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Can I claim a child tax credit of previous year 2011 now in 2014, which I did not claim on 2011 as my son does not have ITIN
Mar 30, 2015 - 3:26 AM - by purilokesh
Can I claim a child tax credit of previous year 2011 now in 2014, which I did not claim on 2011 as my son does not have ITIN and applied first time in 2011.

I came here in US in Feb11th, 2011 and my wife and son joined me later on July 4th, 2011. My wife and I filed taxes, Married jointly as a resident aliens for 2011. My son is living with us here in USA from 2011.

His total days of presence in US for 2011 was 181 days.

When I filed a federal tax... [Read More]
Can a taxpayer change their Corporation from an S corporation to a C corporation?
Mar 03, 2015 - 3:02 PM - by TaxGuru
In general, a taxpayer can convert an S corporation to a C corporation by voluntarily revoking the S election at any time.

Shareholders of an S Corporation may wish to convert to a C corporation because of changes in the tax laws or to provide the corporation with more flexibility as the business requirements changes.

The process of Converting to a C corporation clearly offers more potential for increasing the investor base and raising equity capital (if the... [Read More]
Eduation credit
Feb 12, 2015 - 12:31 PM - by guptau
For 2013 I claimed Lifetime learning credit for about $950 when I could have claimed American Opportunity credit of $2500. Is there way to correct it. The educational expense was about $4800. Thanks.
4 Major Tax Law Changes In 2015 worth knowing!
Jan 19, 2015 - 6:55 PM - by TaxGuru
Here are 4 of the 2015 key changes taxpayers need to know regarding their tax returns. These are as follows;

1.Higher Employer Plan Contribution Limits:
Taxpayers will be able to contribute up to $18,000 to their 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan in 2015. The catch-up contribution limit will also increase to $6,000 in 2015 for a total contribution limit of $24,000 for employees age 50 and older.

... [Read More]
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