Deciding to live as a U.S. citizen or a green card holder (lawful permanent resident) outside the United States comes with its own set of financial responsibilities. Even though you're in a different part of the world, the IRS still expects you to follow the rules. That means filing income tax returns, dealing with [...] Read more
Tax credits can either lower what you owe in taxes or increase your refund. Some credits might even give you money back, even if you don't owe taxes. These credits are like helpful tools from the government, encouraging good actions. They're not just about saving money but also about making things better, like supporting [...] Read more
If you are a cryptocurrency investor or receiving payments for your products or services in cryptocurrency, be aware that cryptocurrency transactions are under the radar of IRS now more than ever. Before getting into the topic, let’s define cryptocurrency. For federal tax purposes, cryptocurrency is a virtual currency and treated as property. It’s not [...] Read more
Even though we are in the middle of the tax season, some of you may still haven’t received all your tax forms yet. You must make sure to receive all your forms before filing your tax return. If you do not include income statements, this will cause an IRS audit and you may owe [...] Read more
Unemployment, stimulus payments, working from home and even that side income are few of many things that may impact the way taxes will be filed this year. In this article we will cover the impact of pandemic on tax filing and other topics for tax year 2020. Unemployment Unemployment income is taxable, and [...] Read more