The home office deduction is a valuable tax break for self-employed individuals and small business owners who use part of their home exclusively for business. For tax year 2025, the IRS allows two methods to claim this deduction: the simplified...
When it comes to saving money on medical expenses, many taxpayers wonder whether contributing to a Health Savings Account (HSA) or claiming itemized medical deductions is the better strategy. Both offer tax benefits—but they work in very different ways. In...
Do you get a massive tax refund every year and wonder where that money was hiding? Or worse, do you get a surprise tax bill? The key to solving both problems lies in mastering your federal tax withholding. By making...
Retirement is a time for relaxation and reflection—but it's also a phase where smart tax planning becomes more important than ever. How you receive your income—from pensions to Social Security to retirement account withdrawals—can greatly impact how much tax you...
When launching a multi-owner business, one of the most important tax decisions you'll make is choosing your business entity type—and with that, the appropriate IRS tax form. Two of the most commonly confused forms are Form 1120S (for S corporations)...
If you're age 65 or older, the IRS offers a simplified way to file your taxes: Form 1040-SR. Introduced in 2019, Form 1040-SR is a senior-friendly version of the traditional Form 1040—designed with larger print, a more accessible layout, and...
The IRS Form 1040 is the cornerstone of individual federal tax filing in the U.S., and each year brings key updates and adjustments. This comprehensive guide breaks down the 2025 Form 1040 line by line, highlights all the important changes,...
U.S. citizens and resident aliens living abroad often face double taxation—paying tax both in the U.S. and in a foreign country. Fortunately, the U.S. tax system offers two powerful tools to help reduce this burden: the Foreign Tax Credit (FTC)...
U.S. citizens and resident aliens living abroad may qualify to exclude a significant portion of their foreign income from federal taxation using the Foreign Earned Income Exclusion (FEIE). This guide provides a detailed explanation of the 2025 and 2026 limits,...
In some situations, taxpayers may benefit from using the standard deduction on their federal return while still itemizing deductions on their state return. This strategy can maximize tax savings, especially in states that allow more generous deductions or have decoupled...
