5. Taxes and Tax Filing Deadlines

Ø  Every year, tax returns needs to be filed with IRS on or before April 15^th (for ex, for calendar year 2024, Tax returns to be filed by April 15^th 2025).

Ø  Employer will provide you with a W2 form (which will have details of salary earned, social security deductions, federal (and state) taxes paid, …

v  If you have opted for 401K, you will earn tax benefits on the amounts deducted for these (401K is tax deferred)

v  If you have opted for HSA, you will earn tax benefits on the amounts deducted for these (HSA is tax advantaged)

Ø  Bank(s) will issue you a statement of interest (all income be it salary, interest, etc.) to be reported to IRS

Ø  If owning a house:

v  Collect information from Mortgage Lender on Interest Paid for the year

v  Pay the property tax and keep the receipts

v  If the property tax and mortgage interest for the year exceeds $29K (for 2024), itemize instead of standard deduction

Ø  Use a CPA to file taxes (OR use a tax preparer such as TurboTax, H&R Block, …)

Ø  If you own (rental) property overseas OR a bank account that generates income, file tax returns overseas as well

Ø  You will need to file a FBAR statement here in USA if your overall overseas holdings exceed $10K in the given financial year

 

What are some additional legal things you will need to do / include in your tax filing? Share your thoughts and comments.