Whether you're a full-time freelancer, gig worker, or run a small business as a sole proprietor, the IRS expects you to report your income and expenses on Schedule C (Form 1040), Profit or Loss from Business. Understanding how to correctly...
For U.S. taxpayers with income or financial assets located overseas, tax compliance can quickly become complex. Whether you own a rental property abroad or maintain foreign bank accounts, the IRS requires you to report that information, and failure to comply...
When it comes to reducing your tax bill or boosting your refund, tax credits are some of the most powerful tools available. But not all tax credits are created equal. Understanding the difference between refundable and non-refundable credits can have...
As the calendar year winds down, it’s the perfect time to implement smart tax strategies that can significantly increase your refund or reduce your tax liability. The key to unlocking these benefits lies in taking proactive steps before December 31—the...
Keeping organized and accurate tax records is essential for every taxpayer. Whether you're an individual, a small business owner, or a freelancer, maintaining proper documentation can protect you during an IRS audit, help you claim deductions, and make tax filing...
Many U.S. states offer a Property Tax or Rent Refund Credit (also known as a property tax rebate or renter's credit) to provide financial relief for homeowners and renters, particularly those with lower to moderate incomes. This blog explores how...
The Premium Tax Credit (PTC) is a vital provision under the Affordable Care Act (ACA), aimed at helping individuals and families afford health insurance purchased through the Health Insurance Marketplace. While the credit can significantly reduce monthly insurance premiums, it...
With the rise of electric vehicles (EVs) across the United States, the federal government has continued offering generous tax incentives to encourage consumers to transition to clean energy alternatives. One of the most attractive financial benefits is the Plug-In Electric...
U.S. taxpayers with foreign financial assets are required to disclose them to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) through specific forms like the FBAR (FinCEN Form 114) and FATCA-related IRS Form 8938. Failure to...
Rental properties can generate significant tax deductions, especially when operating expenses exceed rental income and create a net loss. However, deducting rental losses is not always straightforward due to the IRS's Passive Activity Loss (PAL) rules. These rules restrict the...
