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 [...]
10 Common Tax Questions Taxes can be overwhelming and complicated. Educating yourself on tax matters can help clear the confusion and put you in a more stable place. In this article, we will answer 10 common tax questions. 1. Are There Extra Tax Breaks Available After December 31st? Up until April 15th you can [...]
Should We Files Taxes Jointly or Separately? Married couples have two options for filing taxes. They can either file taxes jointly or separately. There are advantages and disadvantages to both. In this article, we will go over the differences between filing jointly or separately. Reasons to File Jointly There are a few different reasons [...]
Home Sales and Taxation Home sales and taxation go hand in hand. Fortunately, there are ways to reduce capital gains on your home sale and reduce taxes. In this article, we will go over secrets to home sales and taxation. Exclusions Under the Taxpayer Relief Act of 1997 there are exclusions that help reduce [...]
6 Taxes Retirees Face As you age, you need to factor in tax planning. There are forms of taxes you will face in retirement that you did not previously have to worry about. In this article, we will go over 7 taxes retirees face. 1. Social Security Taxes If you are still receiving income [...]
Annuity Taxation Annuity taxation will depend on what type of money you used to fund the annuity, pre-tax or post-tax. This is known as qualified or non-qualified. In this article, we will go over how both types of annuities are taxed. Qualified Qualified means that the annuity has been funded with pre-tax money. These [...]
Foreign Tax Credit The foreign tax credit is a type of tax credit the IRS provides to some taxpayers. It helps to prevent double taxation. In this article, we will explain how the foreign tax credit works and how to properly claim it. Tax Credit vs. Tax Deduction First, it is important to understand [...]
Taxation for Resident and Nonresident Aliens Taxation for resident and nonresident aliens differs from that of U.S. citizens. In this article, we will go over the basics of taxation for resident and nonresident aliens. Resident vs. Nonresident A resident alien is someone who is not a U.S. citizen but has a green card that [...]
5 Investment Strategies That Can Lower Your Taxable Income If you consistently owe taxes each year, you may want to try using investments to lower your taxable income. These investments allow you to set aside funds in a way that will reduce the total amount of your income that the IRS can tax. In [...]
FICA Tax Basics FICA tax is short for Federal Insurance Contributions Act tax. It makes up part of your W-2 employee withholdings on your paystubs. But what is this withholding for? In this article, we will go over the basics of FICA tax. The Use The use of your FICA tax withholdings is twofold. [...]
