Blogs

Navigating taxes as self-employed can feel overwhelming, but understanding the available deductions can significantly reduce your taxable income. Here’s a comprehensive guide to the top deductions when filing your 2024 taxes.1. Home Office DeductionYou may qualify for the home office deduction if you use part of your home exclusively for business. The IRS allows two... Continue reading →

Recognizing same-sex marriages in the U.S. has brought significant changes to the tax landscape, affecting how couples file their federal taxes and calculate deductions and claim credits. Since the Supreme Court’s 2013 ruling in United States v. Windsor and the 2015 decision in Obergefell v. Hodges, same-sex marriages have been federally recognized. These decisions mandated... Continue reading →

Tax debt is a serious issue that can escalate quickly if not managed properly. Many taxpayers underestimate how fast tax debt can grow due to interest, penalties, and additional enforcement actions taken by the IRS. Understanding how tax debt accumulates and what steps you can take to address it early is essential to avoid severe... Continue reading →

Filing taxes is an essential responsibility for individuals and businesses. However, many taxpayers overlook the importance of timely filing, assuming they can resolve it later. This delay can lead to severe consequences, including financial penalties, legal trouble, and negative credit impacts. This article explores the repercussions of not filing taxes on time, the potential penalties,... Continue reading →

Selling a home in 2024 comes with several tax considerations that can affect your financial outcome. Whether you’re selling your primary residence, an inherited property, or an investment, understanding the IRS rules and strategies to minimize taxes is crucial. This guide explores the critical tax implications, deductions, exemptions, and frequently asked questions regarding home sales... Continue reading →

Paying taxes is unavoidable, but that doesn’t mean you can’t maximize your refund. Tax deductions and credits can reduce the amount you owe or increase the refund you receive. Many taxpayers miss out on crucial benefits simply because they aren’t aware of them. This article outlines the most valuable deductions and credits available, helping you... Continue reading →

The Foreign Account Tax Compliance Act (FATCA) is a U.S. law that aims to combat tax evasion by requiring U.S. citizens, including those living abroad, to report their foreign financial assets. FATCA also mandates foreign financial institutions (FFIs) to disclose information on accounts held by U.S. taxpayers. Enacted in 2010 as part of the Hiring... Continue reading →

The IRS (Internal Revenue Service) sends notices to individuals and businesses regarding a range of tax issues. Receiving an IRS notice can be unsettling, but it’s essential to understand what the notice means and how to respond correctly. This guide breaks down the most common types of IRS notices, their required actions, and how to... Continue reading →

Filing taxes can be stressful, especially if left until the last minute. However, preparing and filing your taxes early offers numerous advantages. From reducing stress to avoiding penalties, the earlier you start, the smoother the process. This article provides essential tips to ensure your tax filing is early, accurate, and error-free.Benefits of Filing Taxes EarlyEarly... Continue reading →

The Affordable Care Act (ACA), often called “Obamacare,” introduced several relevant healthcare-related tax provisions in 2024. Some of these measures impact how individuals and businesses handle taxes, particularly with premium tax credits, healthcare coverage, and taxes for high earners. Here’s a detailed breakdown of how the ACA influences your taxes in 2024 and what to... Continue reading →