Category: US Taxation

The FBAR (Foreign Bank Account Report), officially known as FinCEN Form 114, is a mandatory report for U.S. persons who have foreign financial accounts exceeding $10,000 in aggregate value at any point during the calendar year. While many taxpayers assume...

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Few things create more anxiety for taxpayers than the prospect of an IRS audit. While audits are rare—affecting less than 1% of filers annually—certain behaviors, income patterns, and deductions are more likely to trigger scrutiny. This 2025–2026 guide highlights the...

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Many U.S. expatriates living abroad are surprised to learn they must file the FBAR (FinCEN Form 114) to report their foreign bank accounts—even if they are no longer living in the U.S. or the accounts aren’t active. To help simplify...

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Most taxpayers think of deductions as part of Schedule A’s itemized deductions. But for certain professions, the IRS offers unique “above-the-line” deductions—adjustments to income that lower your Adjusted Gross Income (AGI) without the need to itemize. For 2025, educators, military...

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The student loan interest deduction is one of the few “above-the-line” tax breaks available to individual filers without needing to itemize. As the cost of higher education and student loan debt continues to impact millions of Americans, this deduction helps...

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If you are a U.S. person with foreign bank or financial accounts totaling more than $10,000 at any point during the calendar year, you’re required to file FinCEN Form 114, also known as the FBAR (Foreign Bank Account Report). This...

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Taxpayers in high-tax states like California, New Jersey, New York, Illinois, and Connecticut often feel the sting of limited deductions due to the State and Local Tax (SALT) cap. As of 2025, the SALT deduction limit remains a major issue...

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Yes, the $10,000 cap on the SALT deduction remains in effect for the 2025 tax year. This cap was introduced by the Tax Cuts and Jobs Act (TCJA) in 2017 and is set to expire at the end of 2025....

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Being claimed as a dependent—especially a student or part-time worker—affects how much standard deduction you can take on your own tax return. Here's how it works under the 2025 rules. 🧾 Standard Deduction for Dependents If someone else (like your...

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Each tax season, one of the most important decisions individuals and families face is whether to claim the standard deduction or to itemize deductions on their federal tax return. For the 2025 and 2026 tax years, the standard deduction amounts...

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