Month: July 2025

One of the most powerful yet underutilized tax-saving strategies for individuals is making contributions to a Traditional Individual Retirement Account (IRA). Not only do these contributions help you build a financially secure retirement, but they can also significantly lower your...

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When taxpayers reach Lines 34 through 36 on IRS Form 1040, they are nearing the final stretch of the federal income tax return. These lines are critical—they determine whether the IRS owes you a refund or if you still owe...

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Staying on top of tax deadlines is critical for avoiding penalties, interest, and missed refund opportunities. Whether you’re filing a federal income tax return, paying quarterly estimated taxes, or handling state-specific obligations, being aware of key dates helps ensure smooth...

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When it comes to filing your taxes, most people are familiar with the usual income sources such as wages, salaries, and freelance income. But the IRS requires you to report and possibly pay tax on many less common income streams....

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When preparing your tax return, one of the most important decisions you'll make is whether to take the standard deduction or itemize your deductions. This choice directly affects your taxable income and ultimately, the size of your tax refund or...

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Investment income is a vital part of many individuals’ overall earnings, whether it comes from dividends, interest, or capital gains. However, these earnings often have taxes withheld at the source before you even receive the income. This naturally leads to...

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Many Americans received financial assistance during the COVID-19 pandemic in the form of stimulus checks and unemployment benefits. With tax season approaching, a common question arises: “Is my stimulus or unemployment income taxable?” Understanding how these payments are treated by...

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Many U.S. citizens and green card holders living abroad are unaware of their U.S. tax obligations, especially regarding foreign bank accounts and assets. The IRS offers a lifeline to such individuals through the Streamlined Foreign Offshore Procedures (SFOP), a compliance...

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Receiving a notice from the Internal Revenue Service (IRS) after filing Form 1040 can be unsettling. However, not all IRS notices indicate a problem. In many cases, they simply convey updates, request additional information, or confirm processing. Understanding the different...

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