Employees of American companies earning labor income means that they are required to pay social security taxes. If they do not pay, they will be fined. When they pay a certain amount, they can receive social security retirement benefits at the prescribed age. This retirement benefit/pension is issued by the government and is one of the Social Security Benefits (Social

401(k) Plan is a retirement benefit plan provided by American companies for employees, which has the function of delaying tax payment. The similar plan for non-profit institutions is 403(b) Plan, and the similar plan for local governments for employees is 457 Plan, which can be understood as 401(k).   The 401(k) plan specifically means that employees use a part of

Why do I need to file a tax return?？ No matter which country you are in, every resident has the obligation and responsibility to file tax returns. In the United States, tax filing is closely related to renting a house, loans, social benefits, entering a higher school, applying for status, and even finding a job. For example, during the epidemic

The form in which tax records are stored？   Storage of tax records (including, for example, bank statements, tax returns, insurance policies, etc.) can be achieved by means of scanning, electronic documents, cloud backup, etc. ​ How long tax records need to be stored is sufficient？ ​ Federal law requires keeping copies of tax returns and supporting documents for three

What to get notified from the IRS？ ​ The IRS will send a notice or letter when: you have a balance due; You will get a higher or lower tax rebate than stated on the tax return; The tax bureau has questioned the tax return; The tax office needs to verify your identity; the tax office needs more information; the

IRA stands for Individual Retirement Account, the full name is Individual Retirement Account, also known as traditional IRA. This is a savings retirement plan that you create, fund, operate, and withdraw completely by yourself. It is characterized by: ​ No need to go through the employer: IRA only needs you to decide to open the plan, and you can go