Tax Laws

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…

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…

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…

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…

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…

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…

Owning a home is a significant investment; fortunately, the U.S. tax system offers several opportunities for homeowners to save money. These tax breaks help reduce the financial burden and ensure homeowners can make the most of their investments. In 2024, several new updates and existing provisions offer valuable deductions and credits that can lighten your…

Navigating taxes as a small business owner can feel overwhelming, especially since every business structure—whether a sole proprietorship, partnership, LLC, or corporation—has unique filing requirements. This guide offers a step-by-step breakdown to help you successfully file your small business taxes in 2024 and avoid common pitfalls.1. Understand Your Business StructureThe type of business entity you…

The rationale that ‘the more you make, the more you spend’ is very true, but it applies to the progressive tax system in the U.S. The impact of higher taxes on the rich, especially businesses, on employment must be considered.Businesses believe that higher taxes affect their job creation, as it is only when a business…

In a recovering economy, the IRS is doing its part to help taxpayers resolve their back taxes. The IRS is providing back taxes help by simplifying the resolution process of many tax debt payment plans including Innocent Spouse and Offer in Compromise. The qualifying factors and the resolution of back taxes after qualifying have been…