Category Archives: Tax Preparation

tax credits for families

Advance Child Tax Credit Payments Start This Month

child tax credit informationThe 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

make a tax payment

What are Estimated Tax Payments?

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

expat compliance for US

Expat Compliance With U.S. Tax Filing Obligations

expat complianceTaxpayers 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

gift tax

Tips to Help You Figure Out if Your Gift is Taxable

tax on giftIf 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

retiring overseas

Avoiding Tax Surprises When Retiring Overseas

retirement abroadAre 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

529 plan

Saving for Education: Understanding 529 Plans

saving for collegeMany 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

tax return deadline

Tax Return Tips for Last-Minute Filers

tax return timeEarlier 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

reviewing tax credits

Highlights of the American Rescue Plan Act

review tax documentsSigned 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