- Cross-Border Tax Accountant: Services and Examples
When your financial life involves more than one country, taxes can get complex. This is true for expats, dual citizens, digital nomads and business owners with activity abroad. A cross-border tax accountant can help you handle international filing rules and reporting obligations. They work with issues like double taxation, foreign tax credits and returns required… read more…
- Dependent Care FSA: High Income Earners
For high-income earners, balancing a demanding career with the rising costs of childcare can quickly become a financial juggling act. Even families earning six figures can find that daycare, nannies or after-school programs absorb a surprising portion of their budget. That’s where a Dependent Care Flexible Spending Account (FSA) comes in. As a tax-advantaged tool,… read more…
- Extra Standard Deduction for Seniors Over 65: Requirements
Turning 65 doesn’t just mark a milestone in life, it can also unlock valuable tax savings. The IRS grants seniors an extra standard deduction. This deduction can lower taxable income by thousands of dollars, helping stretch retirement savings further. Whether you’re newly retired or planning ahead, understanding how this deduction works, and when it makes… read more…
- Standard Deduction for Singles: Strategy and Examples
Filing taxes can feel overwhelming, but one of the most important decisions you’ll make is also one of the simplest: whether to take the standard deduction. For single filers, this deduction offers a powerful way to lower your taxable income without diving into piles of receipts or complicated calculations. Knowing how the standard deduction for… read more…
- Tax Credits for Students: Tips and Strategies
Paying for college can feel overwhelming, but smart tax planning can make a real difference. The IRS offers several education tax incentives to help students and families cut costs, lower their tax bill and even get a refund. Whether you are an undergraduate or graduate student or a parent supporting a student, understanding how these… read more…
- Taxable Income vs. AGI: Key Differences and Examples
While taxable income and adjusted gross income (AGI) might sound similar, they refer to different stages of your income after certain deductions and adjustments have been applied. AGI starts with your gross income and subtracts specific adjustments, such as retirement contributions or student loan interest, to arrive at a baseline number. Taxable income then takes… read more…
- Capital Gains Exemption for Primary Residence: Tax Rules
Selling your home can have tax consequences if its value has gone up. The IRS offers an exemption that lets you exclude some of the profit from capital gains tax when selling your primary residence, as long as you meet certain rules. This can save you a significant amount of money. Knowing how the exemption… read more…
- Do Capital Gains Count as Income? Tax Definition and Examples
Capital gains count as taxable income and can affect your tax bracket, deductions and rates. They are taxed as short-term or long-term gains depending on how long you owned the asset and your total income. Short-term gains are taxed at regular income rates, while long-term gains often have lower rates. A financial advisor can help… read more…
- Can You Deduct Mortgage Interest on a Second Home?
Under the One Big Beautiful Bill Act of 2025, the mortgage interest deduction limits established by the Tax Cuts and Jobs Act were made permanent. For loans taken out after December 15, 2017, taxpayers may deduct interest on up to $750,000 of combined mortgage debt across primary and secondary residences. Mortgages originated prior to that date… read more…
- Do You Have to Pay Taxes on Tips? Trump Tax Changes
Traditionally, all tip income was taxable, and workers had to report any cash tips exceeding $20 per month to their employer. But in 2025, the One Big Beautiful Bill introduced temporary exemptions: individuals can deduct up to $25,000 in tips from their income if they meet all the qualifications (though tips will still be subject… read more…
- Can You Deduct Charitable Donations Without Itemizing Taxes?
For many taxpayers, the standard deduction makes it unnecessary to itemize. However, this also limits which deductions you can claim, including donations to charity. Recent tax changes have affected claiming and qualifying for charitable deductions if you don’t itemize your return. Knowing the current rules can help you plan your donations and potentially reduce your… read more…
- HSA vs. FSA vs. HRA: Tax Benefits and Requirements
Health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs) offer tax benefits. But each has its own rules about who can contribute, how funds are used, who owns the account and whether unused money can carry over to the next year. Some accounts are only offered through employers, while others can… read more…
- Trump Tax Plan Auto Deduction
Under the One Big Beautiful Bill Act interest paid on certain car loans would become tax-deductible. If you purchased a personal-use vehicle after December 31, 2024, and financed it with a qualified loan, you may be able to deduct up to $10,000 in interest per year through 2028, even if you don’t itemize. However, income… read more…
- Do You Have to Pay Taxes on Rebates? Rules and Examples
When you score that great mail-in offer or discount, you might wonder: Do you have to pay taxes on rebates? The answer isn’t always straightforward. Generally, the IRS doesn’t consider most consumer rebates as taxable income. When a manufacturer’s rebate reduces the purchase price, that’s typically not a taxable event. Think of it as simply… read more…
- Schedule E Tax Form: When and How to File
If you earn income from rental properties, royalties, partnerships, S corporations, estates or trusts, you’ll likely need to submit Schedule E with your tax return. This supplemental federal income tax form, officially titled “Supplemental Income and Loss,” is where you report income beyond your regular wages or salary. Because of its complexity and potential impact… read more…
- Guide to Canada-U.S. Cross-Border Tax Planning
Cross-border tax planning between Canada and the U.S. will require you to manage income, assets and residency to avoid double taxation and meet rules in both countries. Key differences in retirement accounts, capital gains and estate taxes can create issues without careful planning. Tax treaties help, but dual filers and investors still face complex reporting.… read more…
- Guide to U.K-U.S. Cross-Border Tax Planning
U.K.-U.S. tax planning involves understanding how income, residency and asset ownership are taxed under both British and American law. Dual residents, expatriates and cross-border investors often face parallel filing obligations, with each country maintaining its own system for taxing worldwide income. While a bilateral tax treaty exists to help reduce the chance of double taxation,… read more…
- How to Calculate Your Taxable Income: Step-by-Step Guide
Knowing your taxable income helps you make smarter choices about deductions, retirement contributions and how much tax to withhold. It can also prevent surprises at tax time. If your finances are more complex—like having multiple income sources or major life changes—a financial advisor can help you lower your taxes while following IRS rules. How to… read more…
- Cross-Border Tax Planning: A Comprehensive Guide
Cross-border tax planning involves structuring your finances to account for tax laws in more than one country. Whether you are an expatriate, a business owner with international operations or an investor earning income abroad, differing tax rules can shape how income, gains and assets are taxed. Factors such as tax treaties, residency rules and reporting… read more…
- How Much Can You Inherit Without Paying Taxes?
An inheritance can offer helpful financial support, but it may also come with tax considerations. The taxes you might owe depend on the type of asset, federal and state laws, and the size of the inheritance. Most estates are not subject to federal estate tax because of the high exemption limit, but some states have… read more…
- How to Avoid Capital Gains Taxes in Washington State
Washington State imposes a 7% capital gains tax on the sale of certain long-term assets, including stocks and business interests, above an annual exemption threshold. Although the tax does not apply to all investments, many residents still seek legal strategies to avoid the Washington State capital gains tax. These can include strategies like asset relocation,… read more…
- What Is Earned Income? Examples and How to Calculate
When it comes to taxes and financial planning, you need to know the IRS has different rules for different types of income. Earned income, the money you make from working, affects everything from how much taxes you pay to whether you qualify for certain deductions or credits. Whether you’re earning a paycheck from an employer,… read more…
- Inc. vs. LLC: Key Differences, Pros and Cons for Taxes
Choosing between a corporation (Inc.) and a limited liability company (LLC) affects how your business is taxed, how profits are shared and how much paperwork you need. While both LLCs and corporations can elect corporate tax treatment, corporations are structured by default as separate tax entities, which can make it easier to retain earnings (reinvest… read more…
- What Is Withholding Tax and How Is It Calculated?
You’ve likely noticed the IRS withholds a portion of your paycheck before it ever reaches your bank account. This is due to withholding tax, a system the IRS uses to collect income tax throughout the year. Whether you’re an employee trying to fine-tune your paycheck or a business owner handling payroll, you should know how… read more…
- How to Minimize or Avoid Taxes on Your Venmo Transactions
Whether you are splitting a bill or selling handmade goods, the IRS may expect you to report certain payments. This is especially the case for business-related transactions. If you are using Venmo regularly, it is important to know when taxes apply, as well as how to minimize or avoid Venmo taxes. With recent updates to… read more…