The standard deduction is one of the most powerful tools for reducing taxable income on your federal tax return. For the 2025 tax year, the IRS has adjusted the standard deduction amounts to account for inflation. Understanding how much you...
Married couples in the U.S. typically file a joint return to take advantage of better tax brackets and higher deduction limits. However, there are certain situations where filing separately may unlock itemized deductions that are otherwise unavailable or more beneficial....
Each year, millions of taxpayers face one important question during tax season: Should I itemize my deductions or take the standard deduction? Making the right choice can significantly reduce your taxable income and potentially increase your refund. For 2025, this...
Freelancers, gig workers, and small business owners are responsible for paying the full share of Social Security and Medicare taxes, known collectively as the self-employment tax. If you're self-employed, you’ll need to calculate and pay this 15.3% tax in addition...
Choosing between an LLC (Limited Liability Company) and an S-Corporation (S-Corp) structure is one of the most important decisions small business owners will make. Both offer liability protection, but they differ in how profits are taxed, how owners are paid,...
As retirement accounts grow, so do IRS requirements. Once you reach a certain age, you must start withdrawing money from your tax-deferred retirement accounts—these are known as Required Minimum Distributions (RMDs). Understanding how RMDs work and how they affect your...
When filing FinCEN Form 114, also known as the Foreign Bank Account Report (FBAR), it’s important to understand the rules around jointly owned or co-signatory foreign financial accounts. U.S. persons—including married couples, business partners, and even parents of minors—must follow...
While renters can't claim federal deductions for rent paid, many U.S. states offer renters’ credits or rebates that provide tax relief to low- and moderate-income individuals. These state-specific programs often go unnoticed—but they can return hundreds of dollars if you...
While property taxes are often a heavy burden for low-income homeowners and renters, several U.S. states offer targeted relief through property tax refund or credit programs. These benefits are typically administered through state income tax returns and are especially valuable...
The State and Local Tax (SALT) deduction cap continues to stir debate among taxpayers and lawmakers alike. As of 2025, the IRS still enforces a $10,000 cap on deductions for state income, property, and local taxes combined. This impacts millions...
