Modi Announces Income Tax Relief, GST Cuts; Rs 2.5 Lakh Cr Savings
From September 22, 2025, India makes income up to ₹12 lakh tax-free and remaps GST to 5%, 18%,…
No evidence of Microsoft staff mass return amid H-1B policy shifts
The Trump administration proposed a $100,000 H‑1B filing fee and a four‑year cap for many student stays. Implementation…
Trump’s $100,000 H-1B Fee Triggers Tech Stock Reactions
A presidential proclamation imposes a $100,000 annual fee on new H-1B filings from September 21, 2025, triggering market…
US-India Totalisation Pact Remains Unratified, Billions at Stake
Without a totalisation agreement, many Indian professionals in the U.S. pay Social Security taxes but risk losing benefits…
Canada Child Benefit Payment Arrives September 19, 2025
The Canada Child Benefit on September 19, 2025, will include a 2.8% inflation adjustment. Max monthly rates: $666.42…
Kiddie Tax 2024: When Unearned Income Is Taxed at Parents
Parents can elect Form 8814 to report a qualifying child’s investment income on their return if the child…
Household Employee Rules and 2025 Tax Thresholds for Nannies
IRS updates for 2025 raise the household FICA cash-wage trigger to $2,800 and the Social Security wage base…
NIIT 3.8%: Thresholds and Form 8960 for Individuals, Estates
NIIT remains a 3.8% tax in 2025 on the lesser of net investment income or MAGI excess above…
RMD Rules 2026: Age 73, QCDs and the 25% Penalty Explained
RMDs begin at age 73 for most; first due April 1 after that year or by Dec 31…
Understanding U.S. Income Tax: Progressive Brackets, AMT, and Credits
For 2024, the IRS kept a progressive tax system with inflation-adjusted brackets (10%–37%). Compute base tax, add other…
Understanding Form 5329: Additional Taxes on Tax-Favored Accounts
The IRS confirmed Form 5329 stays in use for 2025 to report additional taxes on tax-favored accounts: 6%…
SIMPLE IRA Early Withdrawals: 25% Penalty in First 2 Years
Retirement withdrawal rules are unchanged for 2024–2025: most distributions before 59½ face a 10% penalty, but SIMPLE IRA…
Roth IRA Qualified Distributions: Five-Year Rule and Exceptions
IRS reaffirmed Roth IRA rules for 2024–2025: qualified distributions need a 5-year period plus a qualifying event. Non-qualified…
Self-Employment Tax Essentials: Rates, Deductions, and Filing Basics
Pay self-employment tax if net self-employment earnings reach $400, using Schedule C and Schedule SE; SE tax is…