Employees and small business owners often have questions about what to do with an employee’s home–and what the tax consequences might be–when they move to a new job location. Here are some answers: Continue reading
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here’s what families need to know: Continue reading
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the amount of income tax being withheld from your salary, pension, or other income is not enough. Here’s what you should know about estimated tax payments: Continue reading
Taxpayers who relinquish citizenship without complying with their U.S. tax obligations are subject to the significant tax consequences of the U.S. expatriation tax regime. If you’re an expat who has relinquished–or intends to relinquish–your U.S. citizenship but still has U.S. tax filing obligations (including owing back taxes), you’ll be relieved to know there are IRS procedures in place that allow you to come into compliance and receive relief for any back taxes owed. Let’s take a look: Continue reading
If you’ve given money or property to someone as a gift, you may owe federal gift tax, but in many cases, you will not. For example, there is usually no tax if you make a gift to your spouse or a charity. If you make a gift to someone else, the gift tax usually does not apply until the value of the gifts you give that person exceeds the annual exclusion for the year. Continue reading
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement country destinations are created equal. Continue reading
Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their child’s K-12 education, as well as college (two and four-year programs) or vocational school. Continue reading
Earlier is better when it comes to working on your taxes, but many people find preparing their tax return to be stressful and frustrating and wait until the last minute. Complicating matters this year is tax reform and the newly-redesigned Form 1040. If you’ve been procrastinating on filing your tax return this year, here are eight tips that might help. Continue reading
Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Continue reading
The federal income tax filing due date for individual taxpayers, including individuals who pay self-employment tax, has been extended to Monday, May 17, 2021, for the 2020 tax year. There is no need to file any forms to qualify for this automatic federal tax filing and payment relief. Continue reading
