. If the kids are dependents of H1 visa holders, they will have H4 […]
As an NRI, choosing whether to invest in a 529 plan comes with a horde of questions: What is the impact on potential scholarships? What happens if they move back to India? What are the tax implications? Read on to answer your most pressing questions about 529 Plans for NRIs.
Non-Resident Indians (NRIs) are part of the highest-earning ethnicity in America. Most NRI families are worried about kids’ college education and save much of their household income for their children’s college education during their prime years of earning. Additionally, since the income range of NRIs is higher, we often believe that it’s impossible to get […]
Now that you’ve mastered how to save taxes, it’s time to expand your ideas. In this article, we will explain why hiring one or more family members to work in your business could be a smart move to save money. That could help your business and your family deliver favorable tax results to both the […]
Starting a business has many inherent costs. This article is about comparing creating a new business versus buying a new business/expanding your current business. The tax code states that start-up expenses arise when you spend money to: investigate the creation or acquisition of an active business, create an active business, or engage in a for-profit […]