AMT is the acronym for Alternative Minimum Tax. It is a different (alternative), and generally punitive, method of computing income tax when either certain types of income receive preferential tax treatment or there are excessive deductions in certain categories. Congress originally implemented it to impose a minimum tax on higher-income taxpayers who were avoiding taxes … [Read more...] about Will You Be Hit by the AMT in 2010?
Changing Seasons, Changing Prices in Quick books
Changing Seasons, Changing Prices Changing the prices of your company’s services and inventory items can solve one of two problems, depending on why you’re looking for a solution. Say your materials suppliers have upped their prices. You may choose to increase your affected products to maintain your profit margin. Or maybe an item or service has not been moving well. A drop in … [Read more...] about Changing Seasons, Changing Prices in Quick books
H4 visas and status demystified
We receive questions on a daily basis about H4 visas and status. For this reason, we have decided to create a FAQ in the hope of demystifying these issues. Q: I have an H4. If my spouse changes jobs, can I still use my existing H4 visa? A: Yes. H4 visas depend on two things: The continuing relationship between the H1B and the H4, and the H1B remaining in lawful status as an … [Read more...] about H4 visas and status demystified
Due Date Reminders – Individual
October 2010 October 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are … [Read more...] about Due Date Reminders – Individual
Going abroad to apply for an H visa, encountering problems, returning with AP
Many people who have filed for adjustment of status want or need to maintain H1B status while their AOS application is being processed. In some cases, when they go abroad to apply for a new H1B visa, they encounter difficulties and ask if they can return to the United States using their advance parole. Anyone who has filed for adjustment of status should also apply for advance … [Read more...] about Going abroad to apply for an H visa, encountering problems, returning with AP