Category: US Taxation

For many higher-income taxpayers, itemizing deductions seems like a guaranteed way to reduce taxable income. However, the Alternative Minimum Tax (AMT) can throw a wrench in this plan. In certain cases, itemized deductions that reduce your regular tax do not...

Read More

While there's no federal **first-time homebuyer tax credit** currently enacted, first-time homebuyers in 2025 can still take advantage of valuable tax deductions related to **mortgage interest**, **discount points**, and **property taxes** — especially if they plan to itemize deductions. 🏠...

Read More

Itemizing deductions on Schedule A can potentially save you thousands in taxes—but it also opens the door to costly errors. Whether it’s overreporting charitable donations, misclassifying expenses, or simply failing to keep records, these mistakes can trigger audits or reduce...

Read More

The FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114, is a critical requirement for U.S. persons with foreign financial accounts exceeding $10,000 in aggregate at any time during the calendar year. However, many taxpayers inadvertently make mistakes...

Read More

Parents and guardians across the U.S. rely on the Child Tax Credit (CTC) to help offset the cost of raising children. For tax years 2025 and 2026, the rules revert closer to pre-pandemic levels, but there are still critical updates...

Read More

Giving to charity not only helps important causes—it can also help reduce your tax bill. The charitable donations tax deduction remains one of the most powerful tools for taxpayers who itemize. This guide explains the rules, limits, and strategies for...

Read More

Donating to charity not only supports meaningful causes but can also provide valuable tax deductions. To ensure you maximize these benefits in 2025, it's essential to understand the IRS rules for cash donations, goods, volunteer mileage, and the necessary recordkeeping.:contentReference[oaicite:4]{index=4}...

Read More

Under current IRS rules (tax years 2018–2025), individuals can only deduct casualty or theft losses for personal‑use property if the loss was caused by a **federally declared disaster area**. Losses from other events are generally not deductible unless a specific...

Read More

Living abroad or earning income from foreign sources can complicate your U.S. tax filing—but it doesn’t necessarily disqualify you from itemizing deductions on your federal tax return. In fact, you may still claim deductions such as mortgage interest, charitable donations,...

Read More

With the rise of gig work, freelancing, and self-employment, many taxpayers now receive Form 1099 instead of the traditional W-2. If you're asking, “Can I file taxes without a W-2 and only a 1099?”—the short answer is yes. But the...

Read More