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Greatways Tax Service Inc. Great Service @ Right Ways, Since 2002. (ISO 9001-2015 Certified)

Itemizing the tax return V/s Standard Deduction

There are two Great Ways to deduct your expense on your federal tax return. Based on the new tax law, the easy and simple way is standard deduction. If you are single you can deduct $12,000.  if married you can deduct $24,000 if head if the household you can deduct $18,000 There is a limit of $10,000 for the State, Local and Real Estate tax to deduct on the Schedule A (the total of State, Local and Real Estate tax is sealed to $10,000)...

Read More Posted On: 01 Jan, 2019

How Will the Tax Cuts and Jobs Act Impact Me

How Will the Tax Cuts and Jobs Act Impact Me Standard deduction: the standard deduction will be nearly doubled. Rises to $24,000 from this year's $13,000 for marrieds filing jointly and it climbs to $12,000 for singles. Mortgage interest deduction: going forward, the deduction will be limited to interest on the first $750,000 you borrow. That's down from the current rule, which lPets you deduct interest on the first $1 million o...

Read More Posted On: 22 Dec, 2017

Thank you for the 15 Great Years

Thank you for the 15 Great Years We are so grateful for the wonderful client relationships and friendships with each one of you. Greatways Tax Service Inc established in 2002 in Woodridge, Chicago and we are reaching our 15 years of service in  this year (2017).  As per the legal-professionals.credio.com Greatways Tax Service Inc is one of the top 10% of tax firms in terms of return volume in the United States. ...

Read More Posted On: 22 Jan, 2017

IRS Alert on Child Tax Credit/EIC/College Credit

If you are claiming the child tax credit /Earned Income Credit you must prove your child lived with you last year. In order to prove your child’s residency, make sure to bring the documents showing your child’s names & Address such as the form 1095 from your insurance company or day care provider statement or school records etc. Without proper documentation, IRS won’t allow the child tax credit/Earned Income Credit/Col...

Read More Posted On: 13 Jan, 2017

Inter-Governmental Agreement (IGA) between US and India

Both US and India, signed an Inter-Governmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) to promote transparency on tax matters. Come September 30, 2015 India and the US will start sharing information about bank accounts or financial investments made by their citizens in each other's countries. This move will help curb offshore tax evasions. "This will bring in greater transparency in tax ad...

Read More Posted On: 13 Aug, 2016


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