Answers to frequently asked questions about Inviz’s financial asset management services, investment strategies, and risk management practices.
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Protax simplifies the tax process with step-by-step guidance, especially for Indian expatriates and students in the US, ensuring IRS compliance and maximum refunds.
US citizens, residents, and non-residents earning above the IRS threshold need to file, including Indian expatriates and students working or studying in the US.
You'll need W-2s, 1099s, and documentation for any deductions. Additional forms like 1040 or 1040-NR may apply depending on your residency status.
An SSN is required for US tax filing purposes, and it tracks earnings and benefits. It’s available through the Social Security Administration, and you must apply directly through them.
An ITIN is issued to individuals who are not eligible for an SSN but need to file taxes. Common applicants include non-residents, students, and dependents of US taxpayers.
Tax rates range from 10% to 37% depending on your taxable income. The exact rate depends on your filing status and income bracket.
E-filing returns typically take about 2-3 weeks to process, while paper returns may take 6-8 weeks or longer.
If you are a US resident, use Form 1040. Non-residents typically use Form 1040-NR for tax filings. Protax helps ensure you choose the right form based on your tax status.
The standard deduction is a set amount based on your filing status (e.g., Single, Married). Itemized deductions let you list specific expenses (such as medical costs, mortgage interest, and charitable donations), which can reduce your taxable income further if they exceed the standard deduction.
Yes, Protax recommends e-filing as it is faster, more secure, and processed more quickly by the IRS.
Filing statuses on Form 1040 include:
Form W-4 determines how much tax your employer should withhold from your paycheck. The information you provide on this form impacts your overall tax liability and can affect whether you owe additional taxes or receive a refund at year-end.