Essential Steps to Reporting Rental Income and Maximizing Deductions
So you’re a new landlord, excited about the extra income but a little unsure about the tax side of things? Don’t worry, we’ve got you covered! This post breaks down how to report rental income, what expenses you can deduct, and how to keep everything organized. Let’s dive in! Quick Reference Checklist: Track all income […]
The Alternative Minimum Tax (AMT) for 2024: What High-Income Taxpayers Need to Know
The alternative minimum tax (AMT) is a separate tax system that runs parallel to the regular income tax system. It’s designed to ensure that high-income taxpayers pay a minimum amount of tax, regardless of certain deductions and exemptions they might utilize under the regular tax rules. This guide provides an overview of the AMT for […]
Decoding Your 1099 Form: A Tax Guide for Freelancers and Independent Contractors 2024
This comprehensive guide explains IRS 1099 forms, deadlines, and what to do if you’re missing forms, helping freelancers and independent contractors navigate tax season 2024 with ease.
Navigating Schedule 2 (Form 1040): A Guide to Additional Taxes
Understand Schedule 2 (Form 1040) and accurately report additional taxes like AMT and self-employment tax with this comprehensive guide for the 2024 tax season, covering recent updates and helpful resources.
Amending Your Tax Return: A Guide to Form 1040-X
Filing your taxes can be complex, and mistakes sometimes happen. Fortunately, the IRS provides Form 1040-X, Amended U.S. Individual Income Tax Return, to correct errors or report changes to a previously filed return. This guide will walk you through the purpose of Form 1040-X, when to use it, how to complete it, and answer frequently […]
Form 2555: Reporting Foreign Earned Income
Living abroad as an American can be an exciting adventure, whether you’re a digital nomad exploring new cultures or working overseas on a fixed contract. However, one aspect that requires careful attention is your U.S. tax obligations. While residing outside the United States doesn’t exempt you from filing U.S. taxes, provisions like the Foreign Earned […]
Understanding Your 2024 Tax Refund Status: A Preview Guide to Tax Topic 152
(For returns filed in 2025) Planning for your future tax refund? This guide provides preliminary information about what to expect when filing your 2024 tax return in 2025. While some processes may change, here’s what we currently anticipate about Tax Topic 152 and refund processing: What is Tax Topic 152? Tax Topic 152 is a […]
