Category: US Taxation

FBAR (Foreign Bank Account Report), officially FinCEN Form 114, isn’t just for individuals. U.S. entities—including trusts, corporations, partnerships, and limited liability companies (LLCs)—may also be required to report foreign financial accounts. This guide explains the FBAR filing requirements for entities,...

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U.S. taxpayers with foreign financial assets may face two separate reporting requirements: the FBAR (FinCEN Form 114) and IRS Form 8938 under the Foreign Account Tax Compliance Act (FATCA). While these forms often require overlapping information, they are governed by...

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If you have foreign financial accounts that meet the reporting threshold, filing the FBAR (Foreign Bank Account Report) is a crucial part of your annual tax compliance responsibilities. Officially known as FinCEN Form 114, the FBAR must be submitted electronically...

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The Foreign Bank Account Report, commonly known as FBAR, is a crucial filing requirement for U.S. persons who hold or have signature authority over foreign financial accounts. Formally filed as FinCEN Form 114, the FBAR aims to prevent offshore tax...

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If you earn income that isn’t subject to withholding—such as self-employment, freelancing, rental income, or interest—you may need to make estimated tax payments. These quarterly payments help you avoid IRS penalties and interest. This guide outlines the 2025 estimated tax...

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If you or your dependent are enrolled in post-secondary education, you may qualify for valuable education tax credits. Two of the most popular options—claimed via IRS Form 8863—are the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC)....

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The Earned Income Tax Credit (EITC) is one of the most valuable tax benefits available to working individuals and families with low to moderate income. As a refundable tax credit, it can reduce your tax liability to zero and provide...

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Each state sets its own rules for standard deductions and itemized deductions on state returns. Many states “conform” to the federal standard deduction by default, while others set different amounts or limits. Here's a look at key states like California,...

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Many U.S. persons living abroad or holding a green card are unaware of their obligations to report foreign financial accounts under the FBAR (Foreign Bank Account Report) rules. Whether you reside in the United States or abroad, if you meet...

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Owning a second home or vacation property can come with significant tax benefits—if you understand the IRS rules. In 2025, you may still deduct mortgage interest and property taxes on a second home, but certain limitations apply depending on how...

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