Itemization vs Standard deduction

Deductions are of two types, they are Standard deduction and itemization deduction. Different deduction you use to claim may result in different decrease in the amount of taxes you owe. Hence the maximum possible deduction you receive depend on whether your deduction is itemization or standard deduction. If you are not eligible for the standard deduction,then you have no choice but to itemize your deductions. For example if your tax filing status is married filing separately. When filing your federal income taxes, you have an option to either take the standard deduction or itemization deduction. The standard deduction is a flat amount of money you can deduct from your gross income before concluding your income tax for the year. Itemization actually means the amount you actually paid for the item during that year which can be deducted from your income tax. Mytaxfiler helps you in the US tax preparation using their expertise the field and guides you in such a way that you end up paying less income tax.

Search for Desi tax consultants ends here!!!!!!

Mytaxfiler have a passion for financial services and our Desi tax consultants enjoy helping our clients make important decisions regarding their US tax planning and India Tax planning. Our Desi tax consultants do this by guiding clients through through US tax planning services and implementing what is of highest priority to the client. Our firm focuses on working closely with NRI's in exploring and finding benefit strategies for their income earned and employs effective tax advantaged vehicles. These strategies can be implemented through a combination of insurance and investment products or through treaties exiting between US and their citizenship country. Desi tax consultants believe that you have to pay less tax and save more like you. Our consultants are well acquainted with all the tax rules which is combined with their expertise in this field and goal at maximum saving with minimum tax being paid or avoided which would also not effect your visa status. Our Desi tax consultants also provide services with regards to India Tax, PAN Card, Filing and representation at the Tax Authorities.

All through the year US Tax Planning options.........

Estimate the federal income tax withholding correctly as it would effect your US Tax planning options largely like for instance

1.Discuss with your employer regarding your withholding so that only the minimum required is withheld. By this you can avoid it getting refunded back to you next year and you again end up paying tax for it.
2.Keep as much money as possible in your retirement account such as a 401(k) plan. The amount you save in this account wont be taxable till you withdraw it.
3.You could make use of the option of tax deductions for up to $2,500 of interest paid on student loans.
4.You can contribute up to $12,000 to each of your children without triggering the gift tax law. Like wise your spouse also can contribute the same and make a saving in disguise.

Above mentioned are only a few of many ways of US tax planning options with mytaxfiler. So if you need any kind of US Tax Planning to be done, be it year-end planning or future tax liability planning we at mytaxfiler have apt tips and consideration options for you.

Do you require India tax return services?

Indian Government has taken very measure to make income tax return filing easier. The use of technology has come into India tax department with the introduction of the E-filing, online tax payment etc. Even though online tax payment, E-filing has been introduced, it is a tedious task as it involves step on step guidance. Our professional approach to the individuals, taking into account their sources of income, wealth generation and future investment strategy, will bring them quick benefits and returns. Hence we at mytaxfiler ensure that your income tax are paid correctly with a step on step guidance with all your queries being answered and also ensuring you maximize your savings.

India Tax Online Services

We offer many online services that provide you access to your information, make filing and paying your taxes easier, helps improve the timeliness, accuracy of tax returns, saves your time and hassle.

Other India Tax Services provided by us

Thorough record-keeping.
Tax Planning and Projections.
NRI Tax Filing
Employee Benefit Programs
Representation at the India Tax Authorities
Services to the individuals as well as corporates