Category: US Taxation

If you're itemizing deductions on Schedule A for the 2025 tax year, property (real estate) taxes are a key component—but there are meaningful limits and interactions to watch between property tax and mortgage interest deductions. 🏡 Property Tax (Real Estate Tax)...

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Understanding the mortgage interest deduction rules is crucial for homeowners looking to maximize their tax benefits in 2025. The Tax Cuts and Jobs Act (TCJA) introduced significant changes to these rules, which are set to expire at the end of...

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For many homeowners, the mortgage interest deduction is one of the most valuable tax breaks. However, this deduction is subject to strict limits based on when the mortgage was taken out and how much was borrowed. In this 2025–2026 guide,...

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The Tax Cuts and Jobs Act (TCJA) suspended most miscellaneous itemized deductions (e.g., investment fees, unreimbursed employee expenses, hobby expenses) for tax years 2018 through 2025. The 2025 "One Big Beautiful Bill" (OBBB) has now made that suspension permanent—meaning these...

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Rising healthcare costs have led many taxpayers—especially seniors and those with chronic conditions—to explore the medical expense deduction. For 2025 and 2026, understanding the IRS threshold and eligible costs can help reduce your taxable income significantly if you itemize deductions....

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If you're considering itemizing your deductions in 2025, medical and dental expenses can be a significant factor. However, only the portion of these expenses that exceeds 7.5% of your Adjusted Gross Income (AGI) is deductible. This guide outlines what qualifies...

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If you forgot to file your FBAR (Foreign Bank Account Report, FinCEN Form 114) on time, you’re not alone—and there may still be a way to avoid penalties. The IRS and FinCEN provide relief through the Delinquent FBAR Submission Procedures,...

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Itemizing deductions on your federal income tax return can lead to greater tax savings—if your eligible expenses exceed the standard deduction. To do this, you’ll need to complete Schedule A (Form 1040). This beginner’s guide walks you through each section...

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One of the most common questions for retirees and new Social Security recipients is: “Is my Social Security taxable?” The answer depends on your total income and filing status. This guide will help you understand whether your benefits are taxable...

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If you’re self-employed, a freelancer, or earn income without federal tax withholding (such as rental income or dividends), you’re responsible for paying estimated taxes quarterly. This prevents a large bill at tax time—and avoids IRS underpayment penalties. Here's how to...

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