Category: US Taxation

Missing the IRS tax deadline—whether by failing to file your return or failing to pay what you owe—can result in costly penalties and interest. With tax season deadlines in April and extensions ending in October, understanding the differences between late...

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With tax-related identity theft on the rise, the IRS Identity Protection PIN (IP PIN) has become a critical tool to safeguard your tax return. If you’re wondering how to get one, use it, or retrieve a lost PIN, this comprehensive...

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Individual Retirement Accounts (IRAs) remain one of the most effective ways to save for retirement while offering tax advantages. Whether you're considering a Traditional IRA, Roth IRA, or making a Spousal IRA contribution, understanding the contribution limits and deduction rules...

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When filing the FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114, U.S. persons must report the maximum value of each foreign financial account in U.S. dollars. Since many accounts are denominated in local currencies, it’s essential to...

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Choosing between the standard deduction and itemizing can significantly impact your tax bill. The IRS provides an Itemized Deductions Worksheet (found in the Form 1040 Instructions) to help you determine which option saves you more money. This step-by-step guide explains...

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Trying to reach a real person at the IRS can be frustrating—long wait times, automated menus, and dropped calls are common complaints. Whether you're checking your refund, resolving a notice, or setting up a payment plan, here’s how to successfully...

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Even if you do not own a foreign bank account, you may still have a duty to report it under U.S. law. If you have signature authority over a foreign financial account—meaning you can control the account’s assets or execute...

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Every tax season, millions of Americans search for ways to file their taxes without paying high software fees or hiring a preparer. The IRS offers an official solution: IRS Free File. If your income meets the eligibility threshold, you may...

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Filing FinCEN Form 114 (FBAR) is a critical compliance requirement for U.S. persons with foreign financial accounts. However, mistakes happen. Whether you missed an account, entered the wrong value, or forgot to report signature authority, the IRS allows you to...

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The Qualified Business Income (QBI) deduction, introduced under the Tax Cuts and Jobs Act (TCJA), allows many self-employed individuals and small business owners to deduct up to 20% of their business income from their taxable income. This is known as...

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