How to Prepare for Tax Season Want tax season to go by smoothly this year? Then you should start preparing now. In this article, we will go over 5 steps that will help you to prepare for tax season. 1. Understand Your Filing Status There are five potential filing statuses. These include single, head [...]
Alternative Minimum Tax Alternative minimum tax ensures that those with high income by ensuring they pay at least a minimum amount of tax. It prevents high net worth tax payers from over utilizing certain tax benefits to greatly limit their tax liability. In this article, we will go over the alternative minimum tax. How [...]
What to do if You Get a Letter From the IRS Everyone’s worst fear is getting correspondence from the IRS. It sends most people into emergency mode, but it does not have to. In this article, we will go over what to do if you get a letter from the IRS. 1. Do Not [...]
10 Ways to Identify IRS Scams There are many IRS scams that are out there. Learning red flags can help you spot scams and avoid them. In this article, we will go over 10 ways to identify IRS scams. 1. They’re Calling You First First contact from the IRS will always be through the [...]
Business Tax Classifications There are several different types of business tax classifications that you can choose from with the IRS. Which one you decide to implement will have a large effect on your taxes, so it is important that you understand how they all work. In this article, we will go over the four [...]
Taxes for Freelancers-Made Simple Taxes for freelancers can seem foreign and overwhelming. There are many moving parts that need to come together. In this article, we will go over the basics of taxes for freelancers. The Basics If you earn more than $400 in freelance/self-employment income you must report this on your taxes as [...]
Filing Taxes as an American Expat Filing taxes as an American expat can feel very confusing and overwhelming. If you are a United States citizen, you have a tax obligation to the United States. In this article, we will go over the basics of filing taxes as an American expat. Paying Taxes When You [...]
Capital Gains on Home Sales A home is a capital asset, this means you can owe capital gains on home sales. In this article, we will go over what capital gains tax is, and how you can avoid it. How It Works If you sell a home for profit, you will owe capital gains [...]
5 Tips to Help You Survive an Audit Finding out you are the subject of an audit can be stressful and scary. But there is some basic information that can help make this process easier. In this article, we will go over 5 tips to help you survive an audit. It Does Not Mean [...]
Tax Advantages of Homeownership When you rent there are no tax breaks available to you. However, if you purchase a townhome, condo, apartment, or single-family home there are tax deductions available to you. In this article, we will go over four of the tax advantages of homeownership. Credit Verses Deduction Tax credits are subtracted [...]
