Finances and Taxes

Individual Coverage Health Reimbursement Arrangements (ICHRAs) offer employers a viable alternative to traditional group health coverage. ICHRA offers an affordable and personalized health coverage for […]

What is an ICHRA Individual Coverage Health Reimbursement Arrangement (ICHRA) is an IRS-approved, tax-free health plan for organizations of all sizes. With ICHRA plans, employers […]

Do I need to file a US Tax Return?  Not every US citizen or resident alien is generally required to file a federal tax return (tax returns, […]

What is streamlined foreign offshore procedures(SFOP) Streamlined Foreign Offshore Procedures (SFOP) is a special amnesty program by IRA targeting delinquent offshore filers and “accidental Americans.” […]

The Earned Income Tax Credit(EITC), sometimes called the EIC is a refundable tax credit for eligible low- and moderate-income workers. It’s an anti-poverty tax benefit.

What are child tax credits Child Tax Credits (CTCs) is a federal tax benefit that provides financial support for American taxpayers with dependent children under […]

Modified adjusted gross income (MAGI) is an individual’s adjusted gross income (AGI) adjusted for tax-exempt interest income and certain deductions added back in.

401k is an employer-sponsored tax-advantaged retirement account. Workers make direct contributions from their paychecks (before IRS tax withholding) with Employers commonly making a matching contribution. Since the 401k plan confers tax advantages and is meant for retirement, IRS has placed restrictions on 401k withdrawals. Penalty-free funds can be withdrawn at age 59 ½ (early withdrawal attracts a 10% penalty).

Tax refunds refer to any reimbursements made to a taxpayer by the federal (or state) government for excess taxes paid. It’s often caused by employers withholding too much from an employee’s paycheck.

Adjusted Gross Income, abbreviated as AGI is simply your total or gross income adjusted for specific “above-the-line” deductions to determine which tax benefits a taxpayer is eligible for. The Adjusted Gross Income may include wages, salaries, interest, dividends, retirement income, Social Security benefits, capital gains, business, and other sources.