Category: Individual

Do you own a foreign life insurance? Have you taken care of these ? If not, ARE YOU OUT OF USA TAX COMPLIANCE?

Foreign life insurance policies generally complicate the USA tax return. There is no particular exemption…
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Understanding How FIRPTA Works

FIRPTA Represents – Foreign Investment in Real Property Tax Act FIRPTA is a U.S. tax…
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The Educator Expense Deduction can help offset out-of-pocket classroom costs

IRS Issue Number: Tax Tip 2024-66 The Educator Expense Deduction lets eligible teachers and administrators…
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Taxpayers should review the education tax credits before they file

IRS Issue Number: Tax Tip 2024-67 There are two education tax credits designed to help offset education…
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Employer-offered educational assistance programs can help pay for college

IRS Issue Number: Tax Tip 2024-68 An educational assistance program is an employer’s written plan…
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Passive Foreign Investment Companies (PFIC): A Comprehensive Guide to Filing Form 8612 / PFIC Taxes.

Do you hold an investment in a foreign mutual fund? Watch out – it may…
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Home Office Expenses

Home Office Tax Deduction: Rules, Who Qualifies?

Self-employed individuals who utilize a portion of their home for business purposes might receive a…
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Living Trust

HOW DO TAXES WORK IN A LIVING TRUST?

A Living Trust is typically a Revocable Trust, which means that the Grantor has the…
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Hobby or business: What people need to know if they have a side hustle

Issue Number: Tax Tip 2024-55 Hobbies and businesses are treated differently when it comes to…
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Summer activities that could affect people’s tax returns next year

IRS Issue Number:  Tax Tip 2024-53 While summer is a time for fun, it’s never…
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