Month: July 2025

U.S. taxpayers with financial assets overseas are subject to specific IRS and Treasury Department reporting requirements. Two of the most critical forms in this context are Form 8938 and FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114....

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In an increasingly globalized world, many U.S. taxpayers maintain financial interests in foreign countries. Whether it's a foreign bank account, investment portfolio, or ownership in a foreign entity, the Internal Revenue Service (IRS) requires that these assets be disclosed to...

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Taxpayers who find themselves misclassified by an employer as an independent contractor rather than an employee may face unexpected tax responsibilities. The Internal Revenue Service (IRS) recognizes the impact of such misclassification and provides a mechanism for affected individuals to...

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The rising cost of higher education in the United States can be overwhelming for many families and individuals. Fortunately, the IRS provides several education-related tax benefits to alleviate this burden. One such benefit is the Tuition and Fees Deduction, which...

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Health Savings Accounts (HSAs) offer a triple tax advantage—contributions are tax-deductible, growth is tax-free, and withdrawals for qualified medical expenses are also tax-free. To ensure proper tax reporting and to claim any deductions or report distributions, taxpayers must file IRS...

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When filing your federal income tax return, the IRS provides the option to receive your tax refund through direct deposit, offering a faster and more secure method than paper checks. If you'd like to split your refund across multiple bank...

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The U.S. government offers a variety of tax incentives to encourage retirement savings, one of the most important being the Saver’s Credit, formally known as the Retirement Savings Contributions Credit. To claim this credit, eligible taxpayers must file IRS Form...

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With the increasing globalization of wealth and investments, U.S. taxpayers often engage in financial relationships with foreign entities, including trusts and individuals. However, the Internal Revenue Service (IRS) closely monitors such relationships for transparency and tax compliance. If you have...

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Education can be expensive, but the IRS offers tax relief in the form of two valuable credits: the American Opportunity Credit (AOC) and the Lifetime Learning Credit (LLC). Both are claimed using IRS Form 8863, titled "Education Credits (American Opportunity...

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Form 8862, officially titled “Information To Claim Certain Credits After Disallowance,” is a vital tool for taxpayers seeking to reclaim tax credits that were previously disallowed. The IRS may deny refundable credits like the Earned Income Tax Credit (EITC), Child...

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