When it comes to filing your U.S. federal tax return, your age is a critical factor that can unlock specific deductions, trigger tax liabilities, and change the rules entirely. This guide breaks down the key age milestones that impact your...
The Complete Guide to U.S. Federal and State Tax Returns for Seniors (2025 Filing Season) Navigating your tax obligations in retirement can be complex. This guide simplifies federal and state tax filing for seniors, covering everything from Social Security income...
When the Tax Cuts and Jobs Act (TCJA) took effect in 2018, it suspended most federal miscellaneous itemized deductions subject to the 2% Adjusted Gross Income (AGI) floor through 2025. However, not all states followed suit. Some states have “decoupled”...
Deciding whether to take the standard deduction or itemize for the 2025 tax year depends on comparing your total deductible expenses to the standard deduction threshold for your filing status, and also considering new rule changes under the One Big...
The FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114, is a mandatory annual filing for U.S. persons who hold foreign financial accounts. One of the most misunderstood aspects of this requirement is the $10,000 threshold—especially the rule...
Each tax season, millions of Americans ask a simple but important question: Do I need to file a tax return? The answer depends on several factors including your income, filing status, age, and whether you can be claimed as a...
As tax season ramps up for 2025, one of the most common questions from taxpayers is: “When will I get my tax refund?” Understanding the IRS refund calendar, how to track your refund, and what delays to watch out for...
Choosing between the standard deduction and itemizing your deductions is a key tax decision each year. While the standard deduction is simpler, itemizing can save you more money if your deductible expenses add up. Here are 5 common scenarios where...
Getting a letter from the IRS can be nerve-racking, especially when it's a CP2000 notice. This notice is not an audit, but it indicates a mismatch between the income you reported on your tax return and the information the IRS...
Receiving a penalty notice for a late or incorrect FBAR (Foreign Bank Account Report, FinCEN Form 114) can be overwhelming. Whether your violation was non-willful or willful, understanding your rights and the appeals process is key to reducing or eliminating...
