Facing an IRS Audit Without Receipts? Here’s What to Do
Learn how to navigate an IRS audit even without receipts, utilizing the Cohan Rule, alternative documentation, and expert guidance from XOA TAX.
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.
Form 8821 Instructions: Your 2024 Guide to Authorizing Tax Information Access
Tax season has always been a dreaded time of the year. Organizing receipts, tracking expenses, and filling out countless forms overwhelms even the most organized person. But when you needed to grant an accountant access to confidential tax information, you discovered Form 8821. At first, you were intimidated by the thought of correctly filling out…
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 […]
Electric Vehicle Tax Credit: Rev Up Your Savings in 2024 (And Beyond!)
Did you know that the electric vehicle (EV) market is booming? With gas prices on the rise and growing concerns about climate change, more and more people are considering making the switch to electric. And to make the transition even more appealing, the federal government offers a generous tax credit that can significantly reduce the […]
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 […]
Form 8804 Instructions for Foreign Partner Withholding (Tax Year 2024)
At XOA TAX, we often work with partnerships that have foreign partners. This brings up some unique tax considerations, especially when it comes to withholding taxes. A key form in this process is Form 8804, and we’re going to break it down for you in this blog post. Key Takeaways: Form 8804 summarizes the information […]
Tax-Saving Strategies for High-Income Earners in 2024
Maximize your wealth in 2024 by learning proven tax-saving strategies specifically designed for high-income earners, covering everything from tax-advantaged accounts to estate planning.
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 […]
Form 8814: A Parent’s Guide to Navigating the Kiddie Tax in 2024
Picture this: Your kids are exploring their passions. One is building intricate Lego creations, another is crafting colorful artwork, and your eldest is dabbling in the stock market with a small portfolio. Amid their youthful adventures, they might be earning some income, and that could mean it’s time to talk taxes. That’s where Form 8814 […]
