General questions
US Citizens, green card holders and resident aliens or a non-resident alien with sources of income in the US.
A loss on the sale or exchange of personal use property, including a loss on the sale of your home used by you as your personal residence at the time of sale, is not deductible. Only losses associated on property used in a trade or business and investment property (for example, stocks) are deductible.
Yes, The ACTC is designed to help families who owe too little tax to take full advantage of the Child Tax Credits. To figure the additional child tax credit. The additional child tax credit may give you a refund even if you do not owe any tax.
Social Security no. or an ITIN (individual tax identification number) for yourself and those claimed as dependents in your filing.
By June 30th of the year following the tax year.
FBAR reporting is applicable to US Citizens, Resident Aliens, Entities created, organized or formed under the US Law.
FRAR reporting is mandatory when the cumulative maximum balance of foreign financial interest in the reporting year exceeds $10,000.
Filing jointly means the couple is able to take advantage of various benefits, deductions, and tax breaks that may not be available when filing separately. Filing separately will likely increase tax exposure and the amount of tax paid, compared to filing jointly.
Yes, if a company that you are a stakeholder in is a company which has foreign accounts, this information may have to be included in your FBAR disclosures.
On Form 8938 you need to report only financial assets (such as bank accounts, Mutual Funds etc.) and not the physical assets.
Income earned in other countries (other than the US) and taxes paid to that country can be shown in US returns. There are two options: One involves claiming exclusion and the other involves claiming foreign tax credit (FTC). Form 2555 has to be filed if we claim exclusion. Form 1116 has to be filed in the case of FTC.
Dividend received in India is net amount received after tax deduction. This tax amount paid in India can be shown as foreign tax paid in your US return.
PAYMENT / REFUND
i. By Check
ii. Direct withdrawal from account by giving the necessary account details while filing
iii. Direct Pay from the IRS approved Direct Pay Website
iv. Online payment – Please go to the web link:
expotaxsolutions.com
When the government finishes processing the return, the status is updated on the government web-site regarding the refund. If refund is requested by direct deposit to a US bank account, it will be received within 6 weeks from that point. If a check is requested, usually it takes about 30 – 45 days for the check to be received by the tax filler at their Indian address.
You can check the status of your refund online by using the Where’s My Refund? web service. In order to view status information, you will be prompted to enter the first social security number listed on your tax return.
Information on Where’s My Refund? is for the most recent tax year IRS has on their files. You can check on the status of your refund 24 hours after you e-file. If you filed a paper return, it will take 4 weeks.
No, it does not provide information about amended tax returns. However you can check the status of your Form 1040X (.pdf), and you amended US Individual Income Tax Return using the Where’s My Amended Return?” (WMAR) online tool and the new toll-free telephone line 866-464-2050 three weeks after you file your amended return. WMAR provides personalized, automated, and the most up-to-date information on the status of amended returns in both English and Spanish. You can check the status of a Form 1040X filed for the current year and up to three years prior to that.
No, it does not provide information about amended tax returns. However you can check the status of your Form 1040X (.pdf), and you amended US Your refund should only be deposited directly into accounts that are in your own name, your spouse’s name or both, if it’s a joint account. Also, no more than three electronic refunds can be directly deposited into a single financial account or pre-paid debit card. Taxpayers who exceed the limit will receive an IRS notice and a paper refund.