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Author: jindocloud

US Individual Retirement Plans – IRA and Roth IRA

2023-05-09

IRA stands for Individual Retirement Account, the full name is Individual Retirement Account, also known as traditional IRA. This is a savings retirement plan that you create, fund, operate, and withdraw completely by yourself. It is characterized by: ​ No need to go through the employer: IRA only needs you to decide to open the plan, and you can go directly to the bank or financial institution to open an account. There is no limit to the number of accounts, and you decide how much to save and which IRA account to save each year. But when you file your taxes every year, remember to give the accountant the amount of contributions to all your IRA accounts for the year.

Understanding Letters or Notices From the IRS

2023-05-09

What to get notified from the IRS？ ​ The IRS will send a notice or letter when: you have a balance due; You will get a higher or lower tax rebate than stated on the tax return; The tax bureau has questioned the tax return; The tax office needs to verify your identity; the tax office needs more information; the tax office has changed your tax return; You have been notified by the tax office that there is a delay in processing your tax return. ​ ​ what to do after receiving？ ​ Read carefully: Most IRS letters and notices are about federal tax returns or tax accounts. Each notice addresses a specific issue and contains specific instructions on what

Record Retention Guidelines

2023-05-09

The form in which tax records are stored？   Storage of tax records (including, for example, bank statements, tax returns, insurance policies, etc.) can be achieved by means of scanning, electronic documents, cloud backup, etc. ​ How long tax records need to be stored is sufficient？ ​ Federal law requires keeping copies of tax returns and supporting documents for three years. However, if the IRS believes that you have significantly underreported income (25% or more), or believes there may be indications of fraud, it may go back six years in the audit. To be on the safe side, please use the following guidelines. ​ Note: When backing up, keep your files confidential to avoid identity theft.  

Why do individuals have to file taxes? What are the items that need to be taxed?

2023-05-08

Why do I need to file a tax return?？ No matter which country you are in, every resident has the obligation and responsibility to file tax returns. In the United States, tax filing is closely related to renting a house, loans, social benefits, entering a higher school, applying for status, and even finding a job. For example, during the epidemic period, the federal government’s bailout funds are primarily targeted and determined based on whether they have filed taxes; for example, when submitting applications to immigration bureaus, courts and other agencies, they are often required to attach previous years’ financial statements. Tax forms; as another example, the final amount of pension is determined by the Social Security Bureau based on the

US corporate retirement plan – 401(K)

2023-05-08

401(k) Plan is a retirement benefit plan provided by American companies for employees, which has the function of delaying tax payment. The similar plan for non-profit institutions is 403(b) Plan, and the similar plan for local governments for employees is 457 Plan, which can be understood as 401(k).   The 401(k) plan specifically means that employees use a part of their pre-tax income to put into the 401(k) retirement account; on the other hand, employers can choose to invest in another item other than wages according to a certain percentage of the employee’s income. The funds go to the employee’s 401(k) account, that is, fund matching/employer match (of course, some companies do not participate). For example, if your salary is

Social security pension

2023-05-08

Employees of American companies earning labor income means that they are required to pay social security taxes. If they do not pay, they will be fined. When they pay a certain amount, they can receive social security retirement benefits at the prescribed age. This retirement benefit/pension is issued by the government and is one of the Social Security Benefits (Social Security Benefits), administered by the Social Security Administration. The following prerequisites must be met:   1. The income before retirement is labor income. Not all income is recognized. It must be labor income. Whether it is working for others or starting a business by yourself, it is considered labor income. However, if you receive investment income such as unemployment benefits,

Precautions for overseas account declaration

2023-05-08

Main Features The company’s total capital is equally divided into shares of equal value; the company can issue shares to the public to raise funds, and the shares can be transferred in accordance with the law; the law has only a minimum number of shareholders, and there is no maximum amount; shareholders have limited liability for the company with the shares they subscribed , the company assumes responsibility for the company’s debts with all its assets; each share has one voting right, and shareholders enjoy the rights and undertake obligations with the shares they subscribe for; the company should disclose the accounting report that has been reviewed and verified by a certified public accountant.   Basic Features (1) The joint

2022 and 2023 U.S. Gift and Estate Tax Annual and Lifetime Exemptions

2023-05-08

Main Features The company’s total capital is equally divided into shares of equal value; the company can issue shares to the public to raise funds, and the shares can be transferred in accordance with the law; the law has only a minimum number of shareholders, and there is no maximum amount; shareholders have limited liability for the company with the shares they subscribed , the company assumes responsibility for the company’s debts with all its assets; each share has one voting right, and shareholders enjoy the rights and undertake obligations with the shares they subscribe for; the company should disclose the accounting report that has been reviewed and verified by a certified public accountant.   Basic Features (1) The joint

Notice! Don’t let your ITIN expire

2023-05-08

Main Features The company’s total capital is equally divided into shares of equal value; the company can issue shares to the public to raise funds, and the shares can be transferred in accordance with the law; the law has only a minimum number of shareholders, and there is no maximum amount; shareholders have limited liability for the company with the shares they subscribed , the company assumes responsibility for the company’s debts with all its assets; each share has one voting right, and shareholders enjoy the rights and undertake obligations with the shares they subscribe for; the company should disclose the accounting report that has been reviewed and verified by a certified public accountant.   Basic Features (1) The joint

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