Shiv R. Jhawar, MAS, EA

Does a dependent have to live with me?

Not necessarily. Certain relatives may qualify as dependents even if they don’t live with you: Children (including legally adopted), stepchildren, foster children, or any of their descendants Siblings, including half and step siblings Parents and their direct ancestors (excluding foster parents) Stepparents Aunts and uncles, nieces and nephews Fathers-in-law, mothers-in-law, sons-in-law, daughters-in-law, brothers-in-law, and sisters-in-law …

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Social

How to get my Social Security Statement?

At least once each year, you should log on to the “my Social Security” website and download a copy of your Social Security Statement to review your earnings history and verify  those earnings with your tax return figures.  To see your Statement online anytime, create a “my Social Security account” at https://www.ssa.gov/myaccount/ There is no fee to create a …

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Donations

What records to keep when giving donations to a charity?

You can take a tax deduction for any money or property you donate to a qualified charitable organization (not to individuals and political organizations). Charitable nonprofit organizations have to apply to the IRS to become “qualified.” Donation (contribution) more than $250 in cash or by check or credit card are not tax deductible unless proved …

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FBAR

FBAR

Taxpayers with foreign bank accounts May Have to File FBAR and FATCA Do you have a foreign bank account? Was the balance in your financial account(s) greater than $10,000 in total at any time during the calendar year? If the answer is yes to both, a U.S. taxpayer must file a Foreign Bank Account Report …

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